The Hong Kong Dollar is the official currency of the Hong Kong Administrative Region issued by the Central bank of Hong Kong Monetary Authority. The Hong Kong Dollar is a major currency by being the 13th most traded currency in the world. The currency is primarily used in Hong Kong, but is also widely used in the neighbouring Macau Special Administrative Region. In this region both the Hong Kong Dollar and the Macau Pataca currency are circulating the system together. Hong Kong is one of the worlds leading financial centres making it a popular destination for some of the worlds best online trading brokerages. Traders who wish to deposit funds with Hong Kong Dollars generally do so with ease as the currency is highly accepted and exchangeable.show more
The Hong Kong Dollar has many slang terms to describe the currency and its various units of value, all of which are in the languages of Cantonese and Mandarin. The English language are limited to three, being the dollar, dime and cent. As for the symbol/sign representing the Hong Kong Dollar the symbols primarily used are either 圓 or 元. There are numerous other symbols to represent the various denominations of the currency, but these 圓 or 元 are the most widely used to represent the dollar. Also, the Hong Kong Dollar can be represented by “HK” which precedes the currency, and the code/abbreviation of the Hong Kong Dollar is (HKD).
Hong Kong Dollars are easily exchanged as it is the 13th most traded currency in the world. Most online exchanges can convert your Hong Kong Dollars into various other currencies for a small fee, such as US Dollars or British Pounds. As well, traders who wish to deposit funds to their online trading account with Hong Kong Dollars can easily do so with Hong Kong brokerages, but for other international brokerages, chances are the Hong Kong currency will need to be exchanged. Many online brokerages can do this directly through the deposit interface with no fee charged by the brokerage. However, there might be a small fee charged by the exchange they are integrated with.
Banking with Hong Kong Dollars are limited to only three commercial banks being HSBC, Bank of China, and Standard Chartered. Traders banking with any of these three banks are able to deposit funds into their online trading accounts more easily than those who don’t. As well, they have all the options available to them including bank wire transfer, Interac online, debit and credits cards, and can fund various e-wallets for depositing funds to an online trading account. As for traders who do not have Hong Kong bank accounts, they are limited to e-wallets and international bank accounts accepting the holding of Hong Kong Dollars.