Nieh hau or hello? Find out the best way to take and spend money in Hong Kong, Macau and China.
China is a huge country with an even bigger history, emerging as one of East Asia’s must-see travel destinations. On the tips of Southern China lay Hong Kong and Macau, two special administrative regions of China. Hong Kong is the financial hub of Asia and Macau is known as the Vegas of the East. Whereas the Renminbi is the official currency of mainland China, Hong Kong dollars (HKD) is the currency of Hong Kong and Macanese Patacas (MOP) is the currency of Macau — though you can also use HKD in Macau.
This travel money guide for China and Hong Kong will give you the information you need to make an informed decision about which types of travel money you should take on your trip. Read about which cards to take on a trip to China, Hong Kong and Macau so you can spend for less in the Pearl of the Orient and beyond.
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Which option is right for your next trip?
- Load up to 10 currencies
- Lock in your exchange rates
- No overseas transaction fees
ANZ Travel Card
The ANZ Travel Card is a prepaid card that can be loaded with up to 10 currencies to make purchases overseas at over 38 million merchants and over 2.3 million ATMs worldwide.
- Lock in your exchange rates and know how much money you have to spend
- No transaction fees for electronic purchases when using foreign currency
- Multiple reload options - online, over the phone or in person
- Manage your money online or over the phone 24/7
- Spare card if in case one is lost or stolen
Compare travel cards for Hong Kong, China
Which should I choose: a travel card, debit card or credit card?
Travel card options for China
While travel cards, debit cards and credit cards can all come in handy in China, they also have restrictions and conditions. It’s common for businesses in Beijing, Shanghai, Chengdu, Guangzhou and Tianjin to take credit cards; however, outside these cities in rural areas and even smaller cities of millions, you will need cash to make payments. Start your comparison of travel money products by finding a debit or travel card which lets you make cheap ATM withdrawals. Visa and Mastercard are accepted in more places than American Express. AMEX can really only be used in places specifically targeted to tourists. Visa and Mastercard debit cards and travel cards should be able to be used at all merchants with card payment facilities.
Travel card options for Hong Kong
Hong Kong is an international hub for financial services. Visa, Mastercard and American Express products enjoy wide acceptance in the region, the same applies to Macau. You can use your credit card, debit card or prepaid travel card in hostels, hotels and shops. Look for the Visa and Mastercard stickers in shop windows and at the point of sale (or ask) to find out whether a business takes cards.
There are times when you will need cash. Cheap restaurants, market and stall shopping and small purchases at convenience stores are predominantly cash only — you’ll need to factor the price of ATM withdrawals in your comparison of travel money options for Hong Kong and Macau — you won’t have trouble finding an ATM which takes your Australian card.
- Tip: If you’re asked if you want to pay with Australian dollars, always opt to pay using Hong Kong dollars. Dynamic Currency Conversion (DCC) gives you a worse rate.
How much currency do I need for my trip to China/ Hong Kong/ Macau?
Hong Kong’s status as an international city puts prices on par with Sydney, London, Paris, New York and so on. Although Hong Kong is expensive compared to other Asian cities, like Sydney, a trip to Hong Kong can be as expensive as you want it to be as well as offering prices to suit travellers on a shoestring — if you know the right places to eat and you’re willing to share a room with other travellers in a hostel.
$15 - $80 per night
|2 Star Hotel|
$60 - $200 per night.
|5 Star Hotel|
$300 - $1000+ per night
|Tsim Chai Kee Wanton Noodles from a street stall|
$5 (or less)
|SuperStar Seafood Restaurant|
$20 - $40 per dish
|5 Star Dining at Island Tang|
$100 + a head
|Museum of Tea Ware, Railway Museum, Lei Cheng Uk Han Tomb Museum|
|Hong Kong half day guided tour|
$50 per person
|Private full day tour to Macau from Hong Kong|
$300 per person
*Prices are approximate and subject to change.
The official currency of China is called the renminbi. The renminbi is made up of yuan. When referring to the name of the Chinese currency we use the title renminbi, which means ‘the people’s currency’ in Mandarin. Holiday prices in China are a little cheaper than other developed nations in the region such as South Korea and Japan; however, expenses can easily balloon if you’re on a 5 star holiday.
