Best way/place to exchange Currency

[Speed_69]

I'm going Hong Kong in a month and a half and will need to exchange Canadian dollars for Hong Kong dollars. I'm just wondering what is the best way to do this?

Should I exchange it here before I go or should I exchange it in Hong Kong? If exchanging it here, should I go to the bank or go to a foreign currency exchange service such as Calforex?

For bigger purchases, should I put them on credit card? Not sure how good the exchange rate would be on that?

[ercchry]

if you change it here go with the bank.... but it takes time for the money to come in so it would be best not to do it the day before you leave.... like i tried

[Zenshi]

Get HSBC account and change it over there.
Rate will be much better.

You will need a little bit for taxi and eating on your first day.

I'd say 500$ HKD - 1000$ HKD will hold you over for the first couple days.

[Swank]

I went to the exchange place across from Banker's Hall, next to the Unicorn (can't remember the name...Calforex maybe). They said they charge a flat rate of $2.50 to exchange under $300 and $3.50 for over $300.

[Speed_69]

Originally posted by Zenshi
Get HSBC account and change it over there.
Rate will be much better.

You will need a little bit for taxi and eating on your first day.

I'd say 500$ HKD - 1000$ HKD will hold you over for the first couple days.

i was planning on taking about $5000 HKD with me. Don't want to start a new bank account just to exchange money though.

[Ed the SOHC]

I remember seeing on the news something about this... they found that the best place was the one on Stephen Ave by The Bay. It may be the one Swank is talking about. This was on the news when are dollar was at par with the USD.

[jdmSiR]

There's this place on stephens ave and 2nd street, I went there to convert some money for a school project, It was only like $60 in multiple currency's varying from Korean Won to Indian Rupees.
There was no service charge.

[luv2ride_bikes]

the place on 8th ave downtown, is called Calforex. I used them quite a bit. I would phone them and find out what their rate is. As Sawnk pointed out, they will charge a flat fee for the exchange. I would also phone some of the banks around. They are usually a little cheaper.

[eblend]

I find that the best rate is from the credit card directly. I used my credit card when I travelled all over asia and got the best exchange rate. I used calforex to get some of the cash thought for that trip.

[Zenshi]

calforex will give you the best exchange rate in calgary.

HSBC in HK will give you the best exchange rate in HK.

Credit Card varies from card to card, some charge you an overseas fee to use your card. Most of the time the exchange rates will be lower then HSBC rate, but better then your local HK money exchange dealer. (and some china banks)

Your only bringing $5000 HKD?! How long you going??
What do you plan to do? Eating is about $50 - $100 HKD per person alone... and thats fast food.

Hotel will be atleast $600 HKD for a night, depending on where you want to stay and star rating. We paid $942 HKD ($145 CDN) a night in MONG KOK for a 3 star...

[luv2ride_bikes]

Originally posted by Zenshi
calforex will give you the best exchange rate in calgary.

I dissagree with this, well with my experiances in getting US money a couple weeks ago. The exchange rate that they quoted me was the exact same as what the banks quoted me. Then you have to add the fee that Calforex charges.

[Speed_69]

Originally posted by Zenshi
calforex will give you the best exchange rate in calgary.

HSBC in HK will give you the best exchange rate in HK.

Credit Card varies from card to card, some charge you an overseas fee to use your card. Most of the time the exchange rates will be lower then HSBC rate, but better then your local HK money exchange dealer. (and some china banks)

Your only bringing $5000 HKD?! How long you going??
What do you plan to do? Eating is about $50 - $100 HKD per person alone... and thats fast food.

Hotel will be atleast $600 HKD for a night, depending on where you want to stay and star rating. We paid $942 HKD ($145 CDN) a night in MONG KOK for a 3 star...

I'm only staying 13 days and $5000 HKD does not include accomodations. The $5000 HKD is only for food, drinks, MTR and buying the occasional small stuff so i think that is more then enough. I will be putting bigger purchases on credit card. Accomodations will already be paid for before we leave.

[cloud7]

definitely exchange it in HK. Shop around... some banks are better than others. Actually the last time I went, I went to exchange at one of those currency exchange booths in Tsim Sha Tsui and the rates were better than the banks... again shop around...

[coldmind]

In Calgary, everywhere charges about the same rate. Of course the lower the amount, the exchange rate will be nullify by the fees. Just take enough money for Taxi/bus ride (500HKD/Person?)

Go to Advantage Foreign Currency for no fees if the amount is less than 2000 HKD (No fees will end up with better deals for smaller amount)

For any amount larger than 500CAD worth HKD, it's probably best to go Tsim Tsa Tsui as the previous poster suggested, shop around if you want to really save on the exchanges. If no time go to the reliable (some ppl say it's a dangerous place, but I find it's ok, lots of foreign tourist around this building) ChungKing Mansion:

http://en.wikipedia.org/wiki/Chungking_Mansions

There are several exchange booth in there, just shop around. Good luck and Have fun!

[clem24]

Does anyone know if Calforex takes debit cards, or do I have to bring cash?

[bignerd]

Calforex seemed to have low fees to me, I bought Yen there a few months ago. I use to work at a bank and some of the service charges were as high as $30 to order in currencey-plus you had to pay up front and then wait for it to be shipped to the bank.

[Impreza]

Find someone who works at the bank, they get an awesome rate!

[clem24]

Went to Calforex today.. Except they're gone! No "we moved" sign, just nothing but an empty space.

[Justing]

Calforex moved down the street, on 8th ave by scotia center

[bignerd]

Bank employees (I previously being one) only get a marginally better rate then customers, like 0.0014 of a dollar better, the only thing is they would have no extra fees for bringing in the currencey.