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Best Place for Currency Exchange in HK?

  1. #1
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    Best Place for Currency Exchange in HK?

    Anyone know of a good/safe place with pretty good exchange rates in HK? Selling USD for HKD. I would use HSBC but because I do not hold an account it costs like 100 HKD fee and a low exchange rate. I am from the Kowloon area. I've seen some places but not sure if they are trustable. So wondering if anyone had any experience exchanging at a place not from a bank. I know there's this place in Mong Kok right when you exit the MRT across from the travel tour agency building. Anyone had any experience dealing at that place?

    Also looking to buy yen as well with either USD or HKD

  2. #2
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    If you are worried about a HK$100 fee I would say go ahead and transact anywhere. The exchange rate won't matter for such a small amount of consideration.

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    If it is smaller amounts such as 1-2 thousand US or pounds, go to Chungking Mansions in Nathan Rd TST - but not the ones right near the door. Go into the ones just before the stairs - eg Western.
    They have competitive rates and no commission. If you have good amounts ie not just $100, they will often give you even better than advertised

  4. #4
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    Britney probably never heard of Scrooge McDuck.
    Those who worry about trivial amounts quite often have alllotta money. Call Berlin money exchange.
    And some money changers at CK mansion give you a slightly better rate than shown if you ask nicely

  5. #5
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    Old 2009 thread but hktraveller - a banker - did a good comparison:

    http://hongkong.geoexpat.com/forum/40/thread13463.html

    Since comparison is only possible at the same time, here a result:
    Right now:

    Berlin Exchange Tel. 2523 3403
    USD buy: 7.7930 sell: 7.8080
    RMB buy: 1.136364 sell: 1.144165

    HSBC premier (electronic transfer rate, not cash)
    USD buy: 7.7925 sell: 7.8185
    RMB buy: 1.1375 sell: 1.1550 (rounded)

    HSBC China (electronic transfer rate, not cash)
    RMB buy: 1.138434 sell: 1.147578

    China Foreign Exchange 1/F, Chungking Mansion, Tel. 2316 2611
    USD buy: 7.787 sell 7.80
    RMB buy: 1.137 sell: 1.145

    Pacific Exchange, 1/F Chungking Mansion, Tel. 2724 4980
    USD buy: 7.785 sell 7.81
    RMB buy: 1.135 sell: 1.145475

    Do not change at Chungking ground floor, expecially not at the first shops when you come in, and do not change during non banking hours if avoidable, since the spread is bigger then.
    Last edited by hktraveller; 22-08-2008 at 09:46 PM."

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    Anyone know a good Malaysian Ringgit FX? I need to exchange about HKD4m into MYR.

  7. #7
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    Quote Originally Posted by Football16
    Old 2009 thread but hktraveller - a banker - did a good comparison
    Nah, I am probably anything but a banker. I just have time to research.

    By the way for RMB exchanges either way, around cleverly street in Sheung Wan is a very good place. I sold a larger amount of RMB 2 weeks ago and the price that day was 0.7920 for selling RMB againas HK$ and 0.7938 for selling. The place with the best rate that day (this is not consistent but on a daily changing basis) was the place right opposite the entrance of Shun Tak on Connought Rd. (They do have a separate room for such transactions)

  8. #8
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    Quote Originally Posted by Occupy HK
    Anyone know a good Malaysian Ringgit FX? I need to exchange about HKD4m into MYR.
    Are you talking about 4 million HK$?

    The best place to exchange HK$ or US$ into MYR is Bangkok.
    At Superrich
    http://www.superrichthailand.com/editor/rate.html
    the spread for US$ is around 3.10/3.12 at present. (bigger spreads occasionally possible, especially on weekends)
    I hope you are aware that you can only bring 1000 MYR in and out of Malaysia.
    If you know a legal way to bring in large amounts, please let me know.