theGame001
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Post at 3-6-2014 15:42  Profile P.M. 
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USD to HKD

Google is showing the rate of 1USD to 7.5HKD. Can someone please tell what rate will I get when I exchange money in Hongkong?

Thanks

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devilgodspeed   3-6-2014 20:19  Acceptance  +1   usually its 7.7 - 7.8
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theworm
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Post at 3-6-2014 17:48  Profile P.M. 
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Reply #1 theGame001's post

depends where you go. If you go to bank, they will have good rates but you need to have an account with them. If you go to any money changer on the streets, you get bad rates. I find the rates at Chung King Mansion the best.
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theGame001
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Post at 3-6-2014 18:46  Profile P.M. 
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@ theworm


thank you. The thing is I have two options. First I convert my local currency directly into HKD or convert my local currency into USD and then convert USD into HKD when I get there. When I go to thailand, I find it better to convert my local into Usd and then USD into Thai Baht. This way I save some money. This is the reason I wanted to know what exchange rate will I get in local booths.

Thanks
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halfclover
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Post at 5-6-2014 11:41  Profile P.M. 
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Interesting, I would have thought multiple changes would cost more.
I find that the rate locally is about 400 points lower than the Spot rate.  Currently Spot is 7.75 HKD, so local rate would be about 7.35 HKG to USD.
You will see variation in the rates between vendors, worth checking a few.
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vinny5443
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Post at 5-6-2014 13:58  Profile P.M. 
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Reply #1 theGame001's post

why would you just not do the calculation when you get to your exchange shop to see which is the better option?
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theGame001
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Post at 5-6-2014 15:53  Profile P.M. 
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QUOTE:
Originally posted by vinny5443 at 5-6-2014 13:58
why would you just not do the calculation when you get to your exchange shop to see which is the better option?

How will that work? I have to first convert my local currency at home. So I have an option to either take HKD or USD. I won't be taking my local currency because the rate I would get directly over there would be much less. I know it may sound funny but thats the truth. I have travelled many countries so I am pretty much experienced on this thing. Also its not a matter of small $3k or 4k. I want to convert some $30k. So even if save little on every conversion, I will be saving some money.
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theGame001
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Post at 5-6-2014 15:53  Profile P.M. 
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QUOTE:
Originally posted by halfclover at 5-6-2014 11:41
Interesting, I would have thought multiple changes would cost more.
I find that the rate locally is about 400 points lower than the Spot rate.  Currently Spot is 7.75 HKD, so local rate would be about ...

Thanks, this is exactly what I was looking for. Much appreciated.
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chantik
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Post at 12-6-2014 03:42  Profile P.M. 
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Just use an ATM - You find this gives you close to the best rates.

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vinny5443   13-6-2014 17:47  Acceptance  +1   agreed
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twiceAweek
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Post at 12-6-2014 06:57  Profile P.M. 
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Reply #1 theGame001's post

are yiu talking about black or white money ?
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theGame001
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Post at 15-6-2014 01:41  Profile P.M. 
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QUOTE:
Originally posted by twiceAweek at 12-6-2014 06:57
are yiu talking about black or white money ?

white money. Did i indicate otherwise?
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CalABC
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Post at 15-6-2014 01:44  Profile P.M. 
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Reply #10 theGame001's post

The spread between buy/sell gets smaller for larger amounts of money. At 30k USD you will be getting very close to spot price compared to say, 1k. Exchanges have different levels of spread depending on how much you want to trasnfer.
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kaleu
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Post at 15-6-2014 11:41  Profile P.M. 
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I notice you are leaving HK soon.  So what did you end up doing about this?
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slimshanks
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Post at 23-6-2014 15:39  Profile P.M. 
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I always get 7.70 on the exchange rate from USD to HK in TST.  The highest I noticed while living in HK was 7.72 in Central at little Manila (Worldwide) at Franki's.  The HK dollar is fixed to the US dollar so you shouldn't notice any fluctuations unless the local shop is trying to make more.  

Warning, don't exchange money or buy BONER pills in Wanchai because you are going to get fucked one way or the other.  LOL
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cruman999
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Post at 23-6-2014 16:08  Profile P.M. 
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Reply #13 slimshanks's post

I have done both many times in Wan Chai and I have only been fucked by lovely girls (and several not so good looking that I am trying to forget)

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obe   25-6-2014 15:38  Acceptance  +1   LOL
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fordprefect168
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Post at 25-6-2014 10:38  Profile P.M. 
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I'd agree with Slimshanks that Worldwide is a very good place.  One time, around late 2012, I was time pressed and was in a local bank in Central.  Although I was willing to take the bank exchange rate due to time constraint, the counter assistant advised me to try Worldwide due to better rates (I was literally across the road).  I was kind of surprised that she would say that given she worked for the bank, but I guess she was not on commission or anything.  End result is that I went to Worldwide and got a much better rate.  That started me looking for various FX options around the city and I still kept coming back to Worldwide as there was nowhere better.
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doghead (dog)
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Post at 25-6-2014 16:46  Profile P.M. 
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I go to this place to get all my forex for my trips abroad. You should call ahead at least 1 day before 3:30pm so they can prepare your order (especially for the less-popular forex or those who have to exchange a lot of money) and to minimize your wait on the line.

It is especially great for those who do not have bank accounts in HK because they are tourists. As an added convenience, they have a web site that shows their forex rates of the day.


Berlin Company Exchange Limited
Room 1703 Chinese Bank Bldg
61-65 Des Voeux Road
Central
tel: 2523 2549
http://bcel1985.blogspot.hk/

Hours : M-F  9:30am - 3:30pm (3:30pm - 6:00pm reserved for only those who made telephone bookings)
           Sat  9:30am - 11:30am (11:30am - 2:00pm reserved for only those who made telephone bookings)

[ Last edited by  doghead at 25-6-2014 16:52 ]
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