Best place to buy HKD in Hong Kong?
Dec 2, 2017, 5:36 pm
#16
Join Date: Apr 2017
Location: PVD, BOS
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Changing physical currency should be a last resort. I always carry USD as a back-up, but I never use money changers. They pretty universally have really bad rates. Especially if you plan to exchange $500 CAD.
You'll be FAR better off using a credit card with no foreign transaction fees at all merchants who accept credit cards. For those who don't, I usually hit an ATM at HKG airport after landing (in the arrivals hall) and take out some cash $500-$1k HKD to start. ATMs are everywhere. I've had good luck with an ATM card from Capital One Bank (not my primary bank account) and Bank of China ATMs. Very quick and easy and the rate is better than anything you'll get from a money changer.
You'll be FAR better off using a credit card with no foreign transaction fees at all merchants who accept credit cards. For those who don't, I usually hit an ATM at HKG airport after landing (in the arrivals hall) and take out some cash $500-$1k HKD to start. ATMs are everywhere. I've had good luck with an ATM card from Capital One Bank (not my primary bank account) and Bank of China ATMs. Very quick and easy and the rate is better than anything you'll get from a money changer.
Dec 2, 2017, 10:22 pm
#17
Join Date: Sep 2006
Location: New York
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Changing physical currency should be a last resort. I always carry USD as a back-up, but I never use money changers. They pretty universally have really bad rates. Especially if you plan to exchange $500 CAD.
You'll be FAR better off using a credit card with no foreign transaction fees at all merchants who accept credit cards. For those who don't, I usually hit an ATM at HKG airport after landing (in the arrivals hall) and take out some cash $500-$1k HKD to start. ATMs are everywhere. I've had good luck with an ATM card from Capital One Bank (not my primary bank account) and Bank of China ATMs. Very quick and easy and the rate is better than anything you'll get from a money changer.
You'll be FAR better off using a credit card with no foreign transaction fees at all merchants who accept credit cards. For those who don't, I usually hit an ATM at HKG airport after landing (in the arrivals hall) and take out some cash $500-$1k HKD to start. ATMs are everywhere. I've had good luck with an ATM card from Capital One Bank (not my primary bank account) and Bank of China ATMs. Very quick and easy and the rate is better than anything you'll get from a money changer.
No argument about the safety of not carrying cash. And many money changers around HK do charge rip off rates. But not in Chung King, in my experience.
Dec 3, 2017, 8:13 am
#18
Join Date: Apr 2017
Location: PVD, BOS
Programs: AA EXP
Posts: 1,664
Really, what rate do you get? Because at Chung King for US$ a few months ago I got 7.73. I can't imagine the ATM being much better, if better at all.
No argument about the safety of not carrying cash. And many money changers around HK do charge rip off rates. But not in Chung King, in my experience.
No argument about the safety of not carrying cash. And many money changers around HK do charge rip off rates. But not in Chung King, in my experience.
Dec 4, 2017, 1:48 pm
#19
Join Date: Nov 2006
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Dec 4, 2017, 3:18 pm
#20
Join Date: Sep 2013
Posts: 525
I always just take money out from the ATM wherever I am. There's a 1.5-2% spread against spot with HSBC Canada, but based on the amounts I'm buying (say 300CAD) I lose maybe... $6. I'm not going to carry cash around and take transit somewhere just to exchange money.
Dec 4, 2017, 6:55 pm
#21
Join Date: May 2001
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Dec 4, 2017, 8:03 pm
#22
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Due to competition, lower regulations, US banks seem to have very competitive foreign ATM charges.
This might not be the case with other countries where English is an official language: Canada, UK, Australia, NZ, Singapore etc.
This might not be the case with other countries where English is an official language: Canada, UK, Australia, NZ, Singapore etc.
Dec 5, 2017, 9:01 am
#23
Join Date: Nov 1999
Location: if it's Thursday, this must be Belgium
Programs: UA 1K MM
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I recall (at least from 6 months ago) that at Chungking Mansions, one of the first ones on the left just inside the entrance (maybe Western Union affiliated but don't fully recall) actually gave the best rate (for CNY-HKD-USD) after looking around 3 different shops. Sometimes, the first one turns out to be the best! He only had a small calculator producing a paper receipt with the proposed rate, no fancy computer or anything.
Dec 5, 2017, 9:56 pm
#24
Join Date: Sep 2012
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If you have cash, then you need to get it into your bank account before you can use your ATM card to withdraw it...
Australia - AFAIK no more 0% fee cards for foreign cash withdrawal exist but still possible for purchases.
Singapore - exchanging cash in Singapore is going to beat any bank product.
Dec 8, 2017, 8:42 am
#25
Join Date: Dec 2010
Location: YYZ
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Posts: 3,008
For CAD, assuming someone from Canada, ATM exchange rate is 2.5 - 3% . Even with the "poor" (compared to USD/JPY.. ) exchange rates in HK, it's still way better than using ATM. Chung King Mansions and Berlin only charge ~0.5% . If you don't have a fee package, each ATM withdrawal costs 5CAD on top.
Only some obscure Canadian CC do not charge currency exchange fees. Again the norm is 2.5 - 3%.
Only some obscure Canadian CC do not charge currency exchange fees. Again the norm is 2.5 - 3%.
Dec 8, 2017, 4:53 pm
#26
Join Date: Sep 2013
Posts: 525
For CAD, assuming someone from Canada, ATM exchange rate is 2.5 - 3% . Even with the "poor" (compared to USD/JPY.. ) exchange rates in HK, it's still way better than using ATM. Chung King Mansions and Berlin only charge ~0.5% . If you don't have a fee package, each ATM withdrawal costs 5CAD on top.
Only some obscure Canadian CC do not charge currency exchange fees. Again the norm is 2.5 - 3%.
Only some obscure Canadian CC do not charge currency exchange fees. Again the norm is 2.5 - 3%.
Dec 9, 2017, 12:33 pm
#27
Join Date: Mar 2012
Location: Boulder
Programs: AA Plat, CX Silver
Posts: 2,361
Mastercard's current spread on CAD->HKD is about 1%. They're offering 1:0.164557 CAD:HKD right now. XE has it at 1:0.164578.
Extremely competitive. With a Schwab debit card, all you pay is the spread. No forex fee to the bank, no ATM withdrawal fee and Schwab refunds the ATM fee from the other bank.
Extremely competitive. With a Schwab debit card, all you pay is the spread. No forex fee to the bank, no ATM withdrawal fee and Schwab refunds the ATM fee from the other bank.
Dec 12, 2017, 2:29 pm
#28
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Dec 13, 2017, 9:55 am
#29
Join Date: Dec 2010
Location: YYZ
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Posts: 3,008
The only exchange rate spread I pay with my HSBC withdrawals at non-HSBC ATMs is around 1% (compared against the spot rate) and I have no fees on withdrawals. There's still a fair number of credit cards that are starting to not charge exchange fees (though with the loss of Chase that was a big hit). Really it's just a matter of due diligence. Having said that, Visa and MC still charge a spread on the money of around 1% so really your 2.5-3% is closer to 3.5-4% if your CC charges fees. .
2.5 -3 % for CC is the final total that includes the 1% MC / Visa spread.
Last edited by beep88; Dec 13, 2017 at 10:06 am
Jan 6, 2018, 1:38 am
#30
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I haven't been back in HK in a while. My experiences in HK is that credit cards acceptance isn't as high as in Canada and the US. I would prefer to use as less cash as possible. Have things changed or maybe card acceptance is higher than what I perceive things to be? I'll be leaving for HK in about a week.