Changing moolah GBP-HKD
Discussion
Going to Hong Kong soon and just wondering what to do with money; i.e. change a little?, change a lot? and when to change? Is the £ expected to fall further or rise? If unsure, is it best to take some HKD and get the rest as-and-when needed just incase things do change drastically? We have a HSBC account so we can get money out of ATMs with only the transaction fee to pay (not the cash fee). Think the actual high street rate is only 8.8 though, so don't know what it'd be out there or via an ATM.
The rate has been flat 9.5 to 1 for a week or so and for the month its come down from about 10 to 1, not super drastic. Seems to have been steadily falling for about a decade though.
EDIT: Alternatively I found this:
http://travelmoney.moneysavingexpert.com/holiday-m...
Which seems to be a decent option so long as you pay off ASAP. Its a credit card that you use abroad and you get near perfect exchange rate. But they do get you if you use the ATM; £1.50/month per £100 withdrawn. Though not sure if you pay off in less than a month that this reduces?
The rate has been flat 9.5 to 1 for a week or so and for the month its come down from about 10 to 1, not super drastic. Seems to have been steadily falling for about a decade though.
EDIT: Alternatively I found this:
http://travelmoney.moneysavingexpert.com/holiday-m...
Which seems to be a decent option so long as you pay off ASAP. Its a credit card that you use abroad and you get near perfect exchange rate. But they do get you if you use the ATM; £1.50/month per £100 withdrawn. Though not sure if you pay off in less than a month that this reduces?
Edited by Otispunkmeyer on Monday 17th October 17:57
I use the Halifax Clarity Credit Card in overseas ATMs (not tried it yet in HKG, but will put it to good use in January) and the exchange rate is excellent with no commission.
It is a credit card and interest is charged from the day a cash withdrawal is made, so I transfer money to the card a/c straight away and the interest is either zero or negligible.
My other card that I use abroad is the Nationwide FlexPlus debit card. I've made withdrawals using this card and the Halifax card on the same day and the rates are virtually identical. The FlexPlus card requires the holding of a current a/c with Nationwide that charges £10pm, but includes worldwide travel insurance, European/UK car breakdown cover and other stuff. It pays interest on balances up to £2,500 at 3% which reduces the monthly charge by about £6 if the full £2.5k (or more) is kept in the a/c.
It is a credit card and interest is charged from the day a cash withdrawal is made, so I transfer money to the card a/c straight away and the interest is either zero or negligible.
My other card that I use abroad is the Nationwide FlexPlus debit card. I've made withdrawals using this card and the Halifax card on the same day and the rates are virtually identical. The FlexPlus card requires the holding of a current a/c with Nationwide that charges £10pm, but includes worldwide travel insurance, European/UK car breakdown cover and other stuff. It pays interest on balances up to £2,500 at 3% which reduces the monthly charge by about £6 if the full £2.5k (or more) is kept in the a/c.
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