Hong Kong and China - best way to do forex?

amrad

I'm going to be going to Hong Kong and China soon, what is the best way to do my currency.

Are nationwide debit card rates better than travelex online etc?

If so should I just not take any cash out and then withdraw when I am there from cashpoints on my nationwide debit card?

Or should I take some HKD out here from travelex before I go to tide me over til I get to a cashpoint or will there surely be an HSBC in the airport?

What about in China? Will it be the same, or more difficult with the currency?

Many thanks,

laughing_cow

Not sure about rates, but you may have a problem using a debit card. I went to Hong Kong in April and tried to pay my hotel bill (4 star) with my debit card (HSBC) but was told I couldn't - I had to use a credit card or pay cash. The hotel told me that many businesses in HK will not accept credit cards, only debit cards. I have no idea why this is - perhaps someone else can shed light?

Re cash points - I saw plenty of them in the airport.

pin

http://forums.moneysavingexpert.com/showthread.html?t=201733

pin

HK specific. Loads of ATMs around, didn't have a problem. Re credit card, most places I went to accepted it. Like here, bigger places will, while smaller places probably will not.

lozkate

We found that some shops gave a discount if you used an HSBC credit card

Noozan

pin wrote:

HK specific. Re credit card, most places I went to accepted it.

Alot of shops will add on 3.5% to the purchase price as unlike in the UK, the retailer doesn't pick up the VISA/Mastercard fee on your behalf.

amrad

So in HK withdraw cash from my Nationwide debit card and use that, don't use the cards to pay?

What about in China?

Noozan

amrad wrote:

What about in China? Will it be the same, or more difficult with the currency?

Many thanks,

Whereabouts in China are you going to?

If you are not going to a "developed" area, then I would recommend that you take Reminbi with you. Most shops will accept $HK as payment and you will get change in the local currency; but depending on exchange rates, its usually better value to use Reminbi.

amrad

Going to Shenzhen and Shanghai, so about as developed as it gets. Are there still plenty of cashpoints around where I will be able to with draw on my nationwide card?

conieonie

cant you use a pre loaded american express travellers cheque card.Not great when withdrawing cash but for paying for goods or services accepted practicaly everywhere.IMPORTANT I believe thomsons are pushing a fee free this weekend(normaly about £20 to sign up for one)and they have a list where and what country you can use them.Plus you have the security that if it is lost or stolen they will replace it with t cheques:beer:

Noozan

amrad wrote:

Going to Shenzhen and Shanghai, so about as developed as it gets. Are there still plenty of cashpoints around where I will be able to with draw on my nationwide card?

You'll have no problems finding a cash point then

A word of warning though....my mum was given a counterfiet note from a cash point in Zhongshan; it was a cash point in a bank's lobby where the security guard saw her taking the cash from the machine. She went in to complain and they denied point blank that she could possibly have got it from their bank!! This might juts be an isolated incident but it has made me very wary.