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I am an Indian citizen residing in Mumbai, and will be traveling to HK for a 3-day personal trip. Where can I get the best exchange rate to convert Indian currency into HKD? I am looking to buy about HKD 10,000.

Edit:

Added after the duplicate tag.

I am looking to have hard cash in hand when I am out and about in HK. I am not concerned about safety at all, and am primarily interested in getting the best price for HKD.

The various options that are known to me are

  • public sector banks here in India,
  • private sector banks in India,
  • airport money exchanges at Mumbai International, or,
  • airport money exchanges at HK International.

I am assuming that international debit card/credit cards, with their service fees are not going to be competitive with an outright purchase of currency. Convenience is another matter altogether.

Thanks.

tchakravarty
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  • Possible duplicate of When traveling to a country with a different currency, how should you take your money? – JonathanReez Jul 16 '16 at 15:40
  • @JonathanReez Thanks, but that is only part of the answer I am looking for. I am looking to have hard cash in hand when I am out and about in HK. I am not concerned about safety at all, and am primarily interested in getting the best price for HKDs -- the various options that are known to me are public sector banks here in India, private sector banks in India, airport money exchanges at Mumbai International or at HK International. I am assuming that international debit card/credit cards, with their service fees are not going to be competitive with an outright purchase of currency. – tchakravarty Jul 16 '16 at 15:43
  • @tchakravaty for non-global currencies such as the Indian rupee I'd expect debit cards to have the best rates. Might have been a different situation for USD. – JonathanReez Jul 16 '16 at 15:46
  • @JonathanReez Based on casual conversations with friends in the banking sector that is not the impression I have, but it is not implausible either. Can you you back that up with any data (about Indian banks' charges on international transactions versus the effective rates at various money exchange options I have listed above)? Pointing to appropriate sources is perfectly acceptable. To reiterate, I am interested in paying the lowest price, in INR, per HKD. – tchakravarty Jul 16 '16 at 15:50
  • @pnuts Thanks. Looks like the cost of navigating the complexities of Chungking mansions sufficiently outweighs any monetary gains from changing currency there. Do you have first hand experience of how difficult (or easy) it is to transact in Chungking mansions? – tchakravarty Jul 16 '16 at 17:05
  • @pnuts No, not concerned about shoe-leather costs. Primarily concerned with how legitimate businesses there might be. – tchakravarty Jul 16 '16 at 17:20
  • @pnuts I would say yes, I am concerned about the legitimacy of the business and the expected high correlation with other ambiguous business practices like price discrimination, counterfeit currency, etc. – tchakravarty Jul 16 '16 at 17:32

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