Currency Exchange

Exchanging money between USD and HKD is different from any other country because Hong Kong's currency is pegged to the US's. This means that if the worth of the USD goes up so will the HKD; and vice versa.

Because of this it really wasn't crucial for me to research what places would offer me the best exchange rate cause they would all be around the same percentage. As stated during our study abroad pre-departure meeting, it is actually best to exchange some USD into what ever the currency is in the country you're going to before leaving the island. This is so you have one less thing to worry about after landing in a foreign country. Depending on how much you want to exchange, you may have to inform your bank first so that they can make sure they have that much on hand. 

I did not exchange money before I left because I was caught up in a bunch of other things I needed to do/prepare for. I did however do some research to see if the Hong Kong airport had a 24 hour currency exchange kiosk because I knew I'd be landing in the middle of the night. Fortunately they did so I was able to make my first exchange there. I needed to exchange enough to cover my cab ride and food expenses for a week. I didn't want to exchange too much because airport exchanges are usually marked up a lot because they know non-locals need local currency right away.

Exchange Tips:

• Exchange rates at your abroad country are probably better because they have a large amount of the currency you need verses your home country who may not have enough of the currency you want causing them to purchase more of it and possibly passing some fees onto you. 
• Banks will most likely offer you the best exchange rate verses the airport. Airport exchange services understand that you need local currency quick so their prices are probably marked a little higher than normal. 
• Certain Hong Kong bank branches will not do a currency exchange for you unless you have a bank account with them. Others will do the exchange for you but charge a fee for every transaction you make. 

Personal Currency Exchange Transactions:

1. Hong Kong International Airport: 

           $200 USD = $1,452.70

           Exchange Rate: 7.2635

           Transaction Fee: None

           *** No fees were charged however the exchange rate was REALLY low. 

2. Bank of China (Located at Festival Walk right outside of school): 

           $500 USD = $3,862.5

           Exchange Rate: 7.725

           Transaction Fee: $100 HKD ($12.90 USD)

          *** Fee was charged for not having a bank account

3. Hang Seng Bank (Located at CityU):

           $500 USD = $3,861 HKD

           Exchange Rate: 7.722

           Transaction Fee: None

           *** No fee was charged because that is where I opened my bank account. I will probably
                  exchange the rest of my money there.