Major banks are open from 9:00am to 4:30pm Monday to Friday, and
9:00am to 12:30pm on Saturday. They close on Sundays and public
holidays. Some banks and branches are open slightly longer hours. Some
banking services are not available an hour before closing. Automated
teller machines (ATMs) can be found almost everywhere and some HSBC
"Electronic Money" machines provide 24-hour cash withdrawal (HK$)
facilities for Visa and MasterCard holders. American Express
cardholders have access to Jetco ATMs and can withdraw local currency
and travellers' cheques at the Express Cash ATMs in town.
Legal tender is the Hong Kong dollar (HK$). There are 100 cents in a
dollar. Coins, issued by the government, are bronze-coloured for 10
cents, 20 cents and 50 cents; silver-coloured for HK$1, HK$2, and
HK$5; nickel and bronze for HK$10. Notes issued by HSBC and Standard
Chartered Bank have denominations of HK$10, HK$20, HK$50, HK$100,
HK$500, and HK$1,000. The Bank of China issues all of the
denominations except HK$10.
Since the mid-1980s, the value of the Hong Kong dollar has been pegged
at HK$7.8 to the US dollar, and consequent rates of exchange to other
currencies. However, the market rate exchange to the US dollar
fluctuates marginally. Banks and moneychangers charge commission.
Similarly, commissions are payable in hotels and major retail outlets
which provide exchange facilities for their customers. As elsewhere,
the rates of exchange for cash and travellers' cheques are marginally
different and coins are not exchangeable.
The display of net rates of exchange by moneychangers is a legal
obligation. Visitors are advised to check them - and also the amount
of any additional commission payable for the exchange of travellers'
cheques - before handing over the money for exchange. Receipt notes
must be issued by law. There are no restrictions on currencies being
brought in or taken out of Hong Kong.