Cash, ATM or credit card?

u0206397

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Visiting HK soon. Now considering whether to bring lots of cash or just a minimal estimated amount for basic expenses to avoid too much leftover at end of trip.

Several methods:

  1. Change all to HKD in Singapore using money changer. Spend only cash. (best?)
  2. Bring minimal like S$300 (~HKD$1650) and withdraw as needed in DBS ATM in HK (free but exchange rate much worse than Singapore's money changer?)
  3. Charge to credit card (Card issuer + MasterCard/Visa fees leading to poor exchange rate?)

Is paying everything by cash in HKD the best way to avoid poor exchange rate or incurring unnecessary charges and fees? If so, I feel like paying for hotel using cash too.
 

cocohut

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Normally, I would estimate my entire spend and change that amt plus extra, to last the entire trip. Save on all the exchange conversions etc. But feel like I'm smuggling money, with big wads of cash.
 

Ruriel

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I often go with cash, unless the purchase was an unintentional (aka impulsive :s22: ) buy.

Hotel however, is by credit card since most of the time it's reserved and prepaid online in advance.
 

saffronsatire

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have withdrew cash from ocbc wing hang bank's atm before. just remember to link your credit card to your savings/current account and activate overseas cash withdrawal if you're intending to withdraw money. someone commented the rate was not bad but i can't remember already.
 

IcYFl4mEz

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Visiting HK soon. Now considering whether to bring lots of cash or just a minimal estimated amount for basic expenses to avoid too much leftover at end of trip.

Several methods:

  1. Change all to HKD in Singapore using money changer. Spend only cash. (best?)
  2. Bring minimal like S$300 (~HKD$1650) and withdraw as needed in DBS ATM in HK (free but exchange rate much worse than Singapore's money changer?)
  3. Charge to credit card (Card issuer + MasterCard/Visa fees leading to poor exchange rate?)

Is paying everything by cash in HKD the best way to avoid poor exchange rate or incurring unnecessary charges and fees? If so, I feel like paying for hotel using cash too.
isnt there a withdrawer fee and 2% admin fee for ATM withdraw?
 

u0206397

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isnt there a withdrawer fee and 2% admin fee for ATM withdraw?

Source:


Found bits and pieces on the Internet. Think this works for the common POSB GO! MasterCard Debit Card and PAssion POSB MasterCard Debit Card.

Cash withdrawal will be free of charge if you use your Plus/Cirrus Card at DBS Hong Kong, DBS Taiwan and Westpac Group ATMs in Australia (Westpac, St. George Bank, Bank of Melbourne and BankSA) or Plus Card at DBS India and DBS Indonesia ATMs.

Cash withdrawal will be free of charge if you use your Plus/Cirrus Card at DBS Hong Kong and DBS Taiwan ATMs or Plus Card at DBS India and DBS Indonesia ATMs.

However, I think whatever it is, this seems like a promotion that can be terminated by the bank. Not a long term or permanent obligation by POSB/DBS.

If anyone can confirm on the latest status, it would be great.
 

u0206397

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Normally, I would estimate my entire spend and change that amt plus extra, to last the entire trip. Save on all the exchange conversions etc. But feel like I'm smuggling money, with big wads of cash.

Your hotel also pay by cash even if booked using a credit/debit card?
 

tiger2013

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You will still need cash in HK even if you can go cashless all the way. Hotels in HK collect a deposit in cash when you check in. It's usually HKD500.

And Octopus card is purchased in cash. Top up also usually in cash. I'm not aware of other methods of payment. Check with the counter.
 

Ruriel

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You will still need cash in HK even if you can go cashless all the way. Hotels in HK collect a deposit in cash when you check in. It's usually HKD500.

And Octopus card is purchased in cash. Top up also usually in cash. I'm not aware of other methods of payment. Check with the counter.

I've never encountered HK hotels asking for deposit in cash. Credit cards are usually accepted.
 

DBS Bank

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Hello u0206397,

The information you have found about ATM withdrawal charges is correct, just to further clarify:

All DBS/POSB Blue ATM card, Debit Card or Credit Card linked to Savings/Current account - Cash withdrawal at DBS Hong Kong, DBS Taiwan and DBS Indonesia ATMs is free of charge.

Overseas cash withdrawals using DBS/POSB Plus/Cirrus Card at Westpac Group ATMs in Australia (Westpac, St. George Bank, Bank of Melbourne and BankSA) will also be free of charge.
 

IcYFl4mEz

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Hello u0206397,

The information you have found about ATM withdrawal charges is correct, just to further clarify:

All DBS/POSB Blue ATM card, Debit Card or Credit Card linked to Savings/Current account - Cash withdrawal at DBS Hong Kong, DBS Taiwan and DBS Indonesia ATMs is free of charge.

Overseas cash withdrawals using DBS/POSB Plus/Cirrus Card at Westpac Group ATMs in Australia (Westpac, St. George Bank, Bank of Melbourne and BankSA) will also be free of charge.

Hi, so there won't be any admin fee or whatever? Just conversion rate?
 

Ruriel

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Hi, so there won't be any admin fee or whatever? Just conversion rate?

Yes...

But remember, only from DBS HK ATM. I've done cash withdrawals from HK DBS ATM (at DBS Mongkok branch) before, no additional charges.
 

DBS Bank

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Whoa DBS Bank also have hwz account?! :eek:

Yes Ruriel, we're on HWZ. Happy to help! :D

Hi, so there won't be any admin fee or whatever? Just conversion rate?

Yes...

But remember, only from DBS HK ATM. I've done cash withdrawals from HK DBS ATM (at DBS Mongkok branch) before, no additional charges.

Yup, that's right, it's only the foreign exchange conversion. There won't be any admin fee or service fee if you withdraw from a DBS HK account, using your DBS/POSB card.
 
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