Legal withdrawal of USDT in Hong Kong tested

Analysis of time cost + transportation cost + exchange rate cost

After leaving Binance Alpha, I had some idle USDT, and since I had never tried to legally withdraw USDT in Hong Kong, I took this opportunity to test it myself.

Time cost

16:00 Depart from Shenzhen North Station

16:30 Pass through Futian Port (20 minutes)

17:00 Arrive at Sheung Shui MTR Station exchange shop (KYC + transaction took 30 minutes)

18:00 Return to Shenzhen

Total of two hours, departing from Shenzhen North Station and returning to Shenzhen Station.

Transportation cost

Taking Shenzhen North Station as the departure and return point, the one-way Shenzhen Metro costs 5 yuan, and the Hong Kong Metro costs about 25 yuan. A round trip costs 60 yuan. Friends from other places can add the high-speed rail cost.

Exchange rate cost

To avoid any advertising suspicion, I won’t mention which shop, the real-time exchange rate for USDT to Hong Kong dollars was 7.775, I exchanged a total of 7500 USDT, receiving HKD cash of 58313 yuan, the Bank of China cash buying price was 91.35, I haven't actually exchanged this yet, and there will be additional costs updated later. Theoretically, the final amount received is 58313 * 0.9135 ≈ 53268 RMB

7500 USDT → 53268 RMB 1 USDT = 7.1024 RMB

Comparing with Binance C2C exchange rate

I selected Binance Shield + high trading volume merchants' withdrawal prices for comparison, which is basically 1 USDT = 7.14 RMB

Additional loss of 0.5%,

Lastly, I bought a duty-free Marlboro while passing through customs, saving 150, which covered the transportation cost 😘.