Exchanging money
 

Where can I get the best deal on changing US dollars into Hong Kong dollars? Is it best to do it here in the US at a bank or should I wait until I get to Hong Kong to get the best deal? If its Hong Kong then who gives the best exchange there?<BR><BR>Please respond to my e-mail address.<BR>[email protected]<BR>Thanks

Exchanging money in the US is called RIPP-OFF. You get a much much better deal anywhere in HK. I usually go to the banks which I feel the most comfortable with. Some small offices may give you better rate to beat the bank. But the amount a tourist wants going to exchange is very limited. So the rate difference wouldn't make much different on the amount. After all, time is the most important when you travel. Good luck.

Actually, I disagree. I've found you can get terrific rates BUYING foreign currency in the US before you go. The sellers are happy to unload it on you. Do not bring the same foreign currency home though or you will be charged dearly.

I don't usually change much money at all in Hong Kong because US currency or credit cards are accepted almost everywhere. What you will need HK dollars for is taxis, other public transportation like the subway, bus, ferry, plus at inexpensive restaurants like Deli France, Mickey-D's, etc. <BR><BR>Since you probably won't need more than $20-50 for a short stay, I find the hotel desk to be most convenient and cost-effective. The hotels exchange at about 7.3-7.4 to the dollar, depending, while the official exchange rate is around 7.7. Banks will give you a better RATE but they have a service charge -- I forget how much, but it will save you money only if you're changing a LOT. And banks differ in their rates so you will need to shop around if you go that route. There are also lots of exchange booths along the sidewalks and while they claim a good rate, watch out for the service charge. I don't trust them myself and just stick to changing a small amount at the hotel. <BR><BR>I don't have any direct knowledge of the rate you would get changing money in the US before you go, but I have seen what people get for changing Chinese yuan and I agree, it IS a ripoff. Another alternative is ATM machines, which are everywhere, but there you have an indivicual situation of what your bank charges for the transaction as a percentage of how much you are changing.

Hi bill,<BR><BR>I live in HK and work for the actual exchange dept in a large bank here. PLSSSS use a small. .local bank instead of international ones . The rates for exchange is worst ...Thomas xxxx at the airport, followed by US BANK, then hotels. I strongly suggest you to go to a local bank instead. Also, you can go to exchange shops (everywhere if you are goign to the touristy area, like tsimshatsui)

Generally, I've found the best rates to be through the ATMs. I typically take some money out of the ATM in the airport, enough for my whole stay, at a cost to me of US$1.50 (what my bank charges me to use a foreign ATM) and I get the bank rate of exchange. <BR><BR>I've always found buying foreign currency in the US to be a rip off - not such a great rate, and usuallly a service charge as well. Sometimes exchange booths in an airport are a good deal, sometimes not. Always note the exchange rate and any additional charges they levy as well.

ATM's. Always the best rate, in my experience. Just be sure you aren't getting charged a transaction fee by your bank. I've done this all over the world (except Cambodia, where there are no ATM's).

I've always waited to exchange in HK. I go to Hang Seng Bank which can be found everywhere. I agree with not bringing back HKD. You won't get a favorable rate selling it back.

If you are exchanging money, be wary of ripoffs even at banks like the Hang Seng. I exchanged quite a bit of cash last December at the Tsimshatsui branch to use on the mainland. The teller did not bother to count it back to me, and and I only counted the larger bills because I was in a hurry. Once I counted it carefully downstairs, I found I was $300 HK short!<BR><BR>Confronting the teller and insisting that he "made a mistake" got me my money back. In fact, he had the $300 stashed neatly away for his take-home bonus.<BR><BR>The fact that you are exchanging foreign currency will immediately identify you as a tourist. In money-conscious Hong Kong, there are many who would prey on the unsuspecting.<BR><BR>Regards,<BR>Bart