A Guide to Money Exchange in Hong Kong

Currency exchange in Hong Kong is not that challenging. You will find money exchangers at the airport or in hotels. To get the best exchange rates, however, it’s better to approach the money exchangers in markets and other commercial areas. Be careful to stay away from places that demand exchange fees as you will find money changers that don't ask for it. You could also withdraw Hong Kong directly from the ATM but make sure you use your own bank’s ATM to avoid extra charges.

Currency Of Hong Kong

The Hong Kong Dollar (HKD or HK$) is the official currency of Hong Kong. It is divided into 100 cents. Notes are issued by the Hong Kong Monetary Authority as well as HSBC, Standard Chartered Bank and Bank of China while coins are issued only by the Hong Kong Monetary Authority. Notes are issued in denominations of HKD 1,000, 500, 100, 50, 20 and 10 while coins are in denominations of HKD 10, 5, 2 and 1 and 50, 20 and 10 cents. 

Other Currencies Accepted in Hong Kong

The Chinese Yuan might be accepted at some supermarkets or through online payment systems like AliPay and WeChat Pay. However, the Yuan has a poor exchange rate and you will incur a 20% loss over Hong Kong Dollars. It is thus better to pay in Hong Kong Dollars instead.

Exchange Rates of Hong Kong Dollars 

Indian Rupee (INR) to Hong Kong Dollar (HKD)
As of 20th March 2020, 1 Hong Kong Dollar (HKD) was equal to 9.64 Indian Rupee (INR). However, depending on various economic factors, this value might change.

US Dollar (USD) to Hong Kong Dollar (HKD)
As of 20th March 2020, 1 US Dollar (USD) was equal to 7.76 Hong Kong Dollar (HKD). However, the currency exchange ratio may change over time.

Euro (EUR) to Hong Kong Dollar (HKD)
As of 20th March 2020, 1 Euro (EUR) was equal to 8.33 Hong Kong Dollars (HKD). However, this value is subject to change depending on various economic conditions. 

ATMs in Hong Kong 

Instead of exchanging money, many travellers prefer to withdraw the local currency directly from the ATMs. It is easy to find ATMs if you are a Visa or a Mastercard holder, but you will have to look for Aeon ATMs if you have an American Express card. Aeon ATMs are found mostly at MTR stations and Circle K convenience stores. The Hong Kong Airport has HSBC, Bank Of China (Hong Kong) and Citibank ATMs.

The maximum limit for withdrawal varies from bank to bank but it is usually 20,000 HKD. You could withdraw money from multiple banks’ ATMs if you want to exceed this limit.

ATMs may also charge withdrawal fees or foreign transaction fees which is up to 3% of the transaction. Try to choose a card which doesn’t charge you this way. Also, try to make sure that you withdraw money from your own bank’s ATM. Making fewer large transactions instead of multiple ones so that your fees are lesser.

Sometimes, Dynamic Currency Conversion lets your ATM show you your transaction in your native currency instead of Hong Kong Dollars. But this comes with a cost as it lets the ATM set its exchange rate which might prove expensive. Thus, you should always try to view your transactions in Hong Kong Dollars to avoid this fee even though it might seem useful to do otherwise. 

Top Currency Exchange Centres in Hong Kong

1. Central District

Being the political and financial hub of Hong Kong, Central district is one of the best places to exchange money in Hong Kong. Trustworthy transactions make it a place that is frequented by both locals and tourists. Most exchange centres are a short distance from Central Station and Sheung Wan station.

Location: North Shore of Hong Kong Island
Best Currency Rates :USD, EUR, AUD, CAD, CHF, GBP, IDR, INR, KWD, MYR, SGD         
Recommended Money Changers: Ngau Kee Money Changer, Travelex, Berlin Company Exchange, UAE Exchange, Shing Kee Money Exchange

2. Causeway Bay

Known to be Hong Kong’s major shopping destinations, Causeway Bay is the perfect place for retail therapy. Causeway Bay also has several money exchange centres. It can be easily reached from the Causeway Bay MTR station.

Best Currency Rates: GBP, USD, SGD, AUD, CAD, EUR, CHF, IDR, INR, KWD, MYR
Recommended Money Changers: Professional Foreign Currency Exchange, City Foreign Exchange, People’s Money Exchange, UAE Exchange, G.Y.N Money Exchange 

3. Chungking Mansion

The 17 storeys tall building has several shopping arcades and restaurants. The first floor has many kiosks for currency exchange in Hong Kong. It can be reached from Exit F of Tsim Sha Tsui station within 2 minutes.

Location: 36-44 Nathan Rd, Tsim Sha Tsui
Timings: Open 24 hours 
Best Currency Rates: AED, CNY, PHP, THB, TWD, USD, MYR, NZD, SGD
Recommended Money Changers: Pacific Exchange, Kin Shing Money Exchange, 7 Star Money Exchange, Real Forex and Remittances, City Foreign Exchange                                    

4. Hankow Centre

Hankow Centre is a commercial building full of retail stores, restaurants and money changers. The ten storeyed building is located in Tsim Sha Shui and can be easily reached by the Tsim Sha Tsui MTR station.

Location: 1-1E Middle Road, 41-51 Peking Road,4-4C Ashley Road,1-15 Hankow Road, Tsim Sha Tsui
Best Currency Rates: EUR, CHF, GBP, CAD, AUD, SGD, IDR, INR, KWD 
Recommended Money Changers: UAE Exchange, Orient Exchange, Wall Street Exchange, GCC Exchange, United Exchange.

5. Mongkok 

Mongkok isn’t called the busiest district in the world for no reason. It is a conglomeration of multi-storeyed residential and commercial buildings and is always buzzing with activity. Currency exchange in Hong Kong can be carried about near Nathan Road and Shantung Street here. 

Best Currency Rates: IDR, THB, TWD, MOP, SGD, MYR, CNY
Recommended Money Changers: Money Express, Monex Trading Center, Fung Kee Foreign Exchange, Po Hing Ho Money Exchange, Kingdom Exchange

Tips

• Converting Indian Rupees (INR) to Hong Kong Dollars (HKD) is slightly expensive. You could consider changing Indian Rupees to US Dollars in India and then convert them to Hong Dollars when you visit Hong Kong. This is because the exchange rate for US Dollars is better than that of Indian Rupees.
• You can take a maximum of INR 25,000 out of Hong Kong without declaring them. Be careful not to exceed this.

 
Now that your money hassles are sorted, you can enjoy your trip to its fullest!