[trocadero]

Thanks everyone. I'll check the rates at the places mentioned in Central, as we're coming from Stanley. We just got a call a little while ago to say that his flight has been delayed and should now leave at 2:30 pm, so as it turns out, we will also have time to check the bank rates.

Thanks so much for all your suggestions. I hope everyone is safe and sound.

[KnowItAll]

The banks will be open, so you should be able to walk into the branch of your bank and withdraw USD.

[tsuiwah]

Originally Posted by KnowItAll

>> FX rate of HK$8.10 per US$1, which honestly is a mediocre rate
>> but it is not far from what I paid

You're just prolonging the ripoff to be honest.

Football16 - you just have to ask for the best rates, not follow the published rates.

KIA, you really think that is a ripoff, in a typhoon? HK$9 to US$1 or paying HK$10,000 per square foot for a decaying flat in Baguio Villa or paying HK$80 for a pint of ice cream at City Super when it sells for HK$50 at Wellcome is a ripoff; sorry, an extra 1% over the credit card exchange rate, and 4% over the official interbank rate, is not a ripoff.

In any case, I was quite open that I was not offering a good rate (and I recommended the place in HK for the best rate). 8.1 is still a heck of a lot better than the rate at HKIA...and having a free option at 8.1 is pretty darn good when all other options in a typhoon are out (to be honest).

[tsuiwah]

Originally Posted by Football16

I don't know why when this topic comes up people post the Chungking Mansion in TST. There rates are as poor as any street booth sellers anywhere including Causeway Bay.
...
The only criticism of this place was one person had to wait an hour and a half once but I have only had a 30 min wait once and Saturday should be quick. You can make appointments but they ask how much and if not high enough like for me last time, they say come back tomorrow and hang up.
...
If this guy were to buy a US$1000 at 8.10 vs 7.813 he'd be paying an extra HK$287.

I never had a problem at Chungking Mansions, but admittedly I haven't changed cash at a moneychanger in a while, but I would bet HK$287 that the best rate at some booth in the back of Chungking Mansions is better than one of the guys behind SOGO in CWB.

In your analysis of what is a fair FX rate, you are comparing apples with oranges, a rate offered during a typhoon when cash exchange isn't readily available and a rate during normal business hours. You are also not factoring in convenience.

You know what was the first thing I did this morning? I didn't have any cash to pay my helper so I went to the ATM and withdrew the maximum before everyone else got the same idea (by the afternoon, the ATM had no cash). I then went to Park N Shop to buy some bread and the place was a zoo. Apparently, everyone else had the same idea. At 10am, milk and eggs were sold out, there were people buying cases of instant noodles (coincidence maybe), and the line was 25 deep per register when it is normally no more than 5 deep.

I waited 20 minutes more than I normally would. I would have been happy to pay a small premium to check out faster, and I would have been extremely grateful if someone offered to sell me milk at essentially their cost if I had needed it (fortunately, I had extra and was able to offer my neighbor one carton of milk).

During normal business hours, the easy answer for FX exchange is go to the bank. Even better, if you are a VIP customer with the bank, order the cash in advance and just pick up at your convenience. But, in bad weather, getting the best rate is not always an option.

Luckily, it seems that the OP should be able to go to the bank tomorrow to get the best rate on changing USD (assuming the banks open since we're still at signal 9; UPDATE: signal 8 as of 12:40am), but if the banks weren't open, the last thing I would want to do on the last day I would see my son for several months is spend 60-90 minutes waiting plus travel time just to save HK$200 or so. I would much sooner pack my own lunch to work or fast for one week and save money that way.

[Football16]

I wasn't being critical of anyone but promoting the best rate place I have come across as I don't like seeing people get poor rates for their hard earned money. Hey everyone has to earn a living and the street vendors are doing a service offering convenience where Berlin Exchange is in an office tower in Central.

To date Berlin has beaten the bank rates offered to my other business associates by a small margin. Not sure if VIP is better.

My other point is that Berlin Exchange publishes the rate in advance and you can see before you go there where it is.

Today the rate to buy US cash from them is HK$7.8080 and they buy your US money at HK 7.793 so you can see it is not a bad spread for the person wanting the service. On my PC I see the rate is HK$7.837 = 1 US dollar today.

If you were to go there the rate will fluctuate according to the market. They look at the screens above them to give you a price.

