The biggest headache when traveling to Hong Kong is carrying a large stack of Hong Kong dollars. I want to make money but I'm afraid of losing the exchange rate. Banks, money changers, and even street stalls have far different exchange rates and fees. If you choose the wrong one, you can lose hundreds of dollars. To know where tourists can exchange Hong Kong dollars , don't just look at the face price of the license plate, check if there are any hidden charges. We have been working as a money changer for 10 years and will explain to you how to exchange Hong Kong dollars at the cheapest price.
Singing money is not a competition for speed, it is a competition for smartness. Banks and money changers each have their own advantages and disadvantages, but many tourists don't know that bank exchange rates are usually very expensive, and the fees may be more expensive than the exchange rate difference. Want to save as much as possible? You need to know how to compare the difference between the exchange rate at the money changer and the bank.
Is it good to exchange Hong Kong dollars at the bank?
The biggest advantage of bank exchange for Hong Kong dollars is that it is regular and secure. But the disadvantages are obvious: high fees, poor exchange rates, long time. The bank license price is usually 0.5% to 1% higher than the cash sale price at the money changer , which means that for every HK$10,000 exchanged, the bank may earn you $50 to $100 more. Moreover, banks charge a fee of $50 to $200 per transaction, plus the exchange rate difference, the total cost can be more than finding a money changer at any time.
Time-wise, the queue at the bank desk is leisurely half an hour, and account opening and redemption limits are cumbersome. If you only exchange a few thousand dollars, it may not be worth it. Instead, UnionPay card withdrawals, directly from ATMs to withdraw Hong Kong dollars, the exchange rate with Visa or Mastercard, the fee of about 1.1%, than the bank to buy cash d, but the exchange rate transparency is low, eat the difference at any time.
Practical tip: If you really need to use a bank, remember to choose a fee-free account, or go to a major bank such as Bank of China and HSBC, the exchange rate may be a little better. But overall, banks are suitable for large and security-conscious people, and if you are a budget tourist, the following foreign currency exchange methods are more cost-effective.
Find the best exchange shop
There are so many money changer shops in Hong Kong, especially in Tsim Sha Tsui, Causeway Bay and Mong Kok. When choosing a money changer, the first priority is whether the exchange rate is real-time and transparent. Regular Hong Kong money changers will quote the full license price and will not charge you more fees. Our experience is that the cheapest exchange rates usually come from licensed money changers because they have bulk buying and selling advantages, such as our EarthRemit, against US dollars, RMB, etc., at almost the same exchange rate as the market median.
How to choose? It’s simple:
- Compare real-time exchange rates: Go to the official website or ask for prices in person. It's best to ask several companies at the same time and choose the more convenient ones.
- See transparency: Be careful if the shop lists higher than the bank's license price, or says it's free of charge but the exchange rate is poor. Regular money changers will clearly state the selling price and buying price.
- Avoid street vendors: While mobile exchange points on the street usually offer great exchange rates, the risks are extremely high. Counterfeit money or scale fraud are common occurrences. It's better to go to physical stores instead.
In addition, many money change shops offer online reservations to lock the exchange rate, you make an appointment, to the store directly sing, not afraid of exchange rate jump. This service is very time-saving, especially at the money changer shop in Tsim Sha Tsui.
Hidden traps in handling fees
The biggest pitfall in exchanging Hong Kong dollars is the handling fee. Many banks and money changers say "no fees" on the surface, but actually include the fees in the exchange rate difference. The so-called “zero fee”, the exchange rate may be 0.2% more expensive than the store with a fee. You thought you saved, but you actually lost.
In addition, using credit cards to pay bills and cash advances, the fees are even higher. The cash advance fee is about 3% to 5%, and the interest is calculated daily, which is definitely not cost-effective. Travel insurance does not cover exchange losses if purchased. So it is best to use cash or debit card to sing money.
The following are common fee traps:
- Double charges: The bank charges an exchange fee, and then charges a service fee.
- Price difference package: The exchange rate quoted is higher than the market rate, but no handling fees are charged.
- Minimum fee: A minimum fee of 50 dollars is charged per transaction; exchanging thousands of dollars will result in a loss.
The safest way is to go to the redemption shop and sing, ask directly "How much to pay Total", so it is clear at a glance.
