Overview of the Hong Kong Dollar:
Hong Kong’s national currency is Hong Kong Dollar. It is represented by the ISO code HKD and symbol HK$. It is very important to use the prefix 'HK' to avoid confusion with other currencies, such as the US Dollar (US$), Canadian Dollar(CA$), or Singapore Dollar(SG$).
Whenever someone visits Hong Kong, the HK$ sign in the billing counter or restaurant can be seen. On the financial market and the Forex market HK$ sign is very important for exchanging money.
History of the Hong Kong Dollar:
Hong Kong was a British territory from the year 1841 to 1941, and that’s why British tried to introduce a pound-based system, which was strongly disapproved by the local people. In 1963, HKD was created by the Hong Kong mint. Later, HKD was pegged to UK Dollar gold stand. In 1873, due to the silver crisis, it was abolished. In 1907, many territories of Britain asked for their own currency. Later, during World War II, Japan invaded Hong Kong and introduced the Japanese Yen. Soon after the war, it was banned, and later it was pegged to the US dollar in 1972./p>
Currency in Circulation: Current denominations of Hong Kong Dollar in circulation are 10 HKD, 20 HKD, 50 HKD, 100 HKD, 500 HKD, and 1,000 HKD.
Evaluation of Hong Kong Dollar:
Exchange rate system: The Hong Kong dollar is pegged to the US dollar, ranging from 7.75 to 7.85 HKD per Dollar to prevent the value of the currency from being unstable. Any variation in US Dollar results in fluctuations of the Hong Kong Dollar.
US Monetary Policies: As Hong Kong Dollar is pegged to USD, any changes in US Federal policies affect the Hong Kong dollar value. Changes in the US rate and economic outlook directly affect the HKD.
Market Interventions: Whenever HKD moves outside the defined range, the Hong Kong Monetary Authority (HKMA) intervenes by buying HKD and selling USD if HKD is lower. Conversely, if HKD strengthens, it sells HKD and buys USD to maintain the stability of the Hong Kong Dollar in the foreign exchange market.
What makes Orient Exchange a smarter choice to buy or sell Hong Kong dollars in India?
Accessibility:With Orient Exchange, you can get your currency exchange done online and get doorstep delivery of Hong Kong dollars at your convenience. With 26 branches across India, Orient Exchange provides a blend of both digital convenience and personalized face-to-face offline support.
Hours of operation and availability:Unlike Banks, Orient Exchange is located in many cities, which are easily accessible with a strong offline and online presence, with longer operating hours, making it more accessible to customers than Banks.
Why choosing Orient Exchange would be a smart choice to send money abroad?
If you plan to transfer funds abroad for expenses like education or medical treatments, or pay University fees at Orient Exchange, You can get an International Money transfer done in simple steps.
As an authorized RBI dealer, you can expect fast and efficient wire transfers, Documentation assistance, and Video-KYC and Transparent charges with swift and compliant money transfer.
Charges involved: Orient Exchange is the cheapest dealer for sending money abroad. Whereas Banks not only have higher exchange rates and mark-up fees, they also charge service fees on the basis of the amount being transferred. Charges of some banks can go from 500 Rs to as high as 1500 Rs, excluding taxes; some banks even charge a certain % of the amount being transferred as service fees.
Processing time: Orient exchange takes 24-48 hours (faster processing with complete documents), while Banks often take 1-3 business days.
The Hong Kong Dollar(KHD) is one of the most stable and widely used currencies in the world. It represents Hong Kong's global financial strength. For travelers, students and business visitors, or medical treatment in Hong Kong, having the best exchange rate is significant. Orient Exchange offers the best exchange rate for buying or selling Hong Kong dollars in India.
We provide an online & offline services, dedicated customer support, transparency, a Range of services and regulated by RBI.
Opt Orient Exchange for all your foreign currency exchange needs and make your travel smooth.
Other currencies Overview
- US Dollar
- Euro
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- Vietnam Dong
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- Hong kong Dollar
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