Currency in Hong Kong: HKD Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Hong Kong with the Hong Kong dollar.
What's in this Hong Kong currency guide?
What currency is used in Hong Kong?
The official currency of Hong Kong (country code: HK) is the Hong Kong dollar, with symbol HK$ and currency code HKD.
What is a good Hong Kong dollar exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good things to know about the Hong Kong dollar
Representing a little less than 2% of the foreign exchange market daily turnover, the Hong Kong dollar is the world’s thirteenth most traded currency. It is subdivided into 100 cents.
The Hong Kong dollar has been pegged to the US dollar since 1983 and the USD/HKD exchange rate has been limited to a range of 7.75 to 7.85 since 2005. The Hong Kong dollar’s peg is backed by one of the world's largest foreign exchange reserves (Hong Kong’s official reserves in 2016 were worth US$360 billion).
Hong Kong dollars are issued by the country’s government, but also by three local banks – HSBC, Standard Chartered and Bank of China – providing those banks have on deposit the US dollar equivalent of what they print.
The Hong Kong dollar reached an all-time low against the US dollar in September 1983 when USD/HKD reached 9.6 (HKD/USD 0.104), and its all-time high came in March 1978 when USD/HKD traded at just 4.6 (HKD/USD 0.217).
The Hong Kong dollar banknotes and coins
The physical HKD currency consists of coins and banknotes. The coins come in denominations of 10 cents, 20 cents, 50 cents, and $1. The banknotes come in denominations of $10, $20, $50, $100, $500, and $1,000.
The banknotes feature images of famous Chinese and Hong Kong historical figures, such as Sun Yat-sen, Bao Gong, and Sir Catchick Paul Chater. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
For more HKD information check out our selection of Hong Kong dollar news and guides.
Frequently Asked Questions
What currency should I use in Hong Kong?
The domestic currency in Hong Kong is the Hong Kong dollar.
What is the Hong Kong dollar currency code and symbol?
The three letter currency code for the Hong Kong dollar is HKD — symbol is HK$.
What does the Hong Kong dollar look like?
Here is an example Hong Kong dollar banknote:
Which countries use the Hong Kong dollar?
It is the domestic currency in Hong Kong.
Is the Hong Kong dollar a closed currency?
No, the Hong Kong dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and HKD?
Here are some popular conversion amounts for USD to HKD (US dollar to Hong Kong dollar)*.
| USD | HKD |
|---|---|
| $ 127.40 | HK$ 1,000 |
| $ 637.00 | HK$ 5,000 |
| $ 2,548 | HK$ 20,000 |
| $ 12,740 | HK$ 100,000 |
More amounts
*Converted at the current USDHKD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Hong Kong
Using Wise for Hong Kong dollar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Hong Kong dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Hong Kong dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the HKD cash locally or even on travel day at the airport.
Hong Kong: Travel Guide
Traveling to Hong Kong requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Hong Kong is a vibrant and exciting destination for travelers, offering a unique blend of modern and traditional influences.
One of the main attractions of Hong Kong is its rich culture and history. Visitors can explore traditional Chinese temples, such as the famous Wong Tai Sin Temple, and take in the sights and sounds of the city's bustling street markets. The city also has several museums and art galleries showcasing the art and culture of the region.
Hong Kong is also known for its excellent food, with a wide range of international and local cuisines on offer, from Cantonese dim sum to international fine dining. Visitors can experience the city's vibrant nightlife by visiting its many bars and nightclubs.
The city is also a shopper's paradise, with plenty of options for luxury shopping and street markets for more affordable goods. Visitors can also take a day trip to the nearby city of Shenzhen, which is known for its electronics and fashion markets.
For nature lovers, Hong Kong offers plenty of opportunities to explore the great outdoors, from hiking on the city's many trails to visiting the beautiful Hong Kong Wetlands Park and Tai O Fishing Village.
The city is also known for its skyline, which is one of the most iconic in the world, and visitors can take in the views from Victoria Peak, or enjoy the nightly light show of the Symphony of Lights.
However, Hong Kong is also known for its air pollution, noise pollution, and the political situation in recent years, which travelers should be aware of before visiting.
Overall, Hong Kong offers visitors a unique blend of modern and traditional influences, with plenty of opportunities to explore the city's culture, history, food, and natural beauty. Visitors should be prepared for the fast-paced and crowded nature of the city, as well as the potential for pollution and political unrest.
Everyday Costs in in Hong Kong
How much does it really cost to live, work, or travel in Hong Kong? Here's what to expect for daily expenses and expat living.
