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Changing money and exchange rates in Hong Kong

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Brisbane, Australia
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Changing money and exchange rates in Hong Kong

Hi there, I was just wondering if the exchange rates are better in Hong Kong if i am changing Australian dollars, rather than changng it here before I go?

Also, where is the best place to get Yuan in Hong kong before i go to China for 2 days so that I don't have to change it there. Thanks.

Of course we also have ATM cards.

Thank you

Australia
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1. Re: Changing money and exchange rates in Hong Kong

Do not change money here, as you absolutely can not beat HK in terms of what you get for your money. It is also a good idea to change back HKD to AUD in HK as well.

You might, however, like to use your ATM card to get a little HKD out, if you want to purchase the Octopus Card, snacks, etc. before you go a moneychanger or the bank (if you're bringing cash). Otehrwise, ATMs certainly offer some good rates generally.

There are many ATMs that dispense both HKD and RMB in HK, like the Bank of China ones, so, perhaps, keep your eye out for them.

Just be aware of any fees attached to your debit/credit cards.

Good luck with your planning and have a GREAT time in HK! :)

Edited: 23 November 2010, 04:33
Brisbane, Australia
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2. Re: Changing money and exchange rates in Hong Kong

sorry, when you say 'do not change here" do you mean Australia or Hong Kong??

thanks for your quick reply!!

Australia
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3. Re: Changing money and exchange rates in Hong Kong

Sorry, I mean, Australia. :D HK is a lot more competitive, so, you'll get more bang for your buck (generally) by leaving it til you arrive in HK.

We changed Euros and Pounds back into HKD and then, HKD into AUD and you couldn't get what we got in HK back here in Australia.

Good luck with your planning and have an AMAZING trip! :)

Brisbane, Australia
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4. Re: Changing money and exchange rates in Hong Kong

excellent thanks. I have only changed $100 AUD to cover us. So one more question, should we take cash or just use the ATM. Not keen on carrying cash around. We have a travel card so the fees are only $5.00?

What do you think?

london
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5. Re: Changing money and exchange rates in Hong Kong

Use your ATM - but as RS said check with your bank to see what the fees are. Also check to see if the fee is a percentage or a flat fee per withdrawal.

Sydney, Australia
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6. Re: Changing money and exchange rates in Hong Kong

If the travel card funds run out, do not re-load it. The fees and exchange rates on travel cards are usually much worse than just using your ordinary debit card to get money out of ATMs.

Despite what the ads say, travel cards are very poor value for money.

Philadelphia , PA
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7. Re: Changing money and exchange rates in Hong Kong

To follow up on TRUE HK experts steve_ben and RS above, be sure to check on fees for your ATM card(s).

As steve and RS have probably heard WAY too many times, my USA ATM card used to be gold in HK. Years ago, it was great. No fees, no surcharges. Not no more!

My USA bank (in conjunction with HSBC I think) now skins me almost 6% for fees and such per transaction. Steve has told me this is rather rare -- which means 'Lucky me!' It seems most other cards make out WAY better.

For me now in HK, the money kiosks down near Chungking Mansions in TST are the way to go.

When I arrive at HKIA, I will tap the ATM for enough money to get into the city, and perhaps put a down payment on my room; but after that, exchanging money is the method I use.

Have a great day.

Steve in the USA

Philadelphia , PA
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8. Re: Changing money and exchange rates in Hong Kong

Also --

Hong Kong is INCREDIBLY safe as far as big cities go. So if you need to carry around a bit more cash than you are used to, please know that as long as you take normal travel precautions, you will have no worries.

Pickpockets at times here and there are the only things you'll have to be a bit concerned about.

Steve in the USA

Raleigh, North...
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9. Re: Changing money and exchange rates in Hong Kong

Agreed with Steve's post. I was pleasantly surprised at the low risk over a huge swath of Kowloon and HK island. We were in every strange little neighborhood we could find, too. Carrying cash is not a problem. I kept most in my hotel room's safe anyway.

I got a better exchange rate BY FAR away from the tourist areas (Tsim Sha Tsui is notoriously 'tourist'). There are money changers everywhere. I expect they will smile at your AUS $ like they did at my US $. I was staying in Yau Ma Tei and exchanged across the street from my hotel.

Adelaide
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10. Re: Changing money and exchange rates in Hong Kong

We've just come back and found that a lot of stores offer you the choice of being charged in HK or AU dollars if you use your credit card. If you know your credit card's exchange rate you can fairly easily work out which is the better option. I don't remember having this option when I last visited in 2004.

Obviously this only works in stores which accept credit cards, but we found the ATM rates better than the rates available in AU before we left as well.

As a rough idea, when we left AU three weeks ago, we would have received approximately $7 HK dollars for each AU dollar from the banks, Travelex, etc. During our two weeks in HK the ATM rates fluctuated between $7.30 and $7.55.