Lois Larson
Although Hong Kong is officially part of China, it has its own currency, the Hong Kong dollar, which is different from the Chinese currency, the yuan (also known as renminbi). While the yuan may be accepted as payment in some large supermarket chain stores and shops using online payment systems, most shops, restaurants, and businesses in Hong Kong will only accept the Hong Kong dollar. The Hong Kong International Airport offers money exchange services, but these are known to offer poor exchange rates. Therefore, it is recommended to exchange money elsewhere.
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What You'll Learn
- Chinese yuan can be used in Hong Kong, but it is not recommended due to poor exchange rates
- Hong Kong's official currency is the Hong Kong dollar
- Some shops in Hong Kong accept Chinese yuan, but most only take Hong Kong dollars
- It is possible to exchange money at Hong Kong airport, but the rates are not favourable
- It is better to exchange money in shops in Central or Kowloon, Hong Kong
Chinese yuan can be used in Hong Kong, but it is not recommended due to poor exchange rates
Although Hong Kong is officially part of China, it has its own currency, the Hong Kong dollar (HKD), which is separate from the Chinese currency, the yuan (or renminbi, RMB). While some shops, particularly in tourist areas, do accept yuan, it is not recommended to use it in Hong Kong due to poor exchange rates.
One source states that while you can use RMB in Hong Kong, it is hard to get change due to the exchange rate, which may cause you to spend more money. Another source confirms that although RMB can be used in Hong Kong, especially in tourist areas, the exchange rate is poor. A third source states that while shopkeepers and stallholders in Hong Kong may accept RMB from foreign visitors, they offer a poor exchange rate.
It is generally recommended to convert your currency to HKD before travelling to Hong Kong, as the entire country accepts this currency, and the majority of shops, restaurants, and other businesses only take HKD as payment. You can convert your currency to HKD at currency exchange kiosks, although it is advised to avoid exchanging money at the airport, as the rates are often unfavourable.
Some shops in Hong Kong that use online payment systems such as AliPay and WeChat Pay allow users to pay with RMB, but the transactions will be converted into HKD. Large supermarket chain stores throughout Hong Kong may also accept RMB, but the exchange rate is poor, with a 20% loss compared to HKD. Shops that accept RMB will usually display a sign at the register or in the window.
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Hong Kong's official currency is the Hong Kong dollar
The Hong Kong dollar has a different exchange rate regime from the Chinese yuan. It was first pegged to the British pound in 1935, then became free-floating in 1972. Since 1983, the Hong Kong dollar has been pegged to the US dollar. On the other hand, the Chinese yuan was created in 1949 with the establishment of the People's Republic of China and has had a more variable exchange rate regime, including periods of being pegged to the US dollar and floating in a basket of currencies.
In Hong Kong, the majority of shops, restaurants, and businesses primarily accept the Hong Kong dollar. However, there are some instances where Chinese yuan may be used. Some large supermarket chain stores and shops using online payment systems like AliPay and WeChat Pay may accept yuan, but the exchange rate is typically unfavourable, resulting in a loss compared to using Hong Kong dollars directly. Small stallholders and shops in tourist areas may also be more likely to accept yuan from foreign visitors, often displaying their RMB/HKD exchange rate.
When travelling through Hong Kong International Airport, it is generally not recommended to exchange money at the airport due to unfavourable rates. Instead, ordering foreign currencies online in advance or using ATMs at the airport can be more cost-effective options.
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Some shops in Hong Kong accept Chinese yuan, but most only take Hong Kong dollars
Hong Kong's official currency is the Hong Kong dollar, and most shops, restaurants, and businesses will only accept this as payment. However, some shops in Hong Kong do accept Chinese yuan (also known as renminbi or RMB), particularly in tourist areas. These include large supermarket chains and street vendors, and shops that accept yuan will usually display a sign at the register or in the window.
While it is possible to use yuan in some places in Hong Kong, it is not recommended, as the exchange rate is poor and you will lose money. It is better to exchange your yuan for Hong Kong dollars at a currency exchange kiosk or ATM before making purchases. This is especially true if you plan to use public transport, as yuan is not accepted.
If you are arriving at Hong Kong International Airport and need to exchange money, it is best to do so before your trip or at an ATM in the airport, as the exchange rate at airport kiosks is not favourable. There are also foreign currency order services available online, such as Travelex and Global Exchange, where you can order the currency you need and collect it upon arrival at the airport.
