Regardless of whether you’re going to Hong Kong for business or for pleasure, no trip is complete without testing out the world famous shopping place. This means that you’ll want to have easy ways to access money in Hong Kong. But which method or card is going to work best?
To help you choose the best approach we’ve laid out the following details to help your pre-trip planning, and ultimately this should help you save time and money.
Purchasing Hong Kong Dollars for Travel
Exchange rates and fees will vary at each bank or currency exchange outlet so it’s important to compare before you buy your travel money.
Things You Should Know About Currency Exchange
To check out our handy tips when buying currency, click here
How much money should I bring for my trip to Hong Kong?
Although there seems to be a bank or ATM on almost every block in HK, you’ll want to have some cash in the event you run into a vendor who takes cash only. So, how much should you actually bring?
You may plan to stay in a penthouse or a hostel, your travel style and habits will dictate how much it costs. But here are some basic guidelines:
|DAILY BUDGET||Low HK$800||Mid HK$800-1800||High $1800 >|
HK$180-300 per night
HK$550-1100 per night
from HK$2000 per night
|Cha chaan tang (tea house) or food stall
|Bus, tram, ferry ticket
HK$210 (Hong Kong International Airport to Mong Kok)
$1200 a day (Toyota Camry)
*All prices are estimated in Hong Kong Dollars
The Best Card To Use To Access Money In Hong Kong
You should have no problem preloading Hong Kong Dollars onto a travel card — but be aware that if you plan to travel on to other Asian countries such as Philippines or Vietnam you likely won’t be able to load those currencies.
It’s smart to compare the costs associated with a travel card with a travel-friendly credit card — the 3 to 5% currency conversion fee on many travel cards can seriously impact your travel budget. Sometimes it makes sense, sometimes it doesn’t.
There are quite a few credit cards that don’t charge a currency conversion fee. But if you need to withdraw cash the fees can hurt, and you may also be getting charged for each foreign transaction (usually around 3%).
You’ll find that both Mastercard and Visa are widely accepted across Asia, although there is generally a preference for Mastercard. As is true in most places, American Express is not as widely accepted.
You can simply use your US issued debit card while in Hong Kong for over the counter purchases and cash withdrawals. The benefit here is knowing you’re not spending what you don’t have and won’t come home to a big interest payment.
Make sure you research your ATM card thoroughly though and know what fees you will pay for currency conversion and ATM usage.
For the most up-to-date travel money advice on Hong Kong speak to one of our experts at The Currency Shop today.