When traveling to a foreign country, it's important to have access to the local currency. However, exchanging money can be a hassle, especially if you're not familiar with the local exchange rates and fees. In Hong Kong, money exchange shops at the airport and tourist attractions are not the best options, and getting money from ATMs may result in hidden fees. So where is the best place to exchange money in Hong Kong?
BACKGROUND
Before we dive into that, here are some things to keep in mind:
- Thanks to the currency peg between the Hong Kong Dollar (HKD) and the US Dollar (USD), the exchange rate between HKD and USD cannot move beyond 1 USD to 7.75 HKD - 7.85 HKD. As a result, USD is the most efficient foreign currency in Hong Kong.
- Hong Kong is a global financial center and ranks 6th in the global foreign exchange market. With over 60 million tourists visiting Hong Kong each year (Pre-COVID), there are always places offering better exchange rates somewhere in town.
Now, let's compare exchange rates at different money exchanges in Hong Kong. As of April 8, 2020, here are the exchange rates for HKD at four different money exchanges:
| 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% |
As you can see, it's just a matter of finding the right store to change your money!
EXCHANGING NON-USD
What about exchanging other currencies, such as AUD or EUR? While the exchange rate for these currencies 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.
So where can you find the best money exchanges in Hong Kong? Here are some recommendations based on different tourist 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
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We highly recommend these stores for money exchange rather than well-known international money exchange shops like Travelex, due to their smaller profit margin.
To sum it up, when exchanging money in Hong Kong, avoid airport and tourist attractions, and look for the best exchange rates in the areas we propose above. With a little bit of research and some smart spending, you can make the most of your money during your trip to Hong Kong!
