Hello!

I will traveling in for the first time in March and doing my research.  Where is the best place to exchange currency and what kind of exchange rate can I expect.  I inquired at my bank and they only wan to give 7.08 rather than the current roughly 7.8.  I am looking much closer to 7.8.  Ideas?

Hmm, that sounds bad!

I didn't pay much attention to the US exchange rate, but there are plenty of money exchange places on the streets, and the HK/China rate (which I did use) was good. Varied from place to place and shop to shop.

Also check what rate you can get at ATMs, since that can be better than carrying a lot of cash, but watch out for charges from your home bank. In the past I've found that my cards sometimes don't work for some of the minor banks, but for the big ones, HSBC, Bank of China, Standard Chartered, there is no problem.

Find out with your bank what is the fee that they charge for overseas ATM cash withdrawals. There's quite a bit of variance between the different banks in the US (and different kinds of accounts) in that regard. If they charge a reasonably modest fee, that might be a good option, in my opinion.

I think I am likely to exchange some at the airport in the states before heading out.  If I decide to take a taxi or MTR to my hotel on the island, I assume I am going to need some HK currency.  Plus I may want to go out mongering the night I arrive, even though I am sure I will be exhausted.  Staying in Sheung Wan area.  My friend who used to live in HK said it was a pretty good area.  

I am reading and reading the forums, but, still, any advise is greatly appreciated.  Once I start meeting I plan to post reviews at the end of each day...that may mean 3 reviews a night!  LOL

Two routes for you:

1) If you are going in March then you have time to set-up a HSBC or Citibank bank accounts if they are near your area. If you are using their ATMs in HK, you will not be charge a transaction fee and will get a very good exchange rate. Make sure you inform these banks you are travelling to HK.

An HSBC account has an even larger ATM network as you can used the HK Hang Seng Bank ATMs network besides the HSBC ones in HK as these 2 banks are part of same group. Every MTR station has Hang Seng ATMs for easy access to your funds.

Also there is a HSBC branch in Mongkok that has ATMs that can also dispense RMB and Euros besides HKD. I am sure there are others, you will have to ask the bank.


2) If you cannot open a HSBC or Citibank account at home, then you can come to HK with your local currency and go to a local forex place that offers great rates. When I lived in HK, I got all my forex for travelling anywhere from this place.

Check their website link for a list of daily forex rates. They are opened everyday except Sunday. You can check their Yelp page for business hours. They are only a 10 min walk from the Central Airport Express Station after you get off train from airport.  

Berlin Company Exchange
17/F, The Chinese Bank Building, 61-65 Des Voeux Road Central
德輔道中61-65號華人銀行大廈17/F   (Chinese address to show locals when asking for directions)
Hong Kong
Central, Hong Kong Island

Phone number +852 2523 3403
Business website : bcel1985.blogspot.com