Currency question
 

Hi

Apologies if this has been answered in the sticky thread but I couldn't find it (maybe it's worth having a wiki for an FAQ section or something to make finding common questions easier?).

Anyway, I am visiting HK and Macau for the first time (then later onto Singapore).

When I usually travel to the Middle East, I usually change around £50-100 from the airport so that I have enough for the taxi to the hotel and food etc. I then exchange more when I get to my destination with more favourable exchange rates.

Would the same apply in HK?

If so, whereabouts can I get the best rate? I will be staying at the Sheraton in TST.

I will be visiting Macau for a day. I've heard many retailers accept HKD - is this true? If not, again, where can I get the best rate?

Thanks!

The exchange places at the airport are expensive; best to use an ATM there.

There are reasonable and fair cubbyhole exchange places throughout Hong Kong, but on basic principle I would not use any in TST. Not to say you'll get ripped off there (and not elsewhere), but the likelohood is greater. Look for "No Commission" and check the posted rate carefully:there can be a big difference.

Yes, in Macau you can use HKD at par with pataca, though make sure you get HKD in return. If you're spending a great deal, there's a small advantage in changing to pataca first. Of course, the reverse does not hold true in Hong Kong.

Thanks.

Do you have any exchange places that you can recommend?

I heard the places inside Chungking Mansions etc should be no go areas for currency, is that right?

I've never changed money in TST. It's more a matter of bad reputation than anything else.

You can head up to Mongkok or over to Causeway Bay or just about any major shopping area: there are plenty of small exchange places around. Most cater to Mainland visitors and post RMB/HKD rates in the window, but they also do USD/HKD. Rates are almost always posted on the back wall, so it's not hard to eyeball two or three shops and get a feel for the right rate. As I said, there are a small number of shops known for rip-off rates -- usually the spiffiest-looking ones -- so check the posted rates very carefully.

Banks will charge fees and are not worth the hassle.

I'd say prejudice more than reputation. The rip offs happen in the camera shops.

Why go so far when TST has places with the best rates.
Try Chungking Mansions, 1/F, Pacific exchange. Do not change outside banking hours for the best rates. Also in Mirador Mansions on G/F are a few changers with good rates.
Exception: Best rates for RMB exchanges are on and around Cleverly Street in Sheung Wan near the Macau Ferry terminal.

For an idea what the spreads should look like on that day, check here
http://bcel1985.blogspot.de/

Also, if you plan on gambling, note that gambling in Macau is denominated in HKD, not the local pataca currency. For this reason, ATMs in casinos will dispense HKD (or perhaps give you a choice of HKD or pataca - I can't remember).

There are pataca chips playable at some places on some tables.

I'd say just use an ATM at the airport and then as needed throughout your trip. You don't need to change any in advance in the UK. You could spend an hour shopping around to save 1-2% on the rate, but is that really a good use of your time?

Thanks all.

So many varied responses! I'll take a look at them all properly and decide what to do, but it's definitely given me some 'direction'.

Chung King Mansions in TST has some of the best if not best exchange rates in HK for tourists.

Chungking not only has decent rates, but the exchange booths also are willing to exchange a wider variety of currencies.

I also recall finding decent places within a 10-minute walk of Shun Tak Centre (but not in it).

+1 for Currency Exchange in Chungking Mansions.

Avoid the two booths at the entrance and go deeper in. I tend to use KSME Currency exchange

http://www.ksme.hk/

Can these CKM places really beat ATM/credit card rates by more than, say, 2%? I really don't understand the rationale for using them unless they can... Given that these days you should be able to get 1% at least back on credit card spending through miles etc then you only need cash for the things that need cash. Which is taxis and a few low end food joints (and Octopus cards for non-residents). I simply don't see the justification for using them for people who have credit cards and aren't in a situation where they have to spend in cash.

For high-stakes gambling I get it, but not otherwise. Please could someone explain (with examples)?

Any advice as to RMB for a day trip to Shenzhen? I only need petty cash for metro, meals, admission fees and maybe a bit of small time shopping at Luohu. I guess I need enough for my family to pay for the visa on arrival too... is there a suggested source for this in HKG?

Just use those same hole-in-the-wall places, and check two or three places beforehand to insure you're getting the market rate.

Are you Canadian? If so, check the current charge for a five-day visa at Luohu for Canadians. With the new 10-year visa, China seems to be charging Canadians about US$100 for a visa no matter the length of the visa. It would not be surprising at all if this is now the cost at Luohu as well.