1. For a single UnionPay credit card, when spending in Hong Kong, merchants will go directly to the UnionPay channel for settlement. When swiping the card, they will directly convert the price of Hong Kong dollars into RMB according to the real-time quotation, and there is no currency conversion fee. When paying by credit card, you can pay directly in RMB. -This is the most common choice and the most cost-effective settlement method.
2. UnionPay dual-currency credit card. Take UnionPay /VISA card as an example. When merchants settle accounts, they will generally see the signs of two settlement channels on the card and ask you which channel to take for settlement. At this time, it is suggested to choose UnionPay channel, the same as 1.
3. You have a UnionPay /VISA card, or a single VISA card, and the merchant has not joined the UnionPay settlement channel (just pay attention to whether the merchant has posted the UnionPay logo). This means that merchants will directly apply for visas (Master, JCB, Express, etc. ) settlement channels. It will be charged directly in Hong Kong dollars, but since domestic dual-currency credit cards are usually RMB/USD credit cards, the card will automatically convert Hong Kong dollars into US dollars at the time of settlement (there are currency conversion fees ranging from 1 [%] to 2 [%]), and the credit card will be displayed in the US dollar bill at the end of the month. On the repayment date, you can buy your own dollars for repayment, or the bank can help you buy your own dollars for repayment automatically.
4. You have a 1 multi-currency credit card, such as the VISA multi-currency credit card recommended by the bank now. This card is only marked with VISA, and can only be settled through VISA channel. But the advantage is that the bill can be automatically converted into RMB according to the real-time quotation at the time of settlement, and the intermediate currency conversion fee is free. When you pay back by credit card, you only need to pay back according to the RMB amount shown in the bill. -If you spend money abroad frequently, it is recommended to have such a multi-currency credit card.
Under normal circumstances, it is calculated at the Hong Kong dollar tax rate.