Hong Kong Currency

The Hong Kong Currency is the Hong Kong Dollar (sign: $; code: HKD). It is the 9th most traded currency in the world.

In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies.

The Hong Kong Dollar is subdivided into 100 cents or 1000 mils. Dollar notes are in denominations of HK$1000, 500, 100, 50, 20 and 10. Coins are in denominations of HK$10, 5, 2 and 1, and 50, 20 and 10 cents.

Hong Kong Currency Exchange

Foreign currency can be changed in banks, hotels and bureaux de change. Banks usually offer the best rate of exchange.

When exchanging money in Hong Kong, you'll get the best rate at banks. The exchange rate can vary among banks, however, so it may pay to shop around if you're exchanging a large amount. Additionally most banks also charge commission while others many not charge commission but have lower rates.

Banks usually charge a commission on traveler's checks, but the exchange rate is usually better for traveler's checks than cash.

Generally Hong Kong hotels give a slightly less favorable exchange rate but are conveniently open anytime. Money changers are found in the tourist areas but its best to avoid them if you can.

Hong Kong Currency Banknotes

Three banks, the Hongkong and Shanghai Banking Corporation (HSBC), the Bank of China, and the Standard Chartered Bank, all issue their own colorful notes, in denominations of HK$10, HK$20, HK$50, HK$100, HK$500, and HK$1,000. The government also issues a $10 note. As for coins, they're issued by the government in bronze for HK10¢, HK20¢, and HK50¢ pieces; in silver for HK$1, HK$2, and HK$5; and in nickel and bronze for HK$10.

After a less-than-successful trial from 1994 to 2002 to move the 10-dollar denomination from the banknote format (issued by the banks) to the coin format (Government-issued), 10 dollar banknotes are currently the only denomination issued by the HKMA, having acquired the note printing plant at Tai Po from the De La Rue Group of the UK on behalf of the Government. The older 10-dollar banknotes are, although rare and being phased out, still circulating.

Linked exchange rate system

Since 1983, when negotiations between Britain and China concerning Hong Kong's future sent public confidence and the value of the Hong Kong dollar into a nose dive, the Hong Kong dollar has been officially pegged to the U.S. dollar at a rate of 7.8 (which means that US$1 equals HK$7.80), giving the Hong Kong currency greater stability.

The important underpinnings of the linked exchange rate system include the strong official reserves of Hong Kong, a sound and robust banking system, fiscal prudence and a flexible economic structure.
1983-Present: US$1:HK$7.75-7.85 (May 2005 onwards)

The HKMA undertakes to convert the HK dollars in licensed banks' clearing accounts maintained with the HKMA into US dollars at the fixed exchange rate of HK$7.75 to US$1. The rate has been moving to 7.80 by 1 pip each calendar day starting from 1 April 1999 ending 12 August 2000. HKMA set up upper and lower guaranteed limit since 18 May 2005

The U.S. dollar
Although the official conversion rate is pegged at HK$7.80 for 1 U.S. dollar, the average rate of exchange at banks and exchange offices is closer to HK$7.70 (or HK$1 = US13¢).

The British Pound
£1 equals approximately HK$14 (or HK$1= 7 pence)

Currency and Money Notes

• Credit & debit cards: American Express, Diners Club, MasterCard and Visa are widely accepted. Check with your credit or debit card company for details of merchant acceptability and other services which may be available.
• Travellers cheques: Accepted almost everywhere. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in Pounds Sterling, US Dollars or Euros.
• Hong Kong Currency restrictions: There are no restrictions on the import or export of either local or foreign currency.
• Exchange rate indicators: The following figures are included as a guide to the movements of the Hong Kong Dollar against Sterling and the US Dollar:
• Banking hours: Mon-Fri 0900-1630, Sat 0900-1230.

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While this Hong Kong website have made extensive effort to be accurate, we make no warranty or guarantee as to the correctness of the above and all information listed here. Certainly schedules, prices and policies will and do change. Sometimes contact info is provided so one way to be sure is to call or book ahead. Similarly, we do not guarantee the claims made by our sponsors and advertisers. Caveat emptor!