$10 - $20 per night
|2 star hotel|
$20 - $150 per night
|5 star hotel|
$150 - $600 per night
|Yang rou chuan'r (street food lamb kebab)|
$10 - $20 per person
|High class restaurant experience|
$60 per person
|Visit and hike on The Great Wall of China|
$6 - $8
|1 day Forbidden City tour|
$50 per person
|Beijing photography tour|
$300 per person
Exchange rate history
The Hong Kong dollar is tied to the US Dollar. $1 US dollar gets you $7.80 Hong Kong dollars. The Aussie dollar has been steadily losing ground since peaking after the economic mess of the Global Financial Crisis. Two travel products let you lock in a rate: prepaid travel cards and traveller’s cheques. You can secure your travel budget using these products if you think the value of the Australian dollar will fall during your trip to China.
|Year||Average annual exchange Australian Dollar (AUD) to Hong Kong dollars (HKD)|
*Exchange rates are accurate as of 4 September 2017
The Australian dollar has been losing ground against the renminbi since the Global Financial Crisis. In the last couple of years 1 Aussie dollar will get you about 4 - 5 yuan.
|Year||Average annual exchange Australian Dollar (AUD) to Chinese Yuan Renminbi (CNY)|
*Exchange rates are accurate as of 4 September 2017
How each travel money option works in China, Hong Kong and Macau
Using a travel prepaid card
Have a look the CommBank Prepaid Travel Card (Mastercard) and the Load&Go China Card (UnionPay) if you want to take a travel card to China. These products let you spend in CNY. The CommBank card also lets you load Hong Kong Dollars, the Australia Post card is a Union Pay card, which is China’s version of Mastercard. There shouldn’t be too many instances, if at all, where a merchant will take Union Pay but not a Visa or a Mastercard travel or debit card. Along with most prepaid travel cards, both these products charge a couple of dollars each time you make an ATM withdrawal in addition to the local ATM operator fee.
- Tip: Travel cards are dual card accounts. You get a second card to use in case the first card is lost or stolen.
With the exception of the Velocity Global Wallet and Australia Post Load&Go all prepaid travel money cards support spending Hong Kong Dollars. The Commonwealth Bank Travel Money Card is the only product which lets you hold both Hong Kong dollars and Chinese Renminbi, which makes it ideal for a trip to mainland China as well as Hong Kong. Also worth comparing is the Qantas Cash Travel Money card products as it doesn't charge for currency conversion when you spend in a currency not held in the account.
Avoiding the currency conversion fee is the main reason to take a travel card on holiday; but there are other benefits too. You get two travel cards when you open one of these accounts (a backup to use if the main card is lost) — these benefits are provided at cost. The cards which waive currency conversion fee usually apply a fee for international ATM withdrawals, an additional margin to the exchange rate and fees for when you load and reload the card.
- Tip: Order your travel card online in advance. Purchasing one of these products at a branch may mean your name is not embossed on the front. This can lead to issues with acceptance in some places.
Using a debit card
Visa and MasterCard debit cards can be used at the point of sale (if the merchant accepts card payments) and to withdraw cash from an ATM. The Citibank Plus Transaction Account is a standout debit card product in Australia, it doesn’t charge for currency conversion (which is the main benefit of a travel card) and it doesn’t charge international ATM withdrawal fees. These two fees are the main charges to avoid when you’re using a debit card product overseas. The other main cost to watch out for on holiday is the fee applied by the ATM operator; however, Chinese banks don’t charge this fee so choosing a product which waives the international ATM fee and the international ATM fee mean you can make free ATM withdrawals while you’re on holiday in China (plus a small percentage inbuilt to the exchange rate, which is unavoidable).
- Tip: You can use your Westpac Group card at Bank of Nanjing ATMs and you won’t pay for international ATM withdrawals.
A travel debit card lets you spend in a foreign currency without paying extra for international transactions. The Citibank Plus Transaction Account is the only account of this type available to Australians. Citibank provide a Visa Debit Card linked to this transaction account. You can use this card to make over the counter purchases and ATM withdrawals everywhere Visa is accepted in Hong Kong, Macau and mainland China. Citibank do not charge a currency conversion fee (the main advantage of a travel card), an international ATM withdrawal fee (most travel cards charge for ATM withdrawals) and an application fee or account keeping fee. You can also send money overseas for free to Citibank accounts in select countries part of Citibank’s Free Global Transfer network which includes China, Hong Kong and Taiwan. This is the closest we have seen to a fee free account and a standout option for overseas travel.
- Tip: Use the Citibank Plus to make free ATM withdrawals from Citibank ATMs.