It is worth noting that shops using online payment systems such as AliPay and WeChat Pay allow users to pay with renminbi, but the transactions will be converted into Hong Kong dollars.
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It is possible to exchange money at Hong Kong airport, but the rates are not favourable
Although Hong Kong is officially part of China, it has its own currency, the Hong Kong dollar (HKD), which is separate from the Chinese currency, the yuan or renminbi (RMB). While it is possible to use RMB in Hong Kong, especially in tourist areas, it is not recommended as the exchange rate is poor and many shops, restaurants, and other businesses will only accept HKD.
Hong Kong International Airport does offer money exchange services, such as Global Exchange Travelex, where you can order foreign currencies online and collect them upon arrival. However, exchanging money at the airport is generally not advisable due to unfavourable rates. You may find better rates at currency exchange kiosks in the city or by withdrawing local currency from an ATM at the airport or in town.
Some shops in Hong Kong that accept RMB will display a sign at their register or window. Additionally, online payment systems like AliPay and WeChat Pay allow users to pay with RMB, but the transactions will be converted into HKD.
Therefore, while it is possible to exchange money at Hong Kong Airport, the rates may not be favourable. It is recommended to compare rates at various locations, including Chungking Mansions in Kowloon, before making an exchange.
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It is better to exchange money in shops in Central or Kowloon, Hong Kong
When travelling to Hong Kong, it is important to be aware of the local currency and how to obtain it. While you can use Chinese yuan (RMB) in Hong Kong, it may be hard to get change due to the exchange rate. It is typically better to exchange money before your trip or at the airport, or to withdraw local currency from an ATM.
If you want to exchange money in person, there are several popular currency exchange shops in Central and Kowloon, Hong Kong. In Central, you can visit Little Girl Exchange, which offers the benefit of no minimum exchange requirements or commission fees. They have an app available on both Android and iOS, allowing customers to reserve and complete orders. Their address is Shop A, G/F, General Commercial Building, 156-164 Des Voeux Rd. Central, Sheung Wan, Hong Kong, and they are open Monday to Friday from 9:00 to 19:00 and on weekends from 10:00 to 16:00.
In Kowloon, you can visit Birdy Exchange, which has a solid reputation in the industry and is committed to providing quality services for tourists without any commissions or handling fees. You can reach out via WhatsApp for quotes and reservations, and they guarantee to secure the daily exchange amount and rates. Their address is 261A Cheung Sha Wan Road, Sham Shui Po, Kowloon, and they are open Monday to Friday from 12:00 to 20:00 and on Saturdays from 12:00 to 17:00. They are closed on Sundays and public holidays.
Another option in Kowloon is Kin Shing Money Exchange, which has been in business since 1968 and is located in the heart of Tsim Sha Tsui. They are a trusted name in the industry, but they do not offer reservation services. Their address is Shop 87, G/F, Chungking Mansion, 36-44 Nathan Road, Tsim Sha Tsui, and they are open Monday to Friday from 9:00 to 18:00 and on Saturdays from 9:00 to 14:00. They are closed on Sundays and public holidays.
Additionally, you can consider King Chi Money Exchange, which has 14 branches across Kowloon and Hong Kong. They specialise in RMB and other foreign currency exchanges, along with remittances to Mainland China and other countries. They offer convenient online order services, and you can place orders of up to HKD 20,000 without a deposit. Their address and contact information can be found online.
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Frequently asked questions
Although Hong Kong is officially part of China, it uses the Hong Kong dollar as its official currency. It is recommended that you convert your Chinese yuan to Hong Kong dollars before your trip, as you will get a better exchange rate. However, some shops, particularly in tourist areas, will accept yuan, though the exchange rate will be poor.
It is likely that you will be able to use Chinese yuan at Hong Kong airport, especially at shops catering to tourists. However, you will get a poor exchange rate. It is recommended that you exchange your yuan for Hong Kong dollars elsewhere, as airport currency exchange offices are known to offer poor rates.
Hong Kong International Airport has money exchange services provided by Global Exchange Travelex. You can save time by ordering your foreign currency online via Travelex's website or Global Exchange's website and collecting it upon arrival.
