travelnj11

I am going to HK next week, I am wondering where should I exchange the HK dollars?
here is US, say from wachovia??
in the US airport?
HKG airport?
bank in HK?

Nausica

Best place to exchange US to HKD is not in the airport - you will get a better rate downtown in HK. Rates are OK at banks, better at moneychangers. Shop around though, it depends where you are staying.

If you're staying on the island, take the subway or tram to SheungWan, its just east of Central. There are small money changers in booths on the small streets that run between Devoeux Rd and Connaught Rd. They usually have the best rate in HK, if you can be bothered to go there.

Otherwise use your ATM card at the airport

travelnj11

after reading the several pages on which is the best card to use, I have the assumption that ATM will charge the ATM fee and then the exchange fee

What about banks in US?

toyotaboy95

If I were you, I would exchange a small sum of USD for HKD before arriving at HKG or do so at HKG airport. Then, exchange in bulk with the money changers in downtown Hong Kong (they're everywhere!).

Letitride3c

On our Sept trip, we used a local money exchange across the street from our hotel in Mong Kok (just off Nathan Road) & got the best rates, no servie fees & no passport check - converted from around $100 USD to $775 HKD.

HSBC bank branches gave the official exchange rate, need to see passport and charge a flat fee for the exchange (I think it was like $50 HKD, or more ?? - can't recall exactly - regardless of the amount involved) Years ago, it was free at HSBC & Hang Sheng branches everywhere in HK.
The licensed currency exchange just outside the arrival hall at HKIA gave one of the worst rate, incorporating the fees - ended up like around $100 USD to $700 HKD.

Google your in-town currency exchange services like Thomas Cook to see what the rates & net yield are, and possibly check with any neighborhood-based Chinese banks (Bank of China branches in LAX, SFO or JFK, etc.) as they might also provide this services to any walk-in customers - some only do it to their regular banking clients.

As TB95 said, exchange a small amount like $100 USD so that you can buy the Ocotopus card or pay for the taxi ride in HKD, and then use the in-town changers (many are open late/7 days-nights a week at major tourist spots)

We also used our own Citi ATM card to withdraw local HKD at one of the Citibank branches in Kowloon, it was quick & easy with our regular 4 digit PIN - but, it resulted in a non-Citi ATM fee & a foreign transaction fee for the exchange. But, I don't walk around town with my passport in the pocket (carry other valid ID's) so it was nice - or ask those places that exchange RMB into HKD, many do USD transactions too.

skipaway

I don't know what the official rate was yesterday, but today oanda gives it at 7.75829 HKD to 1.00US. I had to see for myself the infamous Chunking Mansion, and the best I saw yesterday was 7.79***, most at 7.77***. Much better than the airport either end of the trip. Well, I might temper that: if you're not changing thousands of dollars, it probably behooves you to change where you'll be most comfortable. Hard to arrive somewhere with no legal tender

delayflight

Does traveler's check get better exchange rate compared to US$ cash?

tentseller

NO - they actually get a worse rate and small non-bank money changer will not change them. This is not just in HKG but worldwide.

If there is a Chinatown in your metropolitan area you should try there as the first source to get HK$.

ChrisLi

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HangSeng used to do it for free for everyone but they change it few years ago that only with an account with them can do it free when changing HKD 3000+

ATM is an reasonable work around. As HKD USD has fix rate it's hardly any issue.

christep

By far the best way is to use an ATM card.

Sandibeck

+1

I am always use the atm card everywhere, best currency exchange rates and if you have good bank low or even no fees

SFOSpiff

Yes, definitely, especially if you have a bank that charges no ATM fees and refunds the other bank's fees.

However, all too many times I've taken money out at the airport only to get very large bills and then find out the ticket machine for the train won't take them or any cash at all. It's probably worthwhile to exchange $50 or so to give you some cash to get into the city.

rkkwan

Manned customer service counters are easy to find at all MTR and Airport Express stations, usually with no or very short lines. Counters just before customs exit and also after at HKG. They can break large bills or add to your Octopus card directly.

SFOSpiff

Good to know - I'll need to buy an Octopus card as well. (never been to Hong Kong before)

The places I've had problems were mostly in Europe. Stockholm seemed to be the most inconvenient as the ATM only gave me 500 Kr notes and the machine didn't want them. I also tried to outsmart an ATM in Germany by taking out 190 euros but it thwarted me with 50s and 20s. The ticket machine in the airport train station would only take 5s and 10s.

ChrisLi

The usual trick to get smaller notes (aka HKD 100) is to make odd numbers, e.g. if you need approx HKD 4000 for your next few days, make it HKD 3900, in that way you guarantee that at least you will have 4 x HKD 100 and 1 x HKD 500 notes

And well .. large notes are widely accepted at many places and convenient stores, HK becomes so expensive now that large notes are common nowadays (especially those mainland tourist ... they are the ones walking around the city with huge amount of cash)