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General rule for where to exchange cash: country of departure or destination?
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As a general rule, can one say that it is better to exchange cash for a foreign trip in the country of departure or of arrival? My main concern here is a favorable exchange rate.
As a concrete case, I am planning a trip to Hong Kong and am wondering whether I should carry EUR or (substantial) HKD.
money exchange
edited 5 hours ago
Glorfindel
2,17831832
asked 6 hours ago
Drux
3069
add a comment |Â
up vote
1
down vote
favorite
As a general rule, can one say that it is better to exchange cash for a foreign trip in the country of departure or of arrival? My main concern here is a favorable exchange rate.
As a concrete case, I am planning a trip to Hong Kong and am wondering whether I should carry EUR or (substantial) HKD.
money exchange
edited 5 hours ago
Glorfindel
2,17831832
asked 6 hours ago
Drux
3069
For your specific case in Hong Kong, there are a huge number of ATMs that allow you to withdraw HKD using foreign cards as @Glorfindel suggested. There are also a large number of bureau de changes (called 找æ›店) in the city centre - rates vary, but it is not likely to be as good as ATM rate.
– B.Liu
4 hours ago
The use of cards for purchases is somewhat 'polarised' - mid-high end restaurants definitely take cards, but hawkers, more affordable and local restaurants, and transportation providers only takes cash (and often an electronic payment card called Octopus). Depending on how long you will stay in hong kong, I'd recommend bring (or withdraw from an airport ATM) at least HKD 1000 with you, 500 for an octopus (which makes your like 10x easier), and 500 just in case you find something interesting on the street.
– B.Liu
4 hours ago
add a comment |Â
up vote
1
down vote
favorite
up vote
1
down vote
favorite
As a general rule, can one say that it is better to exchange cash for a foreign trip in the country of departure or of arrival? My main concern here is a favorable exchange rate.
As a concrete case, I am planning a trip to Hong Kong and am wondering whether I should carry EUR or (substantial) HKD.
money exchange
edited 5 hours ago
Glorfindel
2,17831832
asked 6 hours ago
Drux
3069
As a general rule, can one say that it is better to exchange cash for a foreign trip in the country of departure or of arrival? My main concern here is a favorable exchange rate.
As a concrete case, I am planning a trip to Hong Kong and am wondering whether I should carry EUR or (substantial) HKD.
money exchange
money exchange
edited 5 hours ago
Glorfindel
2,17831832
asked 6 hours ago
Drux
3069
edited 5 hours ago
Glorfindel
2,17831832
asked 6 hours ago
Drux
3069
edited 5 hours ago
Glorfindel
2,17831832
edited 5 hours ago
Glorfindel
2,17831832
edited 5 hours ago
Glorfindel
2,17831832
2,17831832
asked 6 hours ago
Drux
3069
asked 6 hours ago
Drux
3069
asked 6 hours ago
Drux
3069
3069
For your specific case in Hong Kong, there are a huge number of ATMs that allow you to withdraw HKD using foreign cards as @Glorfindel suggested. There are also a large number of bureau de changes (called 找æ›店) in the city centre - rates vary, but it is not likely to be as good as ATM rate.
– B.Liu
4 hours ago
The use of cards for purchases is somewhat 'polarised' - mid-high end restaurants definitely take cards, but hawkers, more affordable and local restaurants, and transportation providers only takes cash (and often an electronic payment card called Octopus). Depending on how long you will stay in hong kong, I'd recommend bring (or withdraw from an airport ATM) at least HKD 1000 with you, 500 for an octopus (which makes your like 10x easier), and 500 just in case you find something interesting on the street.
– B.Liu
4 hours ago
add a comment |Â
For your specific case in Hong Kong, there are a huge number of ATMs that allow you to withdraw HKD using foreign cards as @Glorfindel suggested. There are also a large number of bureau de changes (called 找æ›店) in the city centre - rates vary, but it is not likely to be as good as ATM rate.
– B.Liu
4 hours ago
The use of cards for purchases is somewhat 'polarised' - mid-high end restaurants definitely take cards, but hawkers, more affordable and local restaurants, and transportation providers only takes cash (and often an electronic payment card called Octopus). Depending on how long you will stay in hong kong, I'd recommend bring (or withdraw from an airport ATM) at least HKD 1000 with you, 500 for an octopus (which makes your like 10x easier), and 500 just in case you find something interesting on the street.
