Compare our rate and fee with our competitors and see the difference for yourself. The latest series of banknotes was issued starting in 2018. Commemorative banknotes have also been issued celebrating the note-issuing banks’ anniversaries as well as the Olympic Games held in Beijing in 2008 and 2022.
- Not only do they allow for quick electronic payment for transportation such as the MTR metro to avoid getting tickets, you can use them to pay for everything from convenience store purchases to restaurant bills at many restaurants.
- The Mercantile Bank was absorbed by the HSBC in 1978 and ceased issuing notes.
- If, and when, the HKD hits either the upper or lower bound, the HKMA, which acts as the de facto central bank, intervenes to stabilize the currency.
- The 7-11 company has agreements with MoneyGram and Western Union so that their 7-11 branches in Hong Kong that are equipped with functional money transfer kiosk machines can act as agents for you to send or receive money internationally.
Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate.
As of today, coins in denominations of HK$10, HK$5, HK$2, HK$1, 50 cents, 20 cents and 10 cents are issued by the Hong Kong Monetary Authority on behalf of the Government of Hong Kong. In 1873, the international silver crisis resulted in a devaluation of silver against gold-based currencies. Since the silver dollars in the US and Canada were attached to a gold exchange standard, this meant that the silver dollars circulating along the China coast dropped in value as compared to the U.S. dollar and the Canadian dollar. A better option might be online money transfer (e.g. Xoom or WorldRemit) or international money transfer offices.
Quick Conversions from Hong Kong Dollar to Canadian Dollar : 1 HKD = 0.1736005 CAD
One of the key roles of the HKMA is maintaining currency stability. The linked exchange rate system is designed to stabilize the exchange rate between the Hong Kong dollar (HKD) and the United States dollar (USD). The fixed exchange rate system seeks to maintain parity with the USD within a tight range, allowing HKD note-issuing banks to issue new banknotes only when they deposit an equivalent value of U.S. dollars with the authority.
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New British trade dollars were coined at the mints in Calcutta and Bombay for use in both Hong Kong and the Straits Settlements. In 1906, the Straits Settlements issued their own silver dollar coin and attached it to a gold sterling exchange standard at a fixed value of 2 shillings and 4 pence. This was the point of departure as between the Hong Kong unit and the Straits unit. You’ll find that interbank transfers are comparatively easy in HK. However, the exchange rate (often about 1 USD per 5.8 HKD or a 2 HKD loss per US dollar) can be quite unfavorable, and the bank fees might be quite high (20 USD per 1,000 for example) depending on the banks involved. For Americans and citizens of some other countries, handling Hong Kong paper cash is more familiar since the denomination values are about the same as in the US.
The HKD is the ninth most traded currency, and because it is pegged to the U.S. dollar, with upper and lower limits, it does not exhibit any strong unique correlations with other currencies. The Hong Kong dollar is made up of 100 cents and is often shown with the HK$ prefix to differentiate it from other dollar-denominated currencies. Hong Kong is a leading global financial center and its economy is considered to be the freest in the world. Create a chart for any currency pair in the world to see their currency history.
Exchange rates
While only the HK$10 banknote is issued solely by Hong Kong Monetary Authority on behalf of the Government of Hong Kong, which in total makes up the banknote circulation arrangement to four different note issuers. In 1960, cupro-nickel 1-dollar coins were fxtm review introduced, these were then reduced in size in 1978. They were followed in 1975 by nickel-brass 20 cents and cupro-nickel 2-dollar coin (both scallop shaped), and in 1976 by decagonal, cupro-nickel 5-dollar coin, changed to a round thicker shape in 1980.
RMB may be readily changed in Hong Kong into other currencies. Low limits are set on how much RMB you can change to a foreign currency in a single day in China itself. Not only do they allow for quick electronic payment for transportation such as the MTR metro to avoid getting tickets, you can use them to pay for everything from convenience store purchases to restaurant bills at many restaurants. Again, it is a method to avoid handling cash or getting scammed with counterfeit money.
In 1863, London’s Royal Mint began issuing Hong Kong Dollar coins. By 1935, Hong Kong was the only country left on the silver standard. During Japanese occupation the Dollar was temporarily suspended, replaced by the Japanese Military Yen. In 1945, the Hong Kong was re-issued, pegged to the British Pound at a rate of 16 HKD to 1 GBP. In 1972, the Hong Kong Dollar re-pegged to the US Dollar, with the rate changing multiple times over the next few decades. Currently, the HKD operates on a linked exchange rate regime.
Electronic mobile payments apps are not yet as commonly used as in China where the majority of the population uses them every day now. The most commonly used app system in Hong Kong is Apple Pay. Other payment just2trade review apps in use include Octopus’s “O! ePay” and Android Pay. It is fairly easy for travelers to find and use ATMs since they are everywhere except in remote areas such as in the countryside or small villages.
But they don’t post the best value to be had in the area. You can get a better rate at little storefront exchanges on the side streets near the building. avatrade These notes were printed in paper in 2002 and in polymer since 2007. All older HK$10 banknotes, although rare and being phased out, remain legal tender.