Using a credit card
Credit cards are the preferred means for deposits at hotels in China, you’re going to need a credit card to pay for large holiday related expenses. Places you can use your credit card include 3-star hotels and above, large department stores and retail chains and larger restaurants. If in doubt, ask whether credit cards are accepted before you buy or sit down for a meal. If you’re staying outside the major cities, for your day to day purchases, it’s better to use cash. You can preload your credit card with your own money and use it to make ATM withdrawals: you’ll avoid the cash advance charge and interest rate, and you won’t get any interest free days on cash advance transactions. If you’re using one of the Bankwest Platinum credit cards or the GE Money 28 Degrees Mastercard, you can avoid the international ATM fee and the currency conversion fee too. Using a credit card with a positive balance is not advised. You waive the card scheme anti-fraud guarantees when you’re using your credit card to spend your own money.
- Tip: Some credit cards provide complimentary travel insurance when you pay for your return airfare with your card.
The credit cards compared on this page do not charge a fee for currency conversion when you spend in CNY, HKD or MOP. The GE Money 28 Degrees Mastercard and the Bankwest Platinum Mastercards also don’t apply a charge for international ATM withdrawals. You can preload your own money on these products so the account has a positive balance and you can withdraw cash from an ATM and only the cash advance fee and the local ATM operator fee applies. If you deposit your own money and spend this way, the Mastercard and Visa no-liability guarantees do not apply if you’re the victim of credit card fraud.
Credit cards provide other benefits for overseas travellers: Purchases get up to a number of interest free days in which you can pay back the cost of the purchase without incurring the purchase rate of interest. And if you charge the cost of your return travel ticket to your account some credit cards will give you complimentary international travel insurance, which is a saving as soon as you’ve left the country.
Debit and credit card exchange rates
Withdrawing funds once you get to China is a popular way of getting your hands on some cash. The Visa and Mastercard foreign exchange rate applies when you use your credit card or debit card to make an over-the-counter purchase or to withdraw cash. The rate offered by Visa and Mastercard is similar to the interbank rate and may be better than what’s offered by Chinese banks and licensed exchange offices.
Using a traveller's cheques
Banks in China usually refuse to cash traveller’s cheques. The time spent searching for a bank to cash your cheques and waiting in line to see a teller can mean that traveller’s cheques are more hassle than they're worth.
Traveller’s cheques can be exchanged at banks and currency exchange offices in Hong Kong and Macau. These businesses and financial institutions will charge a commission when you cash your cheques, which can be as high as 60HKD at some banks (avoid Hang Seng Bank). The Bank of China and Travelex can cash your cheques for a reasonable commission. However, the exchange rate will be much poorer than what you can get by using a debit or travel card product to make an ATM withdrawal.
- Tip: You will need photo identification to cash traveller’s cheques.
Paying with cash in Hong Kong, China
China is developing at a rapid pace, and is emerging as a centre for global banking and financial services; however, outside of the major cities such as Beijing, Shanghai, Xi’an and Hong Kong, you won’t be able to reply on using your card and will need to carry cash.
Hong Kong and Macau
There are no restrictions on the amount of Australian dollars you can bring into Hong Kong. You will need cash in Hong Kong, for example, you’ll need to pay cash to purchase the Octopus Card, which is popular and widely accepted prepaid debit card that works at a number of businesses in Hong Kong. Still, if you want to get a taxi, go market shopping, eat at cafeterias and buy goods from street stalls you’ll need cash. Your options: change Australian dollars when you arrive or withdraw from an ATM (this is the best option to get Hong Kong dollars). Furthermore, in some places you’ll get a better price if you pay cash.
In Macau, — including on buses and in taxis. Although the official rate of exchange between HKD and MOP is 1HLD to 1.3MOP, the currencies are basically treated 1:1. The main thing to note here is that the Macau currency can not be used in Hong Kong, it isn’t worth your time to exchange your Hong Kong dollars to Macau patacas.
Using ATMs in China, Hong Kong and Macau
Looking for an ATM in China
Visa, Mastercard and American Express cards can be used at Chinese ATMs. Look for the logo on the front of the machine. Bank of China, HSBC, ICBC and China Construction Bank ATMs all accept foreign cards. These machines will let you complete the transaction in English.
- 6-digit PIN. Chinese cards have a 6-digit PIN. Contact your card issuer before you travel to China to find out how you should withdraw cash if you have a 4-digit PIN. Anecdotal evidence suggests you can enter two zeroes followed by your PIN, but definitive advice from your card issuer is preferable.
- ATM withdrawal limit. Chinese ATMs have low maximum withdrawal limits. A common withdrawal limit is approximately CNY2,000 per day, so keep this in mind when managing your travel budget.
- Tip: The Bank of Nanjing is a Westpac ATM partner. A quick Google search shows a handful of Nanjing Bank ATMs and branches in Shanghai. Note the local ATM operator fee still applies when you use a foreign debit, credit or travel card, even if the card provider has an ATM agreement with the foreign ATM operator. Other providers such as Bankwest waive international ATM withdrawal fees when you use their platinum debit card or credit card products. Citibank also has a presence in China. You won’t be charged international ATM fees using the Citibank Plus transaction account to withdraw from a Citibank ATM.
