Money, cards and ATMs in Hong Kong

The currency

• The Hong Kong dollar is pegged to the US dollar, held in a band of 7.75 to 7.85 HKD to one USD since 17 October 1983. It does not move, which makes budgeting here unusually easy.
• Three different banks issue the banknotes - HSBC, Standard Chartered and Bank of China - so the same denomination comes in three completely different designs. All are legal tender and all are fine.
• The 10 dollar note exists in paper and plastic. Both are valid.

Cards

• Cards work nearly everywhere, and contactless is standard. Visa and Mastercard are universal, and UnionPay, Alipay and WeChat Pay are accepted far more widely than in Europe.
• Cash still matters at the bottom end: market stalls, dai pai dong food stalls, many taxis and the smaller family restaurants.
• ATMs are everywhere and reliable. Use a bank's own machine, and always decline the conversion when the screen offers to charge you in your home currency - that is dynamic currency conversion and it is the worst rate in the room.

Octopus

• Octopus is the card that pays for transport and a great deal else - convenience stores, supermarkets, fast food, vending machines, car parks.
• A standard adult card costs HK$150, of which HK$50 is a refundable deposit and the rest is usable value. Buy it at any MTR customer service centre; hand it back at the end to get the deposit and any remaining balance.
• Or skip the plastic. The Octopus App for Tourists puts one on an iPhone or Apple Watch with the same HK$50 deposit, tops up from a foreign Visa, Mastercard or UnionPay card, and holds up to HK$3,000. Cancelling within 90 days costs an HK$11 handling fee.
• Top up in cash at any 7-Eleven or MTR machine if you have the physical card.

Tipping

• Restaurants add a 10% service charge, and that is the tip. Rounding up a taxi fare to the next dollar is normal; nothing more is expected.