Major Currencies-This refers to a short list of the most traded currencies, which generally stay the same year-to-year. Interbank (bank-to-bank) Rate-This is the wholesale exchange rate that banks use between themselves. The first currency in a currency pair is called the base currency, while the second is called the quote currency. A pip is sometimes called a point.Ĭurrency Pair-A quote of the relative value of one currency unit against another currency unit. For example, 3 pips are the difference between the currency quote of EUR/USD 1.2800/1.2803. Pip-A pip is the smallest unit of value in a bid-ask spread. Some call this profit a fee or commission. As financial middlemen, most will set exchange rates of their own at bid-ask spreads that return a percentage as profit for doing business. Real-world currency exchanges with brokers, banks, or businesses typically do not follow precise market rates. Theoretically, buyers want the smallest possible spreads, while sellers want the highest spreads. The forex is able to facilitate the receipt or payment of units of currency that are equal in value.īid Price-The price that a buyer is willing to pay for a unit of currency.Īsk Price-The price that a seller is willing to accept for a unit of currency.īid-Ask Spread-The difference between the bid and ask price. ![]() This market is a necessity because one unit of currency very rarely equals exactly one unit of another currency. Manage your TMC from our free Travel app and do tons more too – from buying travel insurance to checking your holiday spending.Below is a short list of some of the important terms pertinent to foreign currency exchange.Įxchange Rate-The value of one currency expressed in terms of another.įorex-The foreign exchange market (forex) is a global, decentralized, over-the-counter market for the trading of currencies and is the largest market in the world (followed by the credit market). Hong Kong dollars are one of 22 currencies available on our Travel Money Card – the prepaid Mastercard® that lets you use contactless payment, withdraw cash from ATMs as long as they accept Mastercard®, pay using chip and PIN, and is even compatible with Apple Pay and Google Pay. Please note that the maximum amount of foreign currency you can buy is £2,500. If you choose home delivery instead, we’ll send your cash using Royal Mail Special Delivery Guaranteed by 1pm, meaning it’ll be with you the next working day if you order before 3pm.įor orders under £500, delivery costs £4.99. You can choose click and collect, where you can pick your Hong Kong dollars up in your nearest branch – the next working day if you order by 3pm. Our best rates are available online and you’ve got several options for how to get your cash. You can buy Hong Kong dollars online with Post Office. Grab your Hong Kong dollars at the Post Office – and the more you buy, the better the rate. And don’t forget to buy travel insurance. Hong Kong is very plastic-friendly, but if you do need cash then you can use your TMC to make withdrawals from the many ATMs, but be sure to check that they accept Mastercard® before using. Our prepaid Mastercard® can be used anywhere you see the Mastercard logo. If you order by 3pm, collection or delivery can be as soon as the next working day.Īnother option is to load up a Travel Money Card with Hong Kong dollars. Or you can order in one of our thousands of participating branches if you prefer to pop in. Choose to get your online currency orders delivered to your home or collect it from any of our branches – use our branch finder tool to find your nearest participating branch. Buying when the exchange rate is good means that you can lock in the rate. You can order travel money online with Post Office and get our best rates. If you’re travelling through, make sure you’ve got your holiday cash. Hong Kong is a populous, captivating hub of cultural mixes and unique identity that draws an international crowd year-round. Hankering for Hong Kong? Get your travel money from Post Office GBP value Min online spend £400, max £2,500
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