Running short on HK$ so decided to change some Au at the money exchange nest to New Lucky House in Jordan. Quick look at the rate. only .1 less than I get in TST so I hand over $1000u. he woman comes back with a printout saying I get 4400 hk$ instead of the posted rate of 5.8 which would give me $5800.
I pointed at the rate and said no.look.
The woman then points out that the rate is for AU exchanged with the Kroner ffs>
On looking at the other rates they are all compared against different currencies in a way to make one believe that the rate to HK is vry good.
Anyway I said no, give me the money  back, I will go elsewhere.
She tells me she is not giving me the money back and then offers me 4600.
I said no and she says that all she will do and she will not give my money back. I asked her if she understood good english. She nodded and I told her that if she doesnt hand the money over now that I will come in and get it after calling the police. I got my phone out f my pocket and the money was pushed back through the slot in the window.

Beware of this half of a scam.

Yea, it is better to do it at the airport. These small places are trying to rip you off. Another way is to use your ATM to withdraw HK $ and let the bank charges some small fee. But at least you know that your bank won't rip you off too much.

I use the money changers in wanchai all the time and have never had a problem.  The exchange rate is always superior to the airport.

For years I'd chase the best exchange rate all over TST, Central, Admiralty, Wan Chai, etc.

Now I just find then nearest ATM.  Better rate, and better hours.  Only downside is only HK$ 4000 at a time.

Is the limit set by your bank or the ATM?

Money changers in Wanchai by the MTR exits are very good and especially so before 6pm. After 6pm or so, many of the local ones close which allow the international branded ones to raise their rates...I know this from experience watching the Western Union raise their rates significantly after their competition left for the day.

Ideally you should be getting your HKD via an ATM. Perhaps you should open an account back in Australia with a bank that has branches in HK to avoid the ATM charges if you plan to visit often. I remember back in Tokyo, I went all the way to Yokohama Chinatown just to find an HSBC ATM to get yen and avoid charges.


Re: Jetsetting2much #4 post :

If I am not mistaken, you should be able to withdraw the equivalent of US$1000 per day. Of course the Citibank ATM has a HK$4000 limit per transaction. You just have to withdraw about HK$3700 in the 2nd transaction to come close to your US$1000 daily limit. It is the same with the HSBC ATMs too.

The BEST place to change money is Chungking Mansions. There are about 20 money changers all competing against each other so the spread is extremely competitive. I once changed £15000 there in one go. The Indian guy happily used a fake detector pen and dark light money checker on each one I gave him and he did the same for the money he gave me.

Went into HSBC straight after.

I should've added that I have on two occasions withdrawn (2) HK$4,000 from the Citibank ATM (totalling HK$8,000 for the day).  I've never tried to withdraw a third...so I don't know if I'm up against any daily withdrawal ceiling...though undoubtedly there is a limit.

I have withdrawn 20,000HKD from HSBC in one ATM transaction.

Man was my LB tired!!

Actually I always bring AU$ with me and walk Chungking Mansions looking for the best rate. It is sometimes  more than 20% better than back home and always better than using my ATM card. In this instance I just wanted a little extra and the exchange was next door to where I was staying ....
Some great advice here.. thanks guys.

Always check the "official" exchange rate before you make the actual transaction. I use the Bloomberg app. I was at the airport and asked what the exchange rate was for US to HK ===> 7.07. That's a hell to the fucking no, sir! If I wanted to get raped that bad, I would go to the casino and borrowed money from a random dude letting him charge whatever interest rate he wished.

If you guys want the best rate and no fees and you are able to open a account in the U.S., get a Charles Schwab Bank, N.A. High Yield Investor Checking Account which has no minimum balance and they refund all ATM fees and there are no foreign transaction fees plus you get wholesale rate and this is using any ATM in the world.

[ Last edited by  Almighty1 at 23-6-2016 02:13 ]

Anybody have any suggestions when it comes to exchanging HKD or USD to Thai Baht?