– B.Liu
4 hours ago
For your specific case in Hong Kong, there are a huge number of ATMs that allow you to withdraw HKD using foreign cards as @Glorfindel suggested. There are also a large number of bureau de changes (called 找æ›店) in the city centre - rates vary, but it is not likely to be as good as ATM rate.
– B.Liu
4 hours ago
For your specific case in Hong Kong, there are a huge number of ATMs that allow you to withdraw HKD using foreign cards as @Glorfindel suggested. There are also a large number of bureau de changes (called 找æ›店) in the city centre - rates vary, but it is not likely to be as good as ATM rate.
– B.Liu
4 hours ago
The use of cards for purchases is somewhat 'polarised' - mid-high end restaurants definitely take cards, but hawkers, more affordable and local restaurants, and transportation providers only takes cash (and often an electronic payment card called Octopus). Depending on how long you will stay in hong kong, I'd recommend bring (or withdraw from an airport ATM) at least HKD 1000 with you, 500 for an octopus (which makes your like 10x easier), and 500 just in case you find something interesting on the street.
– B.Liu
4 hours ago
The use of cards for purchases is somewhat 'polarised' - mid-high end restaurants definitely take cards, but hawkers, more affordable and local restaurants, and transportation providers only takes cash (and often an electronic payment card called Octopus). Depending on how long you will stay in hong kong, I'd recommend bring (or withdraw from an airport ATM) at least HKD 1000 with you, 500 for an octopus (which makes your like 10x easier), and 500 just in case you find something interesting on the street.
– B.Liu
4 hours ago
add a comment |Â
1 Answer
1
active
oldest
votes
up vote
6
down vote
A better rule of thumb is to not exchange any cash at all, but use an ATM in the country of arrival to withdraw money, letting your home bank do the currency conversion (so withdraw in HKD, not in EUR; the ATM itself will offer Direct Currency Conversion but that's usually a much worse rate for you). It's also quite logical; HKD banknotes in the Euro zone have to be transported there, so they are more expensive.
That leaves the problem that you might have some HKD left when you leave the country; as long as it's not too much, I tend to keep it for the next visit. Or you can buy something (souvenir, drinks) at the airport. (I don't have any experience in whether it would be better to exchange it back to EUR in Hong Kong or in Europe, so I'll leave that part to another user.)
Last but not least: in some countries you don't even need cash at all. I recently visited Iceland and the only moment when I didn't have the option to pay by card was the offerings during the church service...
edited 1 hour ago
Henning Makholm
37.3k690149
answered 5 hours ago
Glorfindel
2,17831832
Even some churches take cards: ft.com/content/2e803942-5817-11e7-9fed-c19e2700005f
– Mark Perryman
7 mins ago
add a comment |Â
1 Answer
1
active
oldest
votes
1 Answer
1
active
oldest
votes
active
oldest
votes
active
oldest
votes
up vote
6
down vote
A better rule of thumb is to not exchange any cash at all, but use an ATM in the country of arrival to withdraw money, letting your home bank do the currency conversion (so withdraw in HKD, not in EUR; the ATM itself will offer Direct Currency Conversion but that's usually a much worse rate for you). It's also quite logical; HKD banknotes in the Euro zone have to be transported there, so they are more expensive.
That leaves the problem that you might have some HKD left when you leave the country; as long as it's not too much, I tend to keep it for the next visit. Or you can buy something (souvenir, drinks) at the airport. (I don't have any experience in whether it would be better to exchange it back to EUR in Hong Kong or in Europe, so I'll leave that part to another user.)
Last but not least: in some countries you don't even need cash at all. I recently visited Iceland and the only moment when I didn't have the option to pay by card was the offerings during the church service...
edited 1 hour ago
Henning Makholm
37.3k690149
answered 5 hours ago
Glorfindel
2,17831832
Even some churches take cards: ft.com/content/2e803942-5817-11e7-9fed-c19e2700005f
– Mark Perryman
7 mins ago
add a comment |Â
up vote
6
down vote
A better rule of thumb is to not exchange any cash at all, but use an ATM in the country of arrival to withdraw money, letting your home bank do the currency conversion (so withdraw in HKD, not in EUR; the ATM itself will offer Direct Currency Conversion but that's usually a much worse rate for you). It's also quite logical; HKD banknotes in the Euro zone have to be transported there, so they are more expensive.