Buying your Chinese money there makes sense too as that rate is good and you won't (or shouldn't) get bad bills.

Berlin Company Exchange Limited

I've shilled so many times for these guys here I should get better rates because when you Google "Berlin Exchange" and click on Hong Kong you see my Geoexpat posts right away!!!!

berlin exchange - Google Search

It used to be no. 1 until the guy wanted that German lady.

[freeier]

to be fair. i concur with tsuiwah.
i would not be offering it online though. 8-)

convenience yield is one big problem. remember this fellow is not a money changer than u drive down to his shop on a regular day to get your regular dose of notes. he was just offering an alternative in nick of time.

and there are alot of considerations in pricing in a service.
what if, just an extreme example, the OP was a money launderer of fake HKD notes trying to find as many victims as he can on this site ? if i am going to be the good helpful man here, i would be pricing in this risk as well...

on a regular day i doubt this post would even appear on geo....

[hktraveller]

Since comparison is only possible at the same time, here a result:
Right now:

Berlin Exchange Tel. 2523 3403
USD buy: 7.7930 sell: 7.8080
RMB buy: 1.136364 sell: 1.144165

HSBC premier (electronic transfer rate, not cash)
USD buy: 7.7925 sell: 7.8185
RMB buy: 1.1375 sell: 1.1550 (rounded)

HSBC China (electronic transfer rate, not cash)
RMB buy: 1.138434 sell: 1.147578

China Foreign Exchange 1/F, Chungking Mansion, Tel. 2316 2611
USD buy: 7.787 sell 7.80
RMB buy: 1.137 sell: 1.145

Pacific Exchange, 1/F Chungking Mansion, Tel. 2724 4980
USD buy: 7.785 sell 7.81
RMB buy: 1.135 sell: 1.145475

Do not change at Chungking ground floor, expecially not at the first shops when you come in, and do not change during non banking hours if avoidable, since the spread is bigger then.

[Football16]

Originally Posted by hktraveller

Since comparison is only possible at the same time, here a result:
Right now:

Berlin Exchange Tel. 2523 3403
USD buy: 7.7930 sell: 7.8080
RMB buy: 1.136364 sell: 1.144165

HSBC premier (electronic transfer rate, not cash)
USD buy: 7.7925 sell: 7.8185
RMB buy: 1.1375 sell: 1.1550 (rounded)

HSBC China (electronic transfer rate, not cash)
RMB buy: 1.138434 sell: 1.147578

China Foreign Exchange 1/F, Chungking Mansion, Tel. 2316 2611
USD buy: 7.787 sell 7.80
RMB buy: 1.137 sell: 1.145

Pacific Exchange, 1/F Chungking Mansion, Tel. 2724 4980
USD buy: 7.785 sell 7.81
RMB buy: 1.135 sell: 1.145475

Do not change at Chungking ground floor, expecially not at the first shops when you come in, and do not change during non banking hours if avoidable, since the spread is bigger then.

Good post with good balanced information.

My issue has always been people just saying go to Chungking Mansion without until these past two days saying where and which outfit. That means that folks just reading the CK Mansion might get a worse deal down at the front door. Me, I don't get a real warm feeling there as that place has a feel to it I don't like.

I pushed Berlin ONLY as I couldn't find a better rate and I know the RMB bills won't be fake - by the way, when I got my RMB there - I was shocked at how old the bills were.

When I cash in Canadian money there there is a slight decrease when it is an old bill and they pay more for bigger bills.

[tsuiwah]

Originally Posted by freeier

to be fair. i concur with tsuiwah.
i would not be offering it online though. 8-)

convenience yield is one big problem. remember this fellow is not a money changer than u drive down to his shop on a regular day to get your regular dose of notes. he was just offering an alternative in nick of time.

and there are alot of considerations in pricing in a service.
what if, just an extreme example, the OP was a money launderer of fake HKD notes trying to find as many victims as he can on this site ? if i am going to be the good helpful man here, i would be pricing in this risk as well...

on a regular day i doubt this post would even appear on geo....

Thanks for the comment freeier. You're absolutely right that the FX rate I quoted was below market given the risks involved (since I was only trying to be helpful during a typhoon). If KIA thought a 4% premium to the interbank (and a 1% to the CC rate) was a ripoff, I can only imagine what he would say about a 15%-20% premium, because that's probably closer to what I'll quote next time