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.
Compare travel cards for Hong Kong, China
INTERESTING POINTS ABOUT TRAVEL MONEY GUIDE: HONG KONG, CHINA
Looking for the travel money guide to South Korea?
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 at home and 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 in Australia and overseas
- Multiple reload options - online, over the phone or in person
- Manage your money online or over phone 24/7
- Spare card if in case one is lost or stolen
Which should I choose: a travel card, debit card or credit card?
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
Using a debit card
Using a credit card
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
- Tip: You will need photo identification to cash traveller's cheques.
Paying with cash in Hong Kong, China
Using ATMs in China, Hong Kong and Macau
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.