buying foreign currency in HK

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  1. #1

    Join Date
    Apr 2004
    Posts
    142

    buying foreign currency in HK

    are all the major banks similar in their exchange rates or am i better off going to somewhere like a travelex or amex office?

    where do people prefer to exchange money?


  2. #2

    Join Date
    May 2004
    Location
    Hong Kong
    Posts
    580

    I transfer it online - generally better rates than for cash I think. Some of Travelex's spreads are criminally bad.


  3. #3

    Join Date
    Apr 2004
    Posts
    142

    unfortunately i have a UK bank account and would like to buy US$ here in HK.


  4. #4

    Join Date
    May 2004
    Location
    Hong Kong
    Posts
    580

    Well. if you are in HK a lot (as you seem to be from your posts here) I would get a HK bank account (say with HSBC) which allowed also a US$ account and move money electronically.


  5. #5

    Join Date
    Dec 2004
    Location
    Hong Kong
    Posts
    6,304

    Try the money changers in Chung King Mansions. They have pretty good rates (my dad said their rates beat the banks').


  6. #6

    Join Date
    Apr 2004
    Posts
    142

    thanks for the info jay and berry.

    i'm not sure what i need to open a bank account but i couldn't even get library card even though i'm a permanent resident here. this is because i don't have a job or have any official letters with my name on.

    i presume that to open a bank account i require one or both of these.

    i'll try chungking mansions for the currency and maybe the amex office for travellers cheques.