What’s the best method to exchange my US$ to HK$?

Reply
  1. #1

    Join Date
    Sep 2009
    Posts
    11

    What’s the best method to exchange my US$ to HK$?

    I will be travelling in to HKG by this weekend to start work there & initially I will be bringing in about US$8-10k with me for my initial expences.

    When I visited HK few times before I realized that the exchange rates at the Airport, Hotels & Local money exchange booths vary quite a bit (never tried banks though) & if you change a larger sum you will loose out a bit (ie: HKD2000-7000), well lets just say for me it's a considerable amount..

    As I know US$ should be exchanging at HK$7.8 range... Is this correct? & who would you suggest have the best transaction rates generally.


  2. #2

    Join Date
    Mar 2007
    Location
    Sai Kung
    Posts
    1,328
    Quote Originally Posted by D-Callin:
    I will be travelling in to HKG by this weekend to start work there & initially I will be bringing in about US$8-10k with me for my initial expences.

    When I visited HK few times before I realized that the exchange rates at the Airport, Hotels & Local money exchange booths vary quite a bit (never tried banks though) & if you change a larger sum you will loose out a bit (ie: HKD2000-7000), well lets just say for me it's a considerable amount..

    As I know US$ should be exchanging at HK$7.8 range... Is this correct? & who would you suggest have the best transaction rates generally.
    Unless you work for a bank and receive a staff rate on FX transactions, 7.8 will be tough to receive as all exchange places will charge you a certain bid/offer spread for the transaction. Some of the better places will give you 7.7x though... A simple search o this forum should have yielded several returns....here is a recent thread on this topic. I believe Berlin Company is one most recommended:

    Berlin Company Exchange Limited

    Past Forums:
    http://www.geoexpat.com/forum/thread13463.html

    http://www.geoexpat.com/forum/thread30197-2.html

    P.S. If you're adventurous, and can tolerate short term commodity risk, you could purchase 9 1oz gold bullion coins (either Chinese Panda or Canadian Maple Leafs...these are easiest to sell here), which should roughly be 10,000USD) and then take them to any major bank upon landing to exchange to HKD at current gold rates. You can either win or lose on that transaction depending on how the commodity market moves.

  3. #3

    Join Date
    Sep 2009
    Posts
    11

    Thanks Climber 07,
    The BERLIN seems to be a great option, I dont want the exact 7.8 but wanted something closer to it as possible. BERLIN rates for the last few days seems to be just that...

    As for the Adventurous option - I will give it a miss this time around.


  4. #4

    Join Date
    Feb 2007
    Location
    Tai Kok Tsui
    Posts
    1,001

    Given that the spot rate is 7.7526 right now, it would be very hard to get 7.8. You are looking at around 7.70-7.73 at exhange centers.
    Posted via Mobile Device


  5. #5

    Join Date
    Mar 2006
    Posts
    4,025
    Quote Originally Posted by climber07:
    Unless you work for a bank and receive a staff rate on FX transactions, 7.8 will be tough to receive as all exchange places will charge you a certain bid/offer spread for the transaction. Some of the better places will give you 7.7x though... A simple search o this forum should have yielded several returns....here is a recent thread on this topic. I believe Berlin Company is one most recommended:

    Berlin Company Exchange Limited

    Past Forums:
    Which place in HK is best for currency exchange? :: Hong Kong

    http://www.geoexpat.com/forum/thread30197-2.html

    P.S. If you're adventurous, and can tolerate short term commodity risk, you could purchase 9 1oz gold bullion coins (either Chinese Panda or Canadian Maple Leafs...these are easiest to sell here), which should roughly be 10,000USD) and then take them to any major bank upon landing to exchange to HKD at current gold rates. You can either win or lose on that transaction depending on how the commodity market moves.
    Why do the links not work in this old post of mine? Was wanting to change some money today and wanted to see the study that showed that Berlin was great (closed Sunday) but there were some other places not bad either. That was for US dollars as I recall.

    I found the thread ... see if it works:

    http://www.geoexpat.com/forum/135/thread46541.html
    Last edited by Football16; 09-01-2011 at 10:43 AM.

  6. #6

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,217
    Quote Originally Posted by Football16:
    Why do the links not work in this old post of mine?
    Eh? You have two active IDs here? I didn't think that was allowed!

  7. #7

    Join Date
    Oct 2010
    Posts
    22,538

    Withdrawing from an ATM beats the majority of money changers, and you don't have to carry several thousand US$ in cash either. The only exception to this would be if you need to pay a lot of money for a deposit on an apartment, as your ATM withdrawal limits will thwart you in that case.


  8. #8

    Join Date
    Mar 2006
    Posts
    4,025
    Quote Originally Posted by PDLM:
    Eh? You have two active IDs here? I didn't think that was allowed!
    No two IDs... no I recalled that I had linked to HKtraveller's posts where he found competitive rates. I had done as that so many ask about exchange and had wanted to check it out again myself and now having just come back here I need to dump some CAD $.

    I see that I linked it to climber's post NOT mine. Sorry. I am just F ...16.

    I now see the other places are in Chung King Mansion which I think I prefer to avoid and I cannot find their rates like I can for Berlin Exchange as of Friday.