The Hong Kong Dollar is used as Hong Kong’s primary form of currency. As its name would suggest, the Hong Kong currency is pegged to the United States Dollar. The Hong Kong Monetary Authority (HKMA), Hong Kong’s central bank, strives to maintain a HKD: USD ratio of between 7.75:1 and 7.85:1.
Recently, the HKMA has had to work hard to defend this currency peg, leading some speculators to believe that Hong Kong will eventually have to either peg its currency to another anchor or float the HKD into the free market.
Traditionally, however, the Hong Kong Monetary Authority has been able to keep this peg afloat without causing any undue stress on Hong Kong’s economy. The HKD is a strong and stable currency that is recognized around the world. Furthermore, the HKD is increasingly used in international trade among nations in Asia.
Indian rupees (INR) to Hong Kong currency (HKD)
The Indian Rupee is currently valued at .11 HKD. This exchange rate, however, is not fixed in the same way that the Hong Kong Dollar to United States Dollar exchange rate is fixed. Over the last twelve months, the INR to HKD exchange rate has ranged between .1075 and .115. The high of .115 occurred in April of this year, and the low of .1075 occurred in November of last year.
With more ways than ever to bank online these days, there are a variety of options for converting Indian rupees to HKD. If you have a specialized foreign exchange account with a large bank like Citibank, you can simply call your banker and have them do the exchange for you. If you have an online foreign exchange brokerage account, you can use this account to convert INR to HKD with the click of a button.
Since the economies of India and Hong Kong have become increasingly intertwined over the last decade, it is likely that the exchange rate between the INR and the HKD will only grow more stable over time.
How much currency can I take to Hong Kong?
In recent years, Hong Kong has been at the center of several money-laundering scandals. The Hong Kong government has responded in kind by tightening the laws on how much cash you can carry into Hong Kong as a foreign traveler.
Before you enter the country, you need to declare any amount of currency greater than the equivalent of HK$120,000. Thus, the real answer to this question is actually that it all depends on where you are coming from. At the current exchange rates of the Hong Kong Dollar against the other major currencies of the world, the amount of HKD $120,000 amounts to the following:
- EUR $13,717.63 – At present, you must declare any amount of Euros exceeding $13,717.63
- USD $15,313.27 – With the current laws of Hong Kong being the way that they are, you must make sure to declare any amount of United States dollars over $15,313.27
- INR $1,083,514.08 – Since the Indian rupee has the lowest exchange rate against the HKD of any currency on the list, this currency has the highest declaration threshold. In brief, you must make sure to declare upon arrival any currency amount exceeding INR $1,083.514.08
Where to exchange currency in Hong Kong?
There are many places to exchange currencies in Hong Kong. These include:
- HKD Airport Currency Exchanges – Exchanging currency when you first land at the airport in Hong Kong can be a fast and convenient way to get Hong Kong dollars. There are several of these exchanges to choose from, and most of them offer competitive rates on HKD. Furthermore, airport currency exchanges accept most currencies from around the world. When you use a Hong Kong bank to exchange currencies, by contrast, often you need to exchange one of the major world currencies for HKD.
- Hong Kong Banks – The country is well-known for its large and stable banking system, and Hong Kong certainly earns its reputation as a hub of global commerce. The banks in Hong Kong are used to doing HKD currency exchanges all of the time, and most of the major Hong Kong banks have excellent customer service to help you.
- Local Shops – If you have United States dollars, local shops may be willing to exchange for HKD. Banks in Hong Kong accept deposits in United States dollars, so exchanging USD for HKD in a local store can be a friendly alternative to use.
The economy of Hong Kong is growing, and the HKD is now a major player on the world’s currency stage. When you travel to Hong Kong, there are a variety of ways for you to procure the local currency. From exchanging your country’s home currency for HKD at local airport currency exchanges to using one of Hong Kong’s many money-center banks, you will certainly have no problem obtaining HKD.
If you are taking large amounts of physical currency into the country, then please be careful to obey the Hong Kong government’s laws on declaring your import. The threshold for having to announce your currency may be lower than you think, especially as the United States dollar continues to appreciate the HKD.
Overall, Hong Kong is a very friendly place for money. The financial services industry is one of the country’s main sources of revenue, and this country treats capital very well.