CurrencyFair’s Currency Exchange Hong Kong: How it Works
We can beat the Hong Kong Currency Exchange
Send Money to Hong Kong Quickly and Affordably with our Exchange
It’s really easy to make a transfer of money to Hong Kong with us. All you need to do is create an account, deposit your funds and choose from the following:
- Create a Transaction — we’ll transfer your money out as soon as it reaches us, and you’ll receive the best available rate.
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Exchange money with Hong Kong quickly with our currency market
We offer quick process times when we send money to Hong Kong, and our services have been used by happy customers throughout the world — check out their testimonials today to see what we’ve done for people just like you!
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A History of Currency in Hong Kong
The Hong Kong dollar is the official currency of Hong Kong. It is also used in nearby Macau, as it is a similar value to the Macau pataca, which is the official currency.
In 1863, the Royal Mint in London began to issue a subsidiary coinage system for use in Hong Kong within the dollar system that had always existed.
Fast forward to 1937, and the legal tender of Hong Kong was finally unified, with the Hong Kong dollar placed on a fixed peg in 1939.
However, during Japanese occupation, Japanese military yen became the only legal tender, but the issue of local currency resumed after liberation, with all yen notes declared void in 1945.
Now, a bank can only issue a Hong Kong dollar if it has the equivalent exchange in US dollars on deposit, as the Currency Board System means that Hong Kong’s entire monetary base must be backed with US dollars at the linked exchange rate. As a result, Hong Kong has large reserves of US dollars, with official foreign currency reserves of US$361 billion as of March 2016.