That leaves the problem that you might have some HKD left when you leave the country; as long as it's not too much, I tend to keep it for the next visit. Or you can buy something (souvenir, drinks) at the airport. (I don't have any experience in whether it would be better to exchange it back to EUR in Hong Kong or in Europe, so I'll leave that part to another user.)
Last but not least: in some countries you don't even need cash at all. I recently visited Iceland and the only moment when I didn't have the option to pay by card was the offerings during the church service...
edited 1 hour ago
Henning Makholm
37.3k690149
answered 5 hours ago
Glorfindel
2,17831832
Even some churches take cards: ft.com/content/2e803942-5817-11e7-9fed-c19e2700005f
– Mark Perryman
7 mins ago
add a comment |Â
up vote
6
down vote
up vote
6
down vote
A better rule of thumb is to not exchange any cash at all, but use an ATM in the country of arrival to withdraw money, letting your home bank do the currency conversion (so withdraw in HKD, not in EUR; the ATM itself will offer Direct Currency Conversion but that's usually a much worse rate for you). It's also quite logical; HKD banknotes in the Euro zone have to be transported there, so they are more expensive.
That leaves the problem that you might have some HKD left when you leave the country; as long as it's not too much, I tend to keep it for the next visit. Or you can buy something (souvenir, drinks) at the airport. (I don't have any experience in whether it would be better to exchange it back to EUR in Hong Kong or in Europe, so I'll leave that part to another user.)
Last but not least: in some countries you don't even need cash at all. I recently visited Iceland and the only moment when I didn't have the option to pay by card was the offerings during the church service...
edited 1 hour ago
Henning Makholm
37.3k690149
answered 5 hours ago
Glorfindel
2,17831832
A better rule of thumb is to not exchange any cash at all, but use an ATM in the country of arrival to withdraw money, letting your home bank do the currency conversion (so withdraw in HKD, not in EUR; the ATM itself will offer Direct Currency Conversion but that's usually a much worse rate for you). It's also quite logical; HKD banknotes in the Euro zone have to be transported there, so they are more expensive.
That leaves the problem that you might have some HKD left when you leave the country; as long as it's not too much, I tend to keep it for the next visit. Or you can buy something (souvenir, drinks) at the airport. (I don't have any experience in whether it would be better to exchange it back to EUR in Hong Kong or in Europe, so I'll leave that part to another user.)
Last but not least: in some countries you don't even need cash at all. I recently visited Iceland and the only moment when I didn't have the option to pay by card was the offerings during the church service...
edited 1 hour ago
Henning Makholm
37.3k690149
answered 5 hours ago
Glorfindel
2,17831832
edited 1 hour ago
Henning Makholm
37.3k690149
edited 1 hour ago
Henning Makholm
37.3k690149
edited 1 hour ago
Henning Makholm
37.3k690149
37.3k690149
answered 5 hours ago
Glorfindel
2,17831832
answered 5 hours ago
Glorfindel
2,17831832
answered 5 hours ago
Glorfindel
2,17831832
2,17831832
Even some churches take cards: ft.com/content/2e803942-5817-11e7-9fed-c19e2700005f
– Mark Perryman
7 mins ago
add a comment |Â
Even some churches take cards: ft.com/content/2e803942-5817-11e7-9fed-c19e2700005f
– Mark Perryman
7 mins ago
Even some churches take cards: ft.com/content/2e803942-5817-11e7-9fed-c19e2700005f
– Mark Perryman
7 mins ago
Even some churches take cards: ft.com/content/2e803942-5817-11e7-9fed-c19e2700005f
– Mark Perryman
7 mins ago
add a comment |Â
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For your specific case in Hong Kong, there are a huge number of ATMs that allow you to withdraw HKD using foreign cards as @Glorfindel suggested. There are also a large number of bureau de changes (called 找æ›店) in the city centre - rates vary, but it is not likely to be as good as ATM rate.
– B.Liu
4 hours ago
The use of cards for purchases is somewhat 'polarised' - mid-high end restaurants definitely take cards, but hawkers, more affordable and local restaurants, and transportation providers only takes cash (and often an electronic payment card called Octopus). Depending on how long you will stay in hong kong, I'd recommend bring (or withdraw from an airport ATM) at least HKD 1000 with you, 500 for an octopus (which makes your like 10x easier), and 500 just in case you find something interesting on the street.
– B.Liu
4 hours ago