How to read the exchange rate to be accurate
There are two types of exchange rates: buy price and sell price. For tourists, you have to exchange foreign currency for Hong Kong dollars, depending on the “buy price” of the bank or money changer (i.e., at what price it charges you in foreign currency). The smaller this price, the better. But be aware that many platforms quote the mid-rate (market median) and use the spread for the actual redemption.
How to make quick comparisons?
- Pay attention to the time: exchange rates change every minute, so it's best to compare at the same time.
- Calculate the total cost: Use "exchange rate × amount + fee" to calculate the final HKD to pay.
- Use tools: Check the real-time median price on XE or Google, then compare it with the shop's listed price. If the difference exceeds 1%, it's too expensive.
For example, if you want to exchange US dollars for Hong Kong dollars, the middle price is 7.8, but the bank license price is 7.75, which means you lose HK$0.05 per dollar. The same amount in a foreign currency real-time exchange transparent exchange shop, may do 7.78, save a lot.
List of essential documents for tourists
Whether you go to the bank or the money changer, you must bring all your documents to sing money. Not all stores accept visitor redemptions, regular licensed money changers will ask you to present the following documents:
- Passport or ID: Used to verify identity, Hong Kong law requires recording transactions.
- Entry label: Some money exchange shops or banks may ask you how many days you are staying. It may not be necessary, but it is best to bring it with you.
- Proof of source: If you are exchanging a large amount (more than the equivalent of HKD 80,000), you need to provide proof of the source of the foreign currency, such as a debit slip or bank statement.
Don’t worry, the average tourist can exchange thousands to tens of thousands with just a passport. To open an account with a bank, you will need proof of address and a passport. Remember not to hand over your documents to street stalls, the risk is high. It's safe and reliable to go to physical stores like Tsim Sha Tsui Money Order Shop .
Online booking saves time
Modern people don't have to queue up to sing money. Many money changer shops offer online booking services. You check the exchange rate, fill in the amount and time on the official website in advance and get the money directly at the store. This service not only saves time, but also locks in the exchange rate without fear of rising or falling when the time comes.
If you are a smart tourist, you might as well do this:
- The day before departure, check the exchange rate of foreign currency to Hong Kong dollar on the official website .
- After comparing prices, choose the cheapest one and make a reservation.
- Show your confirmation upon arrival at the store, pay, and collect your cash.
This method is especially suitable for large-amount exchanges because you can gradually adjust the exchange rate. For same-day quotes, many money exchange shops in Tsim Sha Tsui offer real-time quotes; if you're in a hurry, you can simply go into a shop and ask.
Is it worth exchanging money at the airport?
Airport exchange must be the least affordable? Yes. The exchange rate at the airport is usually 2% to 3% worse than in the city, and there are high fees. At HK$10,000, the airport may lose $200 to $300 more. Not recommended unless you need cash immediately upon arrival.
If you really have to sing at the airport, order a little is enough for a ride downtown. Go to the city and find a RMB exchange or foreign currency exchange shop to sing large amounts.
In addition, there are mostly money changer counters at the airport, but the exchange rate is almost the same as the bank, so it won't be very advantageous. Remember, chanting money is all about timing and location, be patient and save hundreds.
Risks of street-side exchange shops
There are people holding signs and singing money on the street. The exchange rate is so beautiful that you can't believe it. These are mostly cheats. They may pay counterfeit bills, eat the difference, or even falsify the entire receipt. I have seen tourists singing about HK$10,000, but they received hundreds of dollars less. Regular money changer recommendations must be physical stores with licenses and CCTV.
So, don't be cheap. I'd rather go to a Hong Kong money changer or bank, safe first. If you see a money changer located in a business district, such as our EarthRemit in Tsim Sha Tsui, with ten years of experience, full monitoring, then trust it.
Summarize
Having said that, where can tourists exchange Hong Kong dollars? The answer: Go to a regular money changer, compare prices and lock in the exchange rate with an online appointment. Banks are suitable for people who put safety first, but with fees in advance. Remember to bring all your documents to avoid street stalls. If you are considering making money, you may wish to stop by and contact us or check the latest cash exchange rates before deciding on the best way to exchange them.