ATMs in Hong Kong and Macau
You’ll find ATMs everywhere in Hong Kong and Macau; airports, ferry terminals, shopping centres, convenience stores and train stations (subway) all provide ATM facilities. ATMs are linked to the Cirrus and PLUS international Mastercard and Visa networks and ATMs facilities are available 24 hours a day. If you’re using an American Express branded product such as their travel card or credit cards (with a cash advance facility), you can use Aeon ATMs to withdraw cash.
Find an ATM in China, Hong Kong and Macau
Australian dollars can be changed at banks and exchange offices in Hong Kong and Macau. Banks give the best rates of exchange, it will pay to shop around till you find a rate you’re happy with. Hang Seng Bank, Wing Lung Bank and the Bank of China are popular for changing cash due to low commissions and better rates.
- Tip: You’ll pay more to exchange cash at international hotels: convenience comes at a price. Money changers in the tourist districts (Tsim Sha Tsui) are likely to provide a poor rate of exchange and charge a higher commission.
You shouldn’t have any trouble finding a bank or licensed exchange office that can exchange AUD for CNY. The renminbi is regulated by the Chinese government. The rate you get at the airport is the same as the rate you get at banks and at official exchange offices.
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Shirley's Hong Kong & China holiday
Before joining her family in mainland China, Guangzhou for Chinese New Year, Shirley was keen to travel to Hong Kong with her friends.
What cards did you take with you?
- Commonwealth Bank Debit Mastercard
Why did you take these cards?
Shirley took the Commonwealth Bank Debit Mastercard. At the time she says the currency conversion fee was about 2.5%. She didn’t worry about this because she took a large amount of cash with her.
Where could you use your cards?
Shirley says there were no issues with card acceptance when she tried to use her debit card. She used cash most of the time. She says in rural areas of China, card acceptance would have been a problem.
What about ATM withdrawals?
Shirley didn’t use ATMs when she was in Hong Kong.
What’s your travel money recommendations?
Shirley says the Citibank Plus Transaction Account is the card to use in China, or anywhere overseas. She says she wasn’t aware of the large number of Citibank ATMs that were in Hong Kong.
Do you have any travel money tips?
Shirley says if you're travelling during the Lunar New Year expect all the banks to be closed for as long as two weeks straight, so have your money already exchanged beforehand. She also says the Octopus Card is a popular option; while she didn’t get one, a friend of hers did. It simplifies the payment process on public transport and many retailers take the Octopus card too.
Bargaining in China
If you’re shopping for tourist items, haggle for a price you think is fair. The point is to come to an agreement over what the item is worth. Remember that haggling is a friendly and social interaction and should always be approached with a smile. There are no hard or fast rules about haggling, but keep these tips in mind when you’re hunting for the best price:
- Shop around. The same item is often sold at different shops and stalls. Visit a few places to find the best deal before you make a purchase.
- Don’t be afraid to walk away. If you don’t like the price, smile and say thank you and move on to the next place.
- Don’t feel bad. The vendor isn’t going to sell something for a loss. Don’t think the price you’re paying is too low if the vendor agrees to a sale.
Buying currency in Australia
The best way to get foreign cash is to make an ATM withdrawal in the airport when you arrive at your destination. You’re subject to the Visa / Mastercard exchange rate, which is the best everyday consumers can get, and if you’re using a no currency conversion and no international ATM fee product like the Citibank Plus to avoid the lion’s share of international ATM withdrawal charges, it’s the cheapest way to get foreign cash. If you do want to purchase foreign currency in Australia, consider these financial institutions.
- Tip: Travelex and Australia Post have outlets at Australian international airports. You can pick up foreign cash while you wait for your flight.
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Why you’ll need a combination of travel money options.
China is still largely a cash economy. You can use your card to make payments at major department stores, hotels and restaurants. Taxi drivers, guides, any merchant on the street and most shops outside big cities accept cash only. Spread your travel money across a number of products (including cash) to ensure your holiday to the South of China will go off without a (financial) hitch. A select few prepaid travel cards are suited for this part of the world, whereas the Citibank Plus Transaction Account is good to use worldwide. As always, a line of credit for emergencies can be essential for a trip overseas, so look out for a credit card that doesn’t charge for currency conversion to save on fees.
If you have any questions about travel money options for China, Hong Kong or Macau get in touch with us using the form at the bottom of the page.