The first thing they do when they get off the plane is that many tourists are looking for a place to sing their money. But Hong Kong is lined with money changers, airports, banks, street money changers, and exchange rates can be far worse. For example, if you exchange the equivalent of HK$10,000 in foreign currency, the price difference between different channels is always enough for you to eat multiple meals at a cha chaan teng. Therefore, where is the best place for tourists to exchange Hong Kong dollars is a key step that affects the loosening of your travel expenses.
We have been doing exchange money in Tsim Sha Tsui for more than ten years. Every day, we see many travelers eager to make money, and as a result, the fee or the poor exchange rate eats away the money. In fact, as long as you know how to compare, money can be very cheap in Hong Kong. The following breaks it down with you section by section so you can easily decide where to redeem the best deal.
Understand exchange rates before you go
Many tourists think that the "exchange rate" only has one price, and it is the same wherever they go. The fact is that the foreign currency exchange price is divided into the "buy price" and the "sell price", and it is this difference that the money changer earns. You take foreign currency to exchange for Hong Kong dollars, the store will use the buy price; you take Hong Kong dollars to exchange foreign currency, use the sell price. The gap between the two is your cost.
To use an analogy: Suppose the dollar against the Hong Kong dollar, the bank license price may be written at 7.80, but the money changer buy price may be 7.78 and sell price 7.82. This difference of 0.04 is a difference of HK$400 when converted to $10,000. So why compare prices? It is to find a money changer with the narrowest bid-ask spread .
Another thing to know is “cross-exchange”. If you exchange Hong Kong dollars for Japanese yen, but the money changer first converts Hong Kong dollars to US dollars and then to Japanese yen, there may be multiple levels of difference in the middle. Quality money changers will directly connect foreign currency sources to reduce intermediate exploitation. We always tell our customers: what can be quoted to you is the best price in the market , because we get the goods directly from our suppliers without having to tie up and down.
Finally, a reminder that exchange rates are floating, beautiful today does not mean beautiful tomorrow. If the exchange amount is large, you might as well split two bets or keep an eye on the market trend. But for the average traveler, just avoid the obviously cheating price, has won most of the time.
A comparison of money exchange locations in Hong Kong
There are three main types of places to exchange foreign currency in Hong Kong: banks, airport money exchange shops, and urban money exchange shops. The three have their own advantages and disadvantages. The following is a brief table for comparison:
channelexchange ratehandling feeconveniencebankgenerallyPartial collectionMany branches, queues are required.Airport money change shopPoorMost are exempt from feesExtremely convenient, but with a large price difference.City exchange shopsMost beautifulMost are exempt from feesConcentrated tourist area, fast, beautiful and good
From the table, it can be seen that urban money changers have an advantage in exchange rates and fees, especially Tsim Sha Tsui money changers , because of the fierce competition, their quotations are usually closest to the market. Although banks are stable, the fees and queue time combined may not be the cheapest. The best thing about finding a money changer at the airport is that it's convenient, but the price is often the worst. It's better to buy in an emergency.
If you plan to travel around multiple areas, you might as well redeem the required cash in the city first. In our case, the shop is located in Tsim Sha Tsui. You walk over for a few minutes, come in and quote a price, and it's done in a few minutes. This efficiency is important for travelers in a hurry.
The best exchange rates at the corner shops
“Which exchange rate is the most beautiful” is the most frequently asked question by tourists. The answer is simple: no need to search around, here are all 20 currencies around the world, and what we can quote you is the most beautiful price in the market . Why do we dare to say that? Because we have been in business for over a decade and have long-term cooperation with a number of foreign currency suppliers, the low cost of getting the goods can naturally give the customer a better price.
To judge whether a money changer is a bargain, look at the following:
- Buy-sell spread : The narrower the gap, the better; usually less than 1% is considered reasonable.
- Are there any hidden fees : Ask if there are any fees, commissions.
- Does the exchange rate keep pace with the market ? You can compare it with the international exchange rate midpoint.
- Reputation : Check online for negative reviews, especially complaints about counterfeit bills or deductions.
We have been in the Hong Kong money changer business for so long. The most important thing is our reputation. So every quote is the actual price, not adding this or that when you redeem. If you are interested, you can check out the real-time foreign currency real-time exchange rate on our website .
Also, ask before redeeming: “Does this price cover all fees?” If the other person hesitates, be careful. Regular money changers will be happy to explain.
Bank exchange fee calculation
Banks usually charge fees for foreign currency exchange: they charge a certain percentage of the transaction amount, such as 0.5%, or a fixed amount, such as HK$50 per transaction;
It should be noted that the bank’s “licensed price” may differ from what you actually exchanged. They will pay you a worse exchange rate, disguised as a charge. For example: the bank licensed dollar sells 7.82, but if you exchange $10,000, you may use 7.84, which turns out to be charged HK$200 more. Therefore, the issue of Hong Kong dollar exchange fees cannot be based solely on whether there is a fee, but also the exchange rate.
Our approach is simple: no fees, the exchange rate is reported directly to you. As much as you redeem, it is that price, with no other miscellaneous fees. For travelers, clear, no guessing.
