Foreign Currencies for Asia??

[gretzky99]

Going to Asia (China, HK, Japan) for a few weeks.

For those that have been, how did you deal with the foreign currency issue?

1) Did you buy the China/HK/Japan money in Canada? Or do you get a better exchange rate when you buy the cash in Asia?

2) Did you use travelers cheques instead? Do you buy CDN$ travelers cheques and cashed them in at each country you visit or do you buy travelers cheques in the China/HK/currency? Which method is better (i.e. "get the best bang for your buck")?

3) I heard that it wasn't "safe" to charge things on your credit card in Asia and that some (many?) places don't accept credit cards anyways. Is this true?

Thanks!

[heymikey]

For China/HK/Japan, I always use my debit card to withdraw cash using the local currency. I brought along travelers checks and my credit card for emergencies only. You may get charged a withdrawal fee but if your checking account is with TD Canada Trust, you can change your account to "Select Service" and you will have unlimited withdrawals outside Canada without any fees.

[canabiz]

I never use debit cards outside of Canada, debit card fraud is on the rise (as is other forms of fraud, mind you) and it's such a hassle getting your money back even if you got scammed within Canada, I shudder to think how long/how much hoopla you have to go through, if you happen to get sideswiped in far-flung locales

I always bring some cash and change it to local currency, either over there or actually right here in Canada before I board the plane. Credit cards should be my last resort also or for big-items purchase. Traveller's cheques is another good option.

[rdtx2002]

just bring some canadian cash and exchange it at the airport of your destination.

[heymikey]

I never use debit cards outside of Canada, debit card fraud is on the rise (as is other forms of fraud, mind you) and it's such a hassle getting your money back even if you got scammed within Canada, I shudder to think how long/how much hoopla you have to go through, if you happen to get sideswiped in far-flung locales

I always bring some cash and change it to local currency, either over there or actually right here in Canada before I board the plane. Credit cards should be my last resort also or for big-items purchase. Traveller's cheques is another good option.
I only use my debit card for withdrawing cash at an ATM of a large bank in the country I am in, and I always pay cash for pretty much everything including accommodations. Of course, debit card fraud is a possibility just like with credit cards, and there is always the possibility of being held at gunpoint at the ATM machine for you to withdraw your maximum limit. But then again, you have to evaluate the risk. In Japan, HK, and probably in China as well, that is highly unlikely. The reputable banks there probably have security features in their ATM machines to prevent someone from stealing your card number and PIN, and the people are less likely to held you up in gundpoint compared to South America. Of course, there is risk in pretty much everything. Your cash might get stolen or your traveller's checks might get wet or torn up. I mean, I wouldn't stop shopping on the internet just because credit card fraud is a possibility. I would just be more careful.

Of course, it also depends on the length of your travel. If you will just be there for less than a week, maybe carrying cash is quite convenient. But if you will be backpacking for several months, carrying all of your cash for your entire trip is definitely not an option for me.

[imoo2u]

Of course, it also depends on the length of your travel. If you will just be there for less than a week, maybe carrying cash is quite convenient. But if you will be backpacking for several months, carrying all of your cash for your entire trip is definitely not an option for me.

+1. Preferably, carry $100 notes (USD or CAD) as this would give you better rates at local currency exchange stores. Some $1 US notes for tips or gratiuties to locals when necessary. Try not to exchanges inside airport terminals as they do not give good rates. Wise to carry a small amount of foreign currencies where you are visiting ie able for you to get to your intended place of stay (hotel, hostel etc) plus a meal or two first and from there, you can work out etc.

[xxxi]

Going to Asia (China, HK, Japan) for a few weeks.

For those that have been, how did you deal with the foreign currency issue?

1) Did you buy the China/HK/Japan money in Canada? Or do you get a better exchange rate when you buy the cash in Asia?

2) Did you use travelers cheques instead? Do you buy CDN$ travelers cheques and cashed them in at each country you visit or do you buy travelers cheques in the China/HK/currency? Which method is better (i.e. "get the best bang for your buck")?

3) I heard that it wasn't "safe" to charge things on your credit card in Asia and that some (many?) places don't accept credit cards anyways. Is this true?

Thanks!

if you prefer to have cash when you are travelling, exchange the japanese YEN in canada, there is a plcae in markville mall that offer a pretty good rate on japanese yen. for HK dollar, you can exhange it when you are back to HK or you can check with HSBC. if you are just going to Shangzhen and Guangzhou, HK dollars will be fine, you may get ripped off a bit for exchange, but not that bad indeed. using debit card in HK and Japan is fine too, same as Visa card. the exchange rate for VISA/debit is always good as they have the best exchange rate + 2.5% transaction fee (that's charged by visa, will be included in the currency exchange rate)


have fun in Japan and HK, and be careful in China :)

[seven]

Coworker who came back from China mention that she had a hard time cashing out her traveller's cheque. I guess in Canada many places takes them (including hotels if I'm not mistaken?). But in China, she could only go to certain banks to cash them out. Quite inconvenient I think...

[feelthedeal]

If u need to change a large amount you can try some currency exchange places in Chungking Mansions on Nathan Road in Hong Kong

It's really shady and you'll probably feel like you won't make it out alive, but if you're willing, you can get some pretty good rates

I changed $30,000 on two different occasions (haha, here come the drug/arms dealer remarks :D ) and they gave me rates well above the market value (but probably only because of the sums involved).

Now I'm sure you're not gonna be changing massive amounts like that, but these types of places usually offer better rates than the banks and way better rates than at the airport. Only trade off is the potential of being mugged/killed...but you do save a few cents per dollar! :razz: ...and this is RFD! :cheesygri

[aaa111]

AMEX Traveller's cheques gives you the best exchange rates in China (much better than cash or ATM withdrawals). Most Bank of China branches (they're all over the place in all Chinese cities) will exchange them for you.

In Hong Kong the easiest way is to exchange cash at small exchange shops or use your debit card in an ATM (your Canadian bank may charge a $5 fee for each withdrawal, but that's nothing compared to HK banks that charge HK$50-100 to exchange traveller's cheques).

Don't expect stores in Asia to accept traveller's cheques directly. They must be exchanged for local currency at a bank first.

[pintobean]

+1 on the comment that you shouldn't expect merchants/restaurants etc. to accept traveller's cheques...they simply won't do it. My parents were recently on a group tour in Europe and they had an extremely difficult time cashing in their traveller's cheques. They actually had to borrow money from other people in their tour group because none of the stores would accept their traveller's cheques.

I am travelling to the Philippines in 2 days and was recently researching exchange rates...I found that in Toronto, the best rate for Asian currency exchange was from a small place Downtown called "Bendix". I don't remember their number, so you'll have to Google it. Also, they just moved, so their address in the online yellow pages is wrong. They used to be right on Bay Street, but are now on Adelaide just west of Bay Street...when you call, ask for their address and directions if needed.