What are the best ways to save on foreign exchange rates in Hong Kong

There are several ways to save on foreign exchange rates in Hong Kong, depending on your needs and preferences.
Compare the rates and fees of different providers before you exchange your money. You can use online tools like Monito or Compare Holiday Money to find the best deals available. You may also want to check the live mid-market exchange rate on Google or a reputable currency converter, as this is the rate that banks and currency services use when they trade currencies themselves. The closer the rate you get to the mid-market rate, the better.
Avoid exchanging money at places where you are a captive market, such as airports and hotels. These places usually offer lower rates and higher fees than other providers, as they take advantage of your convenience and urgency. You may want to exchange a small amount of money before you travel, or withdraw some cash from an ATM when you arrive, and then look for a better option in the city.
Use online platforms like Wise or Xe Money Transfer to send money abroad or receive money from overseas. These platforms offer low and transparent fees and real exchange rates, with no hidden markups or surprises. You can create an account online and link your Hong Kong bank account or debit card to fund your transfers. They also have local bank accounts in many countries around the world, so your recipient can receive the money without any intermediary fees. You can check the cost and speed of your transfer on their websites.
Check the terms and conditions of your bank card or credit card to see if they charge any foreign transaction fees or currency conversion fees when you use them abroad. If they do, you may want to look for a different card that offers fee-free withdrawals or purchases overseas. Some cards may also offer rewards or cashback for using them abroad, which can help you save more money.

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