The official currency of Hongkong, is commonly known as the Hongkong Greenback. This is denominated in 100 cents and is thought of as one of the most heavily traded currencies internationally. The currency of Hongkong is issued by the Hongkong administration and 3 local banks under the supervision of the Hongkong Monetary Authority (HKMA). This was in consonance with the contract between the the Basic Law of Hongkong and the Sino Brit Joint Stipulation regarding currency issuances.
The Exchange rate system in Hongkong
Hongkong uses the linked exchange rate system to stabilize the exchange rate between the Hongkong Buck (HKD) and the US Dollar (GREENBACKS). Under this system the central bank does not interfere with the supply and demand of the currency. The Hongkong Financial Authority authorizes numerous banks to give out currencies provided that these are backed up by buck reserves in their vaults. The Hongkong Dollar is now pegged at the exchange rate of HKD 7.80 = DOLLARS 1. It has set a upper limit of HKD 7.85 and lower limit of HKD HKD 7.75. To stabilise the rates, HKMA will purchase or sell in the market when these limits are reached.
Conversion Rate between British Pound (GBP) and Hongkong Dollar (HKD)
The HKD in the last 10 years, has remained steady because of the states ' tight financial and monetary policies. Regardless of being a territory of China, Hongkong has kept control of its financial and economic policies. The conversion rate between GPB and HKD increased slighly when governancce of the city has returned to China in 1997. Since 2003 nevertheless , the exchange rate had been on a downward spiral but had stabilised to a strong GBP 0.0064 to HKD lately. With worldwide recesssion that was experienced beginning in 2008, the exchange rate between the two currencies is seen to dip further in the years to come.
Ordering Travel Money Online
There are many online agencies where you can buy Hong Kong dollars online. For Visitors Hongkong Dollar Bank Notes can be purchased at the exchange rate of GBP 12.00 to a Hongkong Dollar on average. Delivery is free for purchases above GBP 750.00. For any amount smaller than GBP 750.00, a GBP 6.00 is charge for delivery service.
There are more online firms that claims to sell currencies without commission. They make cash by the spread they make in selling and purchasing. These companies also cranks out up to date market reports on the factors that presently affect HKD exchange rates. These corporations also banks on their capability to give better rates than high street banks.
You can also choose to order currency cards online that can be utilized anywhere in the world. Some of these currency cards are associated with Master Card Service. Ordering this card will take 7 to 10 days delivery. The card can be use in shops, restaurants, hostels and any multinational that accepts Mastercard. If used in nations where Euro dollar and dollars aren't the currencies in used, a 1.4% rate is applied. If the card is used to take out money worldwide, atm costs starting from GBP1.50 to GBP2.00 is applied.
Travelling to exotic Hongkong is an experience that one shouldn't miss. Having the money with which to back it'd be another thing. But getting the best money conversion can help increase up the exhilaration, of having that trip to the land of the Asian Dragon!
The Exchange rate system in Hongkong
Hongkong uses the linked exchange rate system to stabilize the exchange rate between the Hongkong Buck (HKD) and the US Dollar (GREENBACKS). Under this system the central bank does not interfere with the supply and demand of the currency. The Hongkong Financial Authority authorizes numerous banks to give out currencies provided that these are backed up by buck reserves in their vaults. The Hongkong Dollar is now pegged at the exchange rate of HKD 7.80 = DOLLARS 1. It has set a upper limit of HKD 7.85 and lower limit of HKD HKD 7.75. To stabilise the rates, HKMA will purchase or sell in the market when these limits are reached.
Conversion Rate between British Pound (GBP) and Hongkong Dollar (HKD)
The HKD in the last 10 years, has remained steady because of the states ' tight financial and monetary policies. Regardless of being a territory of China, Hongkong has kept control of its financial and economic policies. The conversion rate between GPB and HKD increased slighly when governancce of the city has returned to China in 1997. Since 2003 nevertheless , the exchange rate had been on a downward spiral but had stabilised to a strong GBP 0.0064 to HKD lately. With worldwide recesssion that was experienced beginning in 2008, the exchange rate between the two currencies is seen to dip further in the years to come.
Ordering Travel Money Online
There are many online agencies where you can buy Hong Kong dollars online. For Visitors Hongkong Dollar Bank Notes can be purchased at the exchange rate of GBP 12.00 to a Hongkong Dollar on average. Delivery is free for purchases above GBP 750.00. For any amount smaller than GBP 750.00, a GBP 6.00 is charge for delivery service.
There are more online firms that claims to sell currencies without commission. They make cash by the spread they make in selling and purchasing. These companies also cranks out up to date market reports on the factors that presently affect HKD exchange rates. These corporations also banks on their capability to give better rates than high street banks.
You can also choose to order currency cards online that can be utilized anywhere in the world. Some of these currency cards are associated with Master Card Service. Ordering this card will take 7 to 10 days delivery. The card can be use in shops, restaurants, hostels and any multinational that accepts Mastercard. If used in nations where Euro dollar and dollars aren't the currencies in used, a 1.4% rate is applied. If the card is used to take out money worldwide, atm costs starting from GBP1.50 to GBP2.00 is applied.
Travelling to exotic Hongkong is an experience that one shouldn't miss. Having the money with which to back it'd be another thing. But getting the best money conversion can help increase up the exhilaration, of having that trip to the land of the Asian Dragon!
About the Author:
Walter Woo frequently travels between the United Kingdom and Hong Kong. He love using FairFX for his foreign money.