Currency Guide: Hong Kong (HK)
For those planning a one-week mid-range stay in Hong Kong, budgeting is crucial to fully appreciating this vibrant metropolis. A comfortable estimate would be around 8,000 to 12,000 HKD (approximately 1,000 to 1,500 USD). Daily expenses can vary, but here's a breakdown of everyday costs you'll encounter:
- Meal at a local restaurant 🍜: ~80-150 HKD
- Coffee ☕: ~30-50 HKD
- Public transport fare 🚇: ~10-30 HKD
- Prepaid SIM card 📱: ~100-200 HKD
- Budget hotel or Airbnb 🏨: ~600-900 HKD per night
In general, Hong Kong leans more towards the expensive side compared to many destinations. While food and public transport are relatively affordable, accommodation can significantly elevate your overall expenses. Compared to the United States, where accommodation can also be pricey in major cities, Hong Kong offers slightly lower expenses on dining out and transport. In contrast, visiting Singapore will generally involve comparable costs in accommodation, though food options may be more affordable due to a larger street food culture.
Tips for Expats in Hong Kong
For expats settling in Hong Kong, the monthly living costs are estimated to start around 15,000 to 25,000 HKD (approximately 2,000 to 3,200 USD) for a comfortable lifestyle, which includes rent, utilities, groceries, and transport. It's important to familiarize yourself with local banking options; major banks like HSBC and Standard Chartered offer comprehensive services, including international wire transfers. When it comes to card usage, credit and debit cards are widely accepted, but having cash on hand is advisable for smaller purchases and markets.
When considering money exchange, it's typically more beneficial to use online transfer services like Wise or OFX for sending or receiving money internationally, as they often provide better rates and lower fees compared to exchanging cash locally. Furthermore, using ATMs for cash withdrawals is generally convenient, though checking with your home bank about international transaction fees is advisable to avoid unexpected charges. With careful planning, expats can navigate the dynamic financial landscape of Hong Kong and enjoy their time in this bustling city.
USD/HKD Market Data
The below interactive chart displays the USD/HKD change and UP📈 DOWN📉 trends over the past 1 Year.
Recent Hong Kong dollar Market News
Draconian restrictions on tourism have been relaxed finally however pessimism continues surrounding the city’s economic outlook into the future.
In February, the Hong Kong dollar remained stable against the USD but dipped slightly towards month-end. Government measures supported the property market amidst economic challenges. Future strength depends on local economic recovery and Fed’s stance.
The Hong Kong dollar held its strength well in February, only down by less than 0.2% against the USD. It fell to a 4-month low near month end, but the USDHKD pair remained under 7.83 level.
In February, local government released some significant measures to support its property market such as scrapping additional stamp duty for non-permanent residents and easing mortgage lending rules. Against the backdrop of slowing economy where inflation has dropped to sub 2% level (from 2.4% to 1.7%), Q4 GDP q/q was only 0.4%, and PMI remained under 50, these measures were welcomed by the market.
However, the HKD did show a downward trend against the USD despite of the support from still elevated Hong Kong Interbank O Rate (HIBOR) rates and rising local stock market, hence whether the local economy can see some signs of bounce back would be one of the main factors that may affect HKD strength in March. But the HKD is unlikely to be under more pressure should the Fed deliver a relatively dovish stance for future interest rate path.
For more HKD information read our News and guides to the Hong Kong dollar.
Send Money to Hong Kong - Best Rates
To get a good (and fair) exchange rate when sending money to Hong Kong you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Hong Kong
When sending money to Hong Kong it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Hong Kong dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted HKD amount will be transfered to the recipient account you specify in Hong Kong.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Hong Kong dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Hong Kong
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Hong Kong dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the HKD exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Hong Kong dollar bank account: A local HKD bank account can make it easier for you to manage your finances and pay bills while you are in Hong Kong. It may also be more convenient to use a local HKD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Hong Kong. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Hong Kong. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Hong Kong, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Hong Kong.
How is the expat life in Hong Kong?
Expat life in Hong Kong can be both exciting and challenging. Hong Kong is a vibrant and fast-paced city with a rich culture, history, and a mix of modern and traditional influences. It is also a major financial and business hub in Asia.
One of the main benefits of expat life in Hong Kong is the high standard of living and the availability of amenities and services. The city has a wide range of international schools, hospitals and medical facilities, supermarkets, and other amenities catering to expats.
Hong Kong is also known for its excellent transportation system, making it easy to navigate and commute around the city.
However, the cost of living in Hong Kong is quite high, especially for housing. The city has some of the most expensive real estate in the world and finding affordable housing can be a challenge for expats.
The city is also known for its fast-paced lifestyle and high stress levels, which can be challenging for some people. The air pollution and noise pollution can also be an issue.
Additionally, Hong Kong has a high population density and the city can feel crowded and congested. Some expats may find the city to be quite crowded and busy, which can be overwhelming.
The political situation in Hong Kong
The political situation in Hong Kong has been uncertain in recent years, which can be a concern for some expats. Protests and unrest have been taking place, and travelers should be aware of the situation and take precautions.
Overall, expat life in Hong Kong can be a rich and fulfilling experience, but it also has its challenges. Expats should be prepared for the high cost of living, fast-paced lifestyle, and the potential for political unrest.