Exchange
Since the mid-1980s, the value of the Hong
Kong dollar has been pegged at HK$7.8 to the US dollar, and consequent rates of exchange to other currencies. However, the
market rate exchange to the US dollar fluctuates marginally. Banks and money changers charge commission. Similarly,
commissions are payable in hotels and major retail outlets which provide exchange facilities for their customers. As
elsewhere, the rates of exchange for cash and travellers cheques are marginally different and coins are not
exchangeable.
Licensed
money changers, such as Thomas Cook and Chequepoint are abundant in tourist areas. Money changers are open every day,
including Sundays and holidays and late into the evening. There is no commission, but the exchange rate offered is
equivalent to a 5% commission when compared with bank rates. If you are changing several hundred US dollars, you can bargain
for a better rate.
The
display of net rates of exchange by money changers is a legal obligation. Visitors are advised to check them - and also the
amount of any additional commission payable for the exchange of travellers' cheques - before handing over the money for
exchange. Before the actual exchange is made, the money changer is required by law to give you a form to sign clearly
showing the amount, rate and any service charges.
Major banks are open from 9am to 4:30pm Monday to Friday, and 9am to 12:30pm on Saturday. They
close on Sundays and public holidays. Some banks and branches are open slightly longer hours. Some banking services are not
available an hour before closing.
Automated teller machines (ATMs) can be found almost everywhere. Some HSBC "Electronic Money"
machines provide 24-hour cash withdrawal (HK$) and facilities for Visa and MasterCard holders. American Express cardholders
have access to Jetco ATMs and can withdraw local currency and travellers' cheques at the Express Cash ATMs in
town.
There are no
restrictions on currencies being brought in or taken out of Hong Kong.
Currency Exchange and European Money
When you
need to obtain or exchange money in Europe, the solution is usually easy: Use your ATM card (but be sure to read my ATMs and Currency Exchange Machines and
ATM "Conversion Fees" articles before
you leave home.)
You'll almost always get a
better rate from an ATM than from a bank, an exchange counter, or--worse yet--a hotel or shop.
Also beware of hidden fees on overseas transactions with credit cards,
which can range from 2% to 5%. Read my credit-card surcharges article, then
check to make sure that your Visa or MasterCard provider isn't double-dipping every time you make a purchase in a foreign
currency.
ATM "conversion fees" can also suck money
from your budget. And prepaid travelers' cash cards are even worse, as I explain in my article on the American Express Travelers
Cheque and Visa TravelMoney cards.
If
you're from outside the euro zone, read my euro article
to learn how the "common currency" of 12 European nations will (or won't) affect your trip.
Finally, if you're from the U.S., read Dollar-Saving European Travel Tips for Americans before
deciding that you can't afford a transatlantic vacation.
Currency-exchange tip: Before changing small amounts of money, make sure the bank or exchange
counter doesn't charge a flat fee or a minimum commission.
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The Euro
You've probably heard a lot about the euro, and maybe you're wondering how it will affect your
European travel plans. In this article, I'll answer the most common questions about the euro and provide links to in-depth
information resources.
Q. What is the euro?
It's a common currency that has replaced 12 national currencies in Western Europe. Now
that the euro transition is complete, you no longer use francs in France, D-Marks in Germany, lire in Italy, etc.--instead,
you fill your wallet with the same currency (the euro) in all 12 countries that have chosen to join the European Monetary
Union.
The euro is divided into 100 cents. Prices and other amounts are typically
quoted with the symbol € or the abbreviation EUR.
Q. Which countries
are participating?
Initially, a dozen countries have replaced their currencies
with the euro. The member states include:
| Austria | Ireland |
| Belgium | Italy |
| Finland | Luxembourg |
| France | Netherlands |
| Germany | Portugal |
| Greece | Spain |
As you can see from the list, many nations within and outside of the
European Union have not yet chosen to support the euro: among them, Britain, Switzerland, and all but one of the
Scandinavian countries.
European Investment Fund
European Investment Fund (EIF), the risk capital arm of the European Investment Bank,
has undertaken its first investment in the Turkish market by committing EUR°44m to support the establishment of Actera
Partners, a new fund which expects to raise EUR 250m before end of 2007.
Francis Carpenter, EIF's Chief Executive, said Whilst Turkey seems to have the necessary ingredients
to become a major market for private equity in the region, there are currently very few players, and EIF wants to play a
role in supporting strong management teams such as Actera. Isak Antika and Murat Cavusoglu, the Managing Partners of
Actera, stated it brings us great satisfaction to have EIF on board as it is a leading institutional investor that provides
the European dimension. Two major North American institutional investors are cornerstones to the fund.
Actera Partners will focus primarily on buy-out and growth equity investments in the
mid-market across a wide range of industries in Turkey.
U.S. Dollar Fund Market Timing.
The U.S. Dollar Fund Timer offers proprietary market timing signals to profit from swings in the
currency markets. The U.S. Dollar Fund Market Timer takes bullish U.S. Dollar Fund positions and bearish U.S. Dollar Fund
positions and is an aggressive timing system.
Fund switching (buy/sell)
signals are non-discretionary. No emotions are involved.
See the U.S.
Dollar Fund Timer performance record.
The proprietary trend trading
indicators make buy and sell decisions based on price action of the U.S Dollar (DX00Y) as our basis for timing
signals.
Emailed alerts are sent to all subscribers for every trade, and the
U.S. Dollar Fund Timer report is also updated, by 9PM, EST the evening "before" any change is executed.
The U.S. Dollar Fund Timer is designed to allow only very small losses and always be on the
right side of all bullish, as well as bearish, dollar trends. The proprietary trend trading indicators used in this model
create specific buy and sell signals. There is no emotion involved in the decision making.
The U.S. Dollar Fund timing system is our newest fund timing strategy and has been trading in real
time since 2004. It has been back tested through the beginning of 1999 so that its performance potential in both bull and
bear markets could be measured.
Until recently there were no available
bull/bear mutual funds available for easy trading of the currency market swings. But now there are. This strategy uses the
new ProFunds Rising U.S. Dollar Fund (RDPIX) and the ProFunds Falling U.S. Dollar Fund (FDPIX).
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Funds Europe
Drawing on funds europe's extensive database of contacts and the in-depth industry knowledge of the funds europe team, the
Research Centre provides detailed and authoritative research results, coherently presented and interpreted.
The values that define funds europe also pertain to Research Centre projects: independence,
quality writing and high production values. The funds europe Research Centre specialises in research into the European asset
management markets, where it has unrivalled coverage. However, research projects in other markets will also be considered on
a case-by-case basis.
European
Investment Fund - Investment approach
In our venture
capital activities we:
- invest exclusively in specialised
venture capital funds providing equity and other forms of risk capital to SMEs in order to finance
growth - operate throughout the European Union and the Accession Countries,
targeting funds that focus on European businesses - support professional
management teams with successful venture capital track records - play a catalytic
role by taking minority positions and encouraging commitments from a wide range of investors, especially from the private
sector - act independently and commercially under market conditions, targeting
appropriate returns for our shareholders - participate on equal terms, making
investments on a pari passu basis with other investors - expect funds with which
we are involved to operate in line with best market practices.
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