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Going to Hong Kong - Change money in Singapore or HK?

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Perth, Australia
posts: 1,592
reviews: 100
Going to Hong Kong - Change money in Singapore or HK?

We are travelling to Singapore next week and then going onto Hong Kong.

Will we get better rates buying our HK$ in Singapore at money changers like Mustafa or Fountain Money Changer or should we take our SGD$'s to HK and change them there? If so where? We are staying in the TST area of Kowloon.

Thanks

LON-SIN
Destination Expert
for Singapore
posts: 10,054
reviews: 9
1. Re: Going to Hong Kong - Change money in Singapore or HK?

Neither. Take you Aus$ to Hong Kong and change it there.

Cincinnati, Ohio
Destination Expert
for Singapore
posts: 6,543
reviews: 57
2. Re: Going to Hong Kong - Change money in Singapore or HK?

The more u expose ur $ for currency exchange the more u lose in each transaction so the best thing to do is to get just enough $ for spending in each country u r visiting, the rest u can always use credit card (which btw, has very good currency exchange rate compare to banks and even some money changers. Note : by using credit card I meant to use it during a transaction, not to take $ out of the credit card which is the most expensive way to get cash)

Good Luck :)

PS. Whenever we (family) are on vacation, we only take cash from ATM and just enough for spending money (miscellaneous e.g cab fare, buying snacks and drinks etc, the rest we put on credit card), if u research it, the ATM exchange rates aren't bad and there is only one time fee (if u r staying long, go for the daily max limit so u wont be charge if u r taking more cash out next time), check with ur bank and see what the fees are like (each bank differs so talk with ur bank to find out which is the best way i.e if u r other ATMs is there an extra fee)

australia
posts: 216
reviews: 14
3. Re: Going to Hong Kong - Change money in Singapore or HK?

I also have a currency question. We have travelled to Singapore on quite a few occasions and usually take Aust dollars which we have never had a problem exchanging. This time we are going to take a mixture of Aust dollars and Aust dollars travellers cheques. My question is are the travellers cheques readily changed at the money changers as cash is, this also applies to Kota Kinabalu where we are travelling to after Singapore.

Thanks

PS In reply to the above question, we have travelled to Hong Kong after Singapore a few times and have never had a problem changing money. In Kowloon there is an arcade of money changers and all have great rates.

Singapore, Singapore
Destination Expert
for Singapore
posts: 5,719
reviews: 9
4. Re: Going to Hong Kong - Change money in Singapore or HK?

Pamies... take A$ with you on your trip. Change A$ to S$ that is sufficient to take you thru your daily expenses in Singapore. DO NOT change all your A$ to S$. When in HK, change whatever you need for HK$ expenses from your A$. If you change all your A$ to S$ and subsequently changing the balance of your S$ to HK$, you will be hit by 2 times the money exchange margins.

Perth, Australia
posts: 1,592
reviews: 100
5. Re: Going to Hong Kong - Change money in Singapore or HK?

Thanks everyone.

resordanis - where in Kowloon is this arcade?

Like you our banks rip us off when it comes to foreign currency exchange.

I have found a Travelex ATM card that only charges 1.1% fee when you load it up with the currency you want. I am getting a card with Singapore $'s and another card with Hong Kong $'s. They also charge an ATM fee of about $4.75 but our banks do that too.

Cincinnati, Ohio
Destination Expert
for Singapore
posts: 6,543
reviews: 57
6. Re: Going to Hong Kong - Change money in Singapore or HK?

Is this ur first trip to HKG ? My mom side of the family originate from there and I used to live and worked there. Love that place but when it comes to certain things esp. in these past few years, Kowloon is even more chaotic than ever. There is no problem finding money changers anywhere along the Kowloon or even HKG touristy areas but whether u r getting a good rate, that is the question. And be warned, Kowloon is very touristy and pickpockets r common even among locals.

TC is not as widely accepted esp. in individual shops, the bigger chain esp. DFT will take them at any time but if u go into an independent boutique, they dislike TC (hassle of going to the bank and get it cashed rather than the easy direct deposit) Also, isnt there a fee (for us it is US$10) to get TC ? It cost US$3 per each ATM withdrawal and with a max daily withdrawal of US$300, that is sufficient on any short trips (even some long trips !).

Anyways, good luck and have fun, both r wonderful cities to visit !

australia
posts: 216
reviews: 14
7. Re: Going to Hong Kong - Change money in Singapore or HK?

Hi Pamies,

The money changing arcade we think was called Mustafas Centre it is in TST and located on Nathan Road possibly only one block up from the water and there is a large set of traffic/pedestrian lights at the crossing. It is on the right hand side if you are travelling from the harbour.

I will look for the card with the address and if I can find it I will advise.

I also have looked at the Travelex Cards (Aust Post have them for no commission I think) but the exchange rate at present is only 1.21 for Singapore whereas the exchange rate at present in Singapore is at least $1.25 for our Aust dollars. There are plenty of money changers in Singapore and they generally charge no commission, the same with HK, but with HK we found the rates varied greatly. That is the reason that this time I am thinking of taking some Aust dollars travellers cheques as well as cash (Aust Post charges no commission on cheques or currency). My problem is only whether the TC are as well received as cash in Singapore or Malaysia or Hong Kong. Hope this helps, any other questions, just ask!

8. Re: Going to Hong Kong - Change money in Singapore or HK?

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