[Macau Travel Tips] ATM Withdrawal Rates & Tips
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Eric Chen
May 26, 2008, 2:36:16 PM5/26/08
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ATMs are a low-cost and effective means of obtaining cash while overseas. However, there are some tips to observe:
1) Withdraw Hong Kong dollars.
- You can change them to Macau Patacas at Tai Fung Bank at the rate of HKD$1 = MOP$1.03. This is at 0% commission, very favorable compared to 1.5% to 2.5% for other currencies.
- Don't change more than HKD$10,000 to Macau Patacas at Tai Fung without checking if they will charge you a "transaction fee".
- Casinos accept Hong Kong dollars but NOT Macau Patacas. Same thing for money changers in other countries.
- Don't withdraw from a Hong Kong bank into Macau Patacas. It costs HKD$1490.87 to withdraw MOP$1500 from a HSBC account. After subtracting the HKD$20 fee, we find the unfavorable rate of HKD$1 = MOP$1.02.
2) HSBC ATMs only supply Hong Kong dollar bills in denominations of HKD$500 (US$64) and HKD$1000 (US$128) pieces. Hence, you cannot physically withdraw amounts smaller than that. Other ATMs probably have similar restrictions.
3) If you are withdrawing using a ATM, debit or credit card marked with "VISA", you can expect to pay about 1.6% before any bank charges. MasterCard probably charges a similar amount.
[ http://www.corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp ]
4) If your bank charges a flat fee (like most Singapore banks) for withdrawals, you can save much if you plan your spending so that you withdraw a larger amount each time.
- If you are traveling from a country like Singapore where you can get exchange rates at only 1% commission, then change your money to Hong Kong dollars before you arrive in Macau. Don't underestimate the savings, especially if you are a budget traveler.
- The 1% commission money changers can be found in Lucky Plaza and People's Park. Refer to [ http://www.map.gov.sg/StreetMap/ ]
5) Take note of (4) when you charge to your credit card. If you spend small amounts of money frequently, you may have to pay much in withdrawal fees.
Oh, by the way, please don't give away your money to the casino. There are better ways to do charity. :)
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Posted By Eric Chen to Macau Travel Tips at 5/27/2008 01:51:00 AM
1) Withdraw Hong Kong dollars.
- You can change them to Macau Patacas at Tai Fung Bank at the rate of HKD$1 = MOP$1.03. This is at 0% commission, very favorable compared to 1.5% to 2.5% for other currencies.
- Don't change more than HKD$10,000 to Macau Patacas at Tai Fung without checking if they will charge you a "transaction fee".
- Casinos accept Hong Kong dollars but NOT Macau Patacas. Same thing for money changers in other countries.
- Don't withdraw from a Hong Kong bank into Macau Patacas. It costs HKD$1490.87 to withdraw MOP$1500 from a HSBC account. After subtracting the HKD$20 fee, we find the unfavorable rate of HKD$1 = MOP$1.02.
2) HSBC ATMs only supply Hong Kong dollar bills in denominations of HKD$500 (US$64) and HKD$1000 (US$128) pieces. Hence, you cannot physically withdraw amounts smaller than that. Other ATMs probably have similar restrictions.
3) If you are withdrawing using a ATM, debit or credit card marked with "VISA", you can expect to pay about 1.6% before any bank charges. MasterCard probably charges a similar amount.
[ http://www.corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp ]
4) If your bank charges a flat fee (like most Singapore banks) for withdrawals, you can save much if you plan your spending so that you withdraw a larger amount each time.
- If you are traveling from a country like Singapore where you can get exchange rates at only 1% commission, then change your money to Hong Kong dollars before you arrive in Macau. Don't underestimate the savings, especially if you are a budget traveler.
- The 1% commission money changers can be found in Lucky Plaza and People's Park. Refer to [ http://www.map.gov.sg/StreetMap/ ]
5) Take note of (4) when you charge to your credit card. If you spend small amounts of money frequently, you may have to pay much in withdrawal fees.
Oh, by the way, please don't give away your money to the casino. There are better ways to do charity. :)
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Posted By Eric Chen to Macau Travel Tips at 5/27/2008 01:51:00 AM
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