@HC: Yeah, seriously. I don't like keeping bulky things in pockets (and to me 90-100 folded notes is bulky), and if I had a very valuable small backpack or laptop bag to carry it around in, I'd spend too much time tracking it. When I travel, I do so with the idea I can afford to lose anything that's not directly on me so often I all I carry in pockets is a passport, a slim wallet, and sometimes my phone. Unfortunately that doesn't extend to cover the equivalent of USD10K in various currencies.
I used to lose phones on a regular basis (that seems to have improved lately) and phones are much easier to keep on person than a hundred notes.
Small differences in bank exchange rates, or a USD3 charge for an overseas ATM withdrawal, are not things that I worry about. I did make a comparison of how much someone would save by shopping around HK for exchange rates, and realised that it would be minimal. I've not done a separate check of locally executed exchange rates vs the rate you get during an overseas withdrawal, but assume that it's very close to what the bank would give you at their branch?
@Claire- HK is one of the very few places I'd be comfortable taking out a giant wad of cash from an ATM. I've been amazed at the amounts of cash that some people carry around here. I've not heard of anyone being mugged and have met one person people who had a handbag stolen.