Hong Kong Higher Education

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Dollars and Sense

Hong Kong's official currency is the Hong Kong Dollar, which is in a stable and loving marriage with the U.S. Dollar. $1 U.S. = $7.79898 (7.8 works for everyday conversions)

You don't need to bring much cash to Hong Kong. Enough to cover food, leisure, and transport for the first month or two is best. ATMs can be found nearly everywhere, from a multitude of financial institutions, and they'll give you the best exchange rate on money withdrawn from your home account. Foreigners are free to open bank accounts here (you'll need your student ID card, passport and visa, and proof of residence); it's an advisable option if you don't want to deal with the hassle of constantly calculating between two currencies. Larger chain stores usually accept American notes and Chinese Renminbi in addition to Hong Kong dollars, but the rate of exchange may not be in your favor.

The bills they are a-changin'...
If you do need to exchange money (cash or travelers' checks), banks offer a good rate. Exchange outlets in Causeway Bay, Central, and Tsim Sha Tsui are open longer hours, but charge a higher commission.

Put away the plastic!
International credit cards are widely accepted in Hong Kong, but hefty foreign transaction fees and shop surcharges make this a rather expensive method of payment. Some outlets may only take cash for smaller payments, and common sense should tell you not to take your MasterCard down to the local fish market.