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Cash VS Card

k3vb0t
k3vb0t Posts: 6 Forumite
in Flights, currency & car hire
Hi, I am planning to go to Hong Kong and I was wondering what the rates are between card and cash? I have Monzo card and they convert directly using Mastercard rates with no additional charges (unless drawing from ATM). Would I get better rates exchanging cash locally in Hong Kong? What rates do banks and exchanges follow?

Thanks.

Comments

  • eDicky
    eDicky Posts: 6,835 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    Banks and exchange shops make money by putting a margin for buy/sell on the mid-market rate. So you will never (on the same day) get an exchange rate from them as good as the MasterCard rate, which more or less corresponds to the average mid-market rate of the day.
    Evolution, not revolution
  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    k3vb0t wrote: »
    I have Monzo card and they convert directly using Mastercard rates with no additional charges (unless drawing from ATM).
    Get a Starling account too, then no charges even from an ATM.

    Card always wins over cash.
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