Let’s start by saying the Foreign Exchange at the airport or near tourist attractions are not the best, and getting money from the ATM may result in hidden fees (What about credit card?). The real question becomes where is the best money exchange in town?!
Before going into the detail, you should keep in mind the following:
- Thanks to the currency pegged (link) between Hong Kong Dollar (HKD) and USD, the exchange rate between HKD to USD cannot move beyond 1USD to 7.75HKD – 7.85HKD. As a result, USD is the most efficient foreign currency in Hong Kong.
- Hong Kong ranks 6th in the global foreign exchange market with more than 60 million tourists visiting each year. There are always places offering you better rate somewhere in town.
To demonstrate how competitive the market can be, here is a comparison of four different money exchanges (one of them being Travelex) as of 8th April 2020,
| Where to go for Money Exchange? | HKD | How much do they charge? |
| Actual Exchange Rate for 1 USD | 7.75 | – |
| Professional Foreign Currency Exchange | 7.767 | 0.22% |
| Berlin Company Exchange Limited | 7.762 | 0.15% |
| Pacific Exchange Company Limited | 7.76 | 0.13% |
| Travelex Exchange (Touristy) | 7.9295 | 2.32% |
See? It is just a matter of finding the right store to change your money!
Exchanging Non-USD
What about exchanging other currencies like AUD and EUR? While your currency is subject to market fluctuation, the exchange rate you get at these stores will still be VERY competitive with respect to the market rate. This is demonstrated by the fact that these stores will happily buy back HKD at a rate not too different from the rate you got it, but we won’t be giving the examples here.
| HKD | EUR | |
| Actual exchange rate | 8.43 | 1 |
| Travelex exchange | 8.7225 | 1 |
| Spread | 3.470% |
So where are the stores?
Without further due, here are the money exchanges you could go to at different touristy districts:
Mong Kok: Money Express, Fung Kee Foreign Exchange
Tsim Sha Tsui: Pacific Exchange, Kin Shing Money Exchange
Sheung Wan & Central: Berlin Company Currency Exchange, Ngau Kee Money Changer
Causeway Bay: Professional Foreign Currency Exchange, City Foreign Exchange
Personally speaking, I would highly recommend you going to these stores for money exchange than some well-known international money exchange shops like Travelex due to their smaller profit margin.
Play smart, spend smart in Hong Kong!
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