If you are withdrawing money abroad using a credit or ATM card, there are also overseas transaction fees from the issuing bank, which usually range from 1-3%. So why so many people would rather bring cash to the money changer to redeem is to save this money.
Is exchanging money at the airport a good deal?
The biggest selling point of airport money change shops is convenience, but the price is usually the least affordable. The reason is simple: airport rents are expensive, and travelers are in a hurry and have low bargaining power. Often the exchange rate at the airport will be 3-5% worse than in the city, which may be a few hundred dollars less when converted to the equivalent of HK$10,000.
If you only need a small amount of cash for a ride or a phone card, a little contingency change at the airport is fine. But never redeem large amounts at the airport, because it’s really not cost-effective. We often see tourists who have finished changing at the airport, then come to Tsim Sha Tsui and see the price, and they are heartbroken.
A better approach is: change a small amount of HKD in your own country before departure, enough to get to the city by car. When we arrived in the city, we went to the money changer to exchange the required cash. This will ensure that you get the best price.
Precautions to avoid counterfeit money
The worst thing about exchanging cash is to receive counterfeit banknotes. Although the problem of counterfeit banknotes in Hong Kong is not serious, travelers should know basic identification skills. Here are a few points:
- See watermarks : real banknotes have clear watermarks, fake banknotes have blurry watermarks.
- Feel the texture : Genuine banknotes have a raised, textured feel, while counterfeit banknotes are smooth.
- Check the metal wire : The metal wire of the real banknote is embedded in the paper, the counterfeit bill may be printed on it.
- Use a UV lamp : Some money exchange shops use UV lamps to check banknotes, and you can also request it.
Regular money change shop recommendations employ professional bank checkers to ensure that every banknote given to you is genuine. We have been doing this for over 10 years and have never had a problem with counterfeit banknotes because our banknote verification process is very strict. You can rest assured when you redeem with us.
In addition, if exchanging large amounts of cash, it is best to clear the bill in person and check the banknotes for damage. Banks in some countries do not accept damaged banknotes, so it is best to resolve them in person.
Exchange Limits and Declaration Instructions
Hong Kong does not have particularly strict limits on foreign currency exchange, but if you carry more than a certain amount of cash in and out, you will need to declare it to customs. According to Hong Kong law, carrying cash or equivalent foreign currency with a total value of more than HK$120,000 must be declared. This is an overarching provision, specific details can be referred to the official website.
For tourists, there will generally be no problem exchanging thousands to tens of thousands of HKD equivalents. However, if the amount is larger, it is recommended to keep the redemption receipt for emergencies. In addition, if you plan to convert foreign currency into HKD and send it elsewhere, be aware of the compliance requirements when it comes to remittances. We offer international remittance services that remind customers of relevant precautions.
The declaration is to prevent money laundering and regular money changers will cooperate with the relevant regulations. We ask customers for basic information, but the process is simple and won’t stop you much time.
The best time to exchange
When is the cheapest time to redeem? There is no absolute answer to this question, but you can refer to the following principles:
- Avoid weekends and holidays : market fluctuations may be greater, and exchange shops may offer more conservative quotes.
- Pay attention to economic data releases : such as US non-farm payroll data and interest rate meetings, as these will affect exchange rates.
- Split redemption : If the amount is large, you can redeem it in several installments to average out the cost.
- Exchange rates in the morning : When money changers first open, the exchange rates are usually the best.
We always tell our customers in our shop: We have been in this business for more than 10 years. The most important thing for helping you send money is fast, accurate and stable . The same goes for redemption. You don’t have to catch the most perfect timing, it’s good enough to avoid significantly bad prices.
If you have questions about exchange rate movements, welcome to talk and we can share market observations so that you can make a better decision.
Practical skills for language communication
Most money changers in Hong Kong speak Cantonese and Mandarin, and some even speak English. If you don't think Cantonese, you can try to communicate in simple English or Mandarin. Here are a few practical tips:
- Write the amount in advance : Write down the amount you want to redeem in numbers to avoid misunderstandings.
- Use a mobile calculator : Calculate the exchange rate on the spot to make sure there’s no miscalculation.
- Confirm Total Amount : Confirm how much money you will receive before redeeming.
- Ask politely : If you don't understand, just ask. Reputable money exchange shops are happy to explain.
We receive a lot of tourists every day and communication is absolutely no problem. You walk in, say you want a change, and we’ll get you done. The most important thing is that everyone is clear and there is no misunderstanding.
Overall, where is the best place for tourists to exchange Hong Kong dollars , the answer is: urban money changers, especially around Tsim Sha Tsui, have the best exchange rates and the cheapest fees. Remember to compare prices, avoid large exchange at the airport, and be aware of the risk of counterfeit banknotes. For the latest exchange rate, you can visit our website or visit our shop in Tsim Sha Tsui and we will quote you a good price.
If you need to exchange foreign currency cash or send money back to the mainland, our RMB remittance service also helps many customers. Whatever you want, the most important thing is to be safe and affordable. If you have any questions, please feel free to contact us or inquire via WhatsApp and we will get back to you immediately.
