alhcfp

Will need HKD and RMB and planning on getting both whent in Hong Kong.

In changing from HKD to RMB, in HKG what is the typical commission and where is the easiest place to do this?

Also is there a large difference between the conversion if doing ATM withdrawal compared to a currency exchange or bank?

THANKS

Chromie25

Banks may charge a fee if you do not have an account with them. Money exchangers usually don't charge a commission; they make a living of the spreads.


In terms of different between the conversion I'm not sure, but I guess one factor is how much your bank will charge you for overseas withdrawals. Also, some but not all ATMs (usually in the commercial areas like Central, Causeway Bay, Mongkok) will provide both HKD/RMB (sometimes even USD/EUR/JPY) services. They are clearly marked on the machine.

889

Easiest to change at the money changers just about everywhere. Rates do vary a bit, but they're always posted, no need to ask. Just keep an eye out while walking around and you'll soon know the current best rate. Make sure you're looking at the HKD to RMB rate, not the reverse. Compare those two rates and you'll see the spread is pretty narrow.

Banks don't like doing exchange for non-customers and so often charge discouraging fees. As said, no fees added at money changers.

Counterfeits are not unknown, so check your RMB.

HKtraveller

If you want to change a large amount, the change shops around cleverly street (Opposite Shun Tak ferry Terminal) have the best rates. Sometimes with spreads of 0.2%. No way any other method ca top that.

:D!

Doesn't even need to be a large amount. Once last year I exchanged RMB 25 at Hui Bros and got the same rate as someone exchanging RMB 10000 (rounded to nearest HK 50 cents anyway)

The rate on xe.com is currently 0.886, which means Cleverly St rates might be something like 885/8875

The only place not to go for RMB is Berlin Exchange, as not only is their spread at least twice as much as you can get on the roadside, you have to queue up for 40 minutes.

I always see lots of idiots spending hours in the queue at Berlin and then when they get to the front, they are told that the maximum is RMB 20000 per day. They could have obtained a better rate on the street with no queueing and no limit (just go to the next shop as they basically all have the same rate)

Berlin is good for currencies like EUR, JPY, KRW, AUD, NZD.

To exchange USD to HKD, might as well just do it at an ATM unless one's card has fees, in which case I don't really know where to do it since I treat USD and HKD as the same currency and don't ever exchange them (except privately with friends and family).

alhcfp

THANKS

Appreciate the responses

Letitride3c

Alert your home bank (ATM/debit/credit cards) that you will be traveling abroad & contact info, email usually will suffice but for large/unusual transactions, they might actually call you to verify before "early fraud detection" will approve or release a hold - we do that with Chase and Citi (where there are ATM's on the island and Kowloon side to do our banking transactions, just like home ...like the one @ Kowloon Tong MTR/KCR interchange, full service mini-branch inside the station concourse). We just withdraw funds in local currency from the ATM - don't even need to show our passports.

As for counterfeits, banks are unlikely to pass any to you whereas the Exchanges could - but only if you know what you are looking for/at. The difference isn't that big, even if bank fees are subtracted (and, bring your US passports along - it's required these days) - not a big deal or much more or less. We used this small place off Nathan Road in the Prince Edward Road, KL area and their rates are better than HSBC (bank) for both RMB & HKD - no lines & virtually no waits, not far from those cross-border coaches.

If flying into HKIA first, change as little as you need if using the airport's exchange counter on arrival, or, else use the ATM to get enough to get into town, then do what's comfortable & easiest for you, depending on your place of stay.

HKtraveller

You know your way around as well!
I meant a large amount, as travel costs and time would need to justify the advantage there as compared to other locations, (especially Chungking Mansions or Mong Kok if you are on KLN side).

By the way, if someone regularly changes larger amounts of USD to HKD, an account at public bank would get you a rate of 7.761 as per today. A bank draft from HSBC would very soon amortize the (probably almost) worst via the best rate available in HK.

garykung

Not much, given that you have to pay the ATM fee as well.

Actually, for security reasons, many banks refuse service to non-account holders.

Slipless

In my experience ATM's from reputable global banks (e.g. Citi, HSBC) are more predictable compared to money changers. In many places of the world money changers can employ various tricks and you always have to double check them. For example a common trick is that the exchange rate varies based on amount of money being exchanged. An advertised rate could be for 1000+ usd with a small print informing you about that.

HKtraveller

That is why one has to evaluate every transaction separately, there is no general worse or better. CITI and HSBC don't have very competitive rates, with HSBC generally having the worst.

Slipless

I thought that an exchange rate is set by Visa/Mastercard and does not vary by a bank. Both an emitting bank and an atm transaction bank can charge a commission on top of that. This commission is predictable and can be known in advance vs rates of local money changers.

christep

These are two different things - Visa/Master set rates for credit card payments & cash advances; their equivalents do the same for overseas ATM withdrawals.

But a Money Changer is an operation which exchanges cash in one currency for cash in another. They can do that at any rate they wish.

eponymous_coward

IMO, your best way to do this is with a no-fee ATM card that doesn't charge international forex fees, at which point any ATM is capable of handling your needs. I can do this with Fidelity, others use Charles Schwab.

https://www.flyertalk.com/forum/trav...gn-travel.html

Charles Schwab ATM/Debit card?

Fidelity Cash Management Debit Card/ATM Forex: Real-World Experience?

ATMs are preferred because they are typically charging interbank rate for forex (which is about as good as you will get).

https://en.wikipedia.org/wiki/Interb...xchange_market

alhcfp

OP here

I appreciate all the responses. I am in HK and your information has been spot on.

haven't spent that much HKD so will need to convert USD to RMB

Isabella to convert here in Hong Kong or wait until Beijing