Trying to Exchange Hong Kong Dollars in Korea Wasn’t as Straightforward as I Thought

I was planning a trip to Hong Kong and figured I’d need some local currency, the Hong Kong Dollar (HKD). My first thought was, ‘I’ll just exchange my Korean Won at the airport or a bank before I leave.’ Seemed simple enough, right? Well, it wasn’t exactly like exchanging US dollars or Japanese yen.

When I went to my usual bank here in Seoul to ask about getting HKD, the teller looked a bit flustered. They had to check with someone else, and it turned out they didn’t keep Hong Kong Dollars readily available like they did for more common currencies. They could order it, but it would take a couple of days, and the rate they quoted seemed a bit high. This was a bit of a surprise. I remember seeing the exchange rate online for Hong Kong Dollars, and it was around 188 Won to 1 HKD based on the base rate, but the bank’s buy rate for cash was actually showing higher, closer to 192 Won per HKD on one of the currency sites I checked that day. It felt like there was a bit of a markup.

So, the bank wasn’t the easiest option. I then thought about the airport exchange booths. You see them everywhere, usually advertising pretty good rates for USD, JPY, and EUR. I wasn’t sure if they’d have HKD in stock, but I figured it was worth a shot. On the day I was heading to the airport, I made a quick stop at one of the major exchange places near my home that also has airport branches. They had USD and EUR, but no HKD. The person there said they usually don’t stock it unless someone specifically requests it beforehand, and even then, it might take time. This was getting a little annoying. I was starting to wonder if everyone in Hong Kong just used cards or something.

I ended up doing some more digging online and found some forums discussing currency exchange for less common destinations. A few people mentioned that you could sometimes get better rates in Hong Kong itself, which is counterintuitive if you’re trying to get the currency before you go. Others suggested using specific money exchange shops in Myeongdong, which are known for handling a wider variety of foreign currencies. I didn’t have the time to go to Myeongdong before my flight, so I decided to take a gamble and rely on card payments as much as possible during my trip, and maybe exchange a small amount of cash if I found a decent place in Hong Kong.

Looking back, it seems like the process for exchanging Hong Kong Dollars from Korean Won isn’t as streamlined as it is for major currencies like the US Dollar or Japanese Yen. If you’re planning a trip, it’s probably best to either order the currency well in advance from your bank or be prepared to research specific exchange offices in areas known for handling diverse currencies, or even look into currency exchange services once you arrive in Hong Kong. I did see some mentions online about services that let you pay with virtual assets like crypto, but that wasn’t really an option for me, and it seemed more geared towards specific services rather than general tourist spending.

It wasn’t a huge crisis, but the slight hassle of not being able to easily get the cash I thought I’d need made me realize that even seemingly simple things like currency exchange can have their own quirks depending on the countries involved.