There are three important types of information that you need to know if you are to have any chance of getting the
best possible HKD / CAD rate :
Find the Market HKD to CAD mid-rate - the starting point.
Check your FX provider's transaction costs, these include exchange rate margins plus various types of fees. These margin and fee costs vary for
Foreign Transfers
and
Travel Money
transactions.
The closer your final exchange rate is to the market HKD/CAD midrate the better deal you are getting.
1 Hong Kong dollar equals Canadian dollar
1HKD=CAD
Right now the HKD/CAD market rate is
and represents how many
Canadian dollar
you can get for one Hong Kong dollar.
The HKD/CAD mid-rate is the rate you will see
Quoted on Google
or the News, nobody except the largest banks and businesses can get exchange rates close to this mid-rate. The closer your final exchange rate is to the market HKD/CAD midrate the better deal you are getting. It is actually just the theoretical half-way point (hence mid-rate) between
the last rate at which the currencies were exchanged in a transaction (bought or sold) in the international markets.
Hong Kong dollar to Canadian dollar (HKD-CAD) Recent History
When
Exchange Rate
Date
1 Week ago
0.1609
18 Apr 2018
1 Month ago
0.1636
26 Mar 2018
6 Months ago
0.1642
27 Oct 2017
1 Year ago
0.1744
25 Apr 2017
2 Years ago
0.1635
25 Apr 2016
5 Years ago
0.1312
26 Apr 2013
10 Years ago
0.1304
27 Apr 2008
There are three important types of information that you need to know if you are to have any chance of getting the
best possible HKD / CAD rate :
Market HKD to CAD mid-rate - the starting point.
Transaction costs, these include exchange rate margins plus various types of fees. These margin and fee costs vary for
Foreign Transfers
and
Travel Money
transactions.
Right now the HKD/CAD market rate is
and represents how many
Canadian dollar
you can get for one Hong Kong dollar.
The HKD/CAD mid-rate is the rate you will see
Quoted on Google
or the News, nobody except the largest banks and businesses can get exchange rates close to this mid-rate. It is actually just the theoretical half-way point (hence mid-rate) between
the last rate at which the HKD / CAD was traded (bought or sold) in the international markets.
2. Transaction Costs - Margins and Fees for HKD/CAD Foreign Exchange
The transaction margin from the mid-rate you will be charged by your bank or foreign exchange provider plus any fixed or percentage fees. These margins and fees will vary significantly for International Money Transfers and Travel Money transactions.
HKD to CAD Foreign Transfer - Costs Compared
You can see a sample of the margins from mid-rate in the table below which shows an example of the costs charged by FX specialist and the average bank rate when sending money transfers from HKD to CAD.
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This is the amount of money that could be received by your transfer at rate HKD/CAD=0.1607 and inclusive of the fee of HKD 60. Rate timestamp : Wed Apr 25 2018 15:21:59 GMT+0000 (UTC)
This is the average HKD to CAD International Transfer exchange rate and fees from multiple banks for FX rates available over the counter and also via Internet Banking.
The below table shows an example of the margins and possible savings when you order travel money online with a currency specialist versus the average bank, kiosk or post office rate to buy foreign cash.
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.
Why can't I just get the same HKD/CAD market rate I see on Google or in the Media?
When you look up the current Hong Kong dollar to Canadian dollar exchange rate on the web the figure you find quoted on sites like google or mentioned on TV is commonly referred to as the mid-market rate.
Getting a great HKD to CAD mid-market rate is all about timing, so unless you
are able to wait, watch and time the market this is largely beyond your control.
This rate will go up and down with varying amounts of volatility depending on the currency pair.
This mid-market rate is really only a reference and is just the starting point for calculating the actual rate you will
get for your transaction, luckily we can also use this same rate to determine how good a deal a rate that a provider offers you actually is.
You can use the below
HKD to CAD calculator to convert currency amounts using the latest mid-market exchange rates.
Then choose your transaction type for specific Hong Kong dollar cross rates and reviews of leading foreign exchange providers versus the Banks.
3. Currency News, Research and Forecasts for Hong Kong dollar and Canadian dollar
Whenever you are interested in an exchange rate you are actually interested in two currencies due to the fact that the value of a currency is always determined quoted in comparison to another currency.
So it follows that if you are determining the best time to transact, in this case the HKD vs CAD, you should pay attention to both Hong Kong dollar and Canadian dollar news and forecasts.
Hong Kong dollar (HKD) - Market news and forecasts
In March, the Hong Kong dollar weakened to the extreme of its allowed trading range, at 7.85 per US dollar, marking the point at which the Hong Kong Monetary Authority must step in to defend the currency.
The Hong Kong dollar has fallen to multi-decade lows due to a widening of the US-Hong Kong interest rate differential. Despite the HKMA raising interest rates in step with the US Federal Reserve, rates paid on Hong Kong dollars have remained low over the past fifteen months due to abundant liquidity in Hong Kong’s financial system; meanwhile, rates paid on US dollars have risen steadily. For large investors, this provides an incentive to exchange (sell) borrowed Hong Kong dollars for higher-yielding US dollars.
Due to Hong Kong’s sizeable foreign exchange reserves, which are among the largest in the world, a speculative attack on the USD/HKD peg is unlikely.
In March, the Hong Kong dollar also stood close to long-term lows against both the Japanese yen and euro.
Canadian dollar (CAD) - Market news and forecasts
The Canadian dollar was the worst performing G10 currency in the first quarter of 2018.
Against the US dollar, CAD fell to buy 77.5 US cents (USD/CAD 1.29), but this was in line with average rates over the preceding twelve months.
Against the euro, CAD fell to an 8-year low but recovered somewhat before March was out to buy 63 euro cents (EUR/CAD 1.587).
For CAD, little respite is likely in the months ahead according to TD Securities, which described the currency in March as “really expensive.” A senior analyst at the firm explained that CAD was the “most exposed [major currency] from a global macro level and also from the local level of trade risk.”
Trade remains a dominant theme affecting CAD. Washington stepped up its protectionist measures in the first quarter with tariffs on steel and aluminium products (Canada is the number one exporter of such products to the US) and $60 billion worth of Chinese goods. Being a global growth-sensitive currency, CAD will suffer should international trade tensions escalate, not to mention the ramifications for ongoing NAFTA negotiations between Canada, the US and Mexico. The market consensus remains for an 8-10% drop in CAD's valuation should NAFTA negotiations fail.
