Hong Kong Dollar to Canadian Dollar exchange rates aren't all the same.
The total cost you are charged by your bank or foreign exchange provider consists of a margin from the interbank mid-rate plus fees.
These margins and fees vary significantly for International Money Transfers and Travel Money transactions as shown below.
This resource page for the Hong Kong Dollar to Canadian Dollar exchange rate, has news,
forecasts and
HKD to CAD comparison tables for
foreign transfers and
travel money
rates and fees on offer by banks and foreign exchange providers. You can also check an exchange rate margin with
our Exchange Rate Checker.
HKD/CAD Exchange Rates - How to Compare & Save
Exchange rates can vary significantly depending on the transaction type (transfer, cash or card), currency pair and amount. The below table shows an example of total costs charged by FX specialists and banks for HKD/CAD International Money Transfers. Costs are calculated against the current interbank mid-rate.
When determining the best time to make a foreign exchange transaction, in this case the HKD vs CAD, you should pay attention to the recent market trends for both currencies.
Hong Kong Dollar (HKD)
The Hong Kong dollar has gained value in 2019 despite a serious escalation in US-China trade tensions, mainly because the US dollar, to which HKD is pegged, is attracting safe-haven inflows. By May-17, against a basket of important currencies, HKD was worth 2 percent more year-to-date, and was only 0.5 percent away from making a 2-year high.
HKD was doing particularly well against the Australian dollar. It was, at the time of writing, valued 18 percent higher than 2018 lows against AUD and needed only a further 2.3 percent to reach a 10-year high. Though HKD was meeting significant resistance in mid-May at the 5.4 per AUD level, a break of this could spark significant appreciation.
It’s been a mixed bag of late for the Canadian dollar, with geopolitical risks, global interest rates and matters affecting global trade, rather than commodities or Canadian economic data, most influencing CAD rates.
In April and May, the loonie lost out slightly (by roughly 1 percent) against the US dollar and euro, but made small progress against the pound and Australian dollar.
For CAD, investors said in early June that they did not like the recent escalation in US-China trade tensions, which threatens the outlook for global trade and for commodities; nor did they like Washington’s announcement in late May of a 5 percent tariff on all Mexican goods — an illegal move under the new NAFTA 2.0 free-trade deal which some suspect might see the deal torn up.
Why can't I just get the HKD/CAD market rate I see online or in the media?
The mid-rate is the rate you will see quoted online or the news. It is actually just the half-way point (hence mid-rate) between
the last rate at which the HKD / CAD was traded (bought or sold) in the international markets.
All foreign exchange providers charge a fee for providing their service and this fee is usually contained within the exchange rate margin (or difference to the mid-rate).
Some providers such as Transferwise will quote you the mid-rate (or close to) and charge a separate percentage fee.
Getting a good market rate is mainly about timing however the transaction margin
you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for
travel money and possibly over 5% to 6% when sending money.
The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.
