<aside> ℹ️ While Hong Kong boasts a highly developed digital payment ecosystem, please be aware that physical cash still holds a significant place in its financial landscape.

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<aside> 🏗️ This guide is a work-in-progress. If you have any additional questions or think this page should contain anything specific, give feedback via this form: https://tally.so/r/w2Lz69

</aside>

• PS! Hong Kong’s reliance on cash can be attributed to several factors

Withdrawing Cash

As a student who has recently moved to Hong Kong, there are a few convenient and reliable ways to obtain cash, particularly if you haven't set up a local bank account yet.

1. Using your overseas ATM card at a local ATM:
   • ATMs are widely available throughout Hong Kong, often located in MTR stations, shopping malls, and convenience stores.
   • Be aware of potential fees charged by both your home bank and the ATM operator in Hong Kong. Check with your bank beforehand to understand these charges.
   • ATMs usually have daily withdrawal limits, so plan accordingly.
2. Withdrawing cash at a bank branch:
   • Banks offer secure and reliable currency exchange services.
   • Banks may charge transaction fees or commissions.
   • Be prepared to present your passport or other identification when withdrawing currency at a bank.

Additional Tips for Students:

• Consider getting an Octopus Card, a stored-value card widely used for public transportation and payments at many retail outlets (which also can be added to your digital wallet on your phone). It can be a convenient way to manage smaller expenses and reduce the need for carrying large amounts of cash. Read more here: Octopus Card - How to Get One as a Student in Hong Kong.
• Once you've settled in, consider opening a local bank account for easier money management. You can read more about doing so here: How to Open a Bank Account in Hong Kong.

<aside> ❗ Remember, carrying large sums of cash can be risky. Aim to withdraw or exchange only the amount you need for immediate expenses, and keep the rest of your money safely stored in your bank account or a secure location.

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Exchanging Currency

As a full-time student new to Hong Kong, you have several options for exchanging dollars:

1. Banks:
   • Major local banks: HSBC, Hang Seng Bank, Standard Chartered, Bank of China (Hong Kong), etc. They offer reliable exchange services but may have slightly less favorable exchange rates and higher fees compared to other options.
   • International banks: Citibank, HSBC, etc. They may offer better exchange rates if you have an existing account with them in the US.
2. Money Changers:
   1. Licensed money changers: Found in popular tourist areas like Tsim Sha Tsui, Central, Causeway Bay, and Mong Kok. They often offer competitive exchange rates and faster service, but it's essential to compare rates before choosing one. Beware of unlicensed operators: Avoid exchanging money with individuals on the street as it's illegal and risky.
3. ATMs:
   1. Using your relevant bank card: You can withdraw Hong Kong dollars directly from ATMs, but be aware of potential fees from your bank and the ATM operator.

Tips for Choosing the Best Option:

• Compare exchange rates: Check online or visit multiple locations to find the best rates.
• Factor in fees: Some providers may charge transaction fees or commissions.
• Consider convenience: Choose a location that's easy to access and has convenient hours.