HKAB Exchange Rates in Hong Kong Law: Dutiable Goods, Cash Declarations and Trade Declarations

Hong Kong has no value added tax and no general rule that puts an exchange rate on an invoice. It does have two ordinances that name one specific rate, and in both it is the selling rate set each morning by the Hong Kong Association of Banks (HKAB). HKAB is a statutory body, created by the Hong Kong Association of Banks Ordinance (Cap. 364) in 1981.

The HKAB daily table

HKAB sets its exchange rates at the opening of business. The table has a selling rate, a telegraphic transfer buying rate and a demand draft buying rate for 23 currency lines, quoted as Hong Kong dollars per 100 units of foreign currency, with sterling per one unit. The HKAB site keeps historical rates from November 2006.

The AllRatesToday API serves the selling and telegraphic transfer buying rates and the middle of the two for 22 currencies, expressed per one unit, under ISO codes (HKAB's NTD and WON become TWD and KRW).

Dutiable goods: Cap. 109, section 26A

Duty on liquor and tobacco can depend on a value stated in a foreign currency. Section 26A(6) of the Dutiable Commodities Ordinance converts that value at the HKAB opening selling rate, on a date that depends on how the importer reports:

• A person permitted to make monthly returns: the rate on the last date of that return.
• Any other case: the rate on the 15th day of the month immediately before the month in which the goods are imported.
• No rate on that day: the rate HKAB set on the immediately preceding working day.

Cash carried across the boundary: Cap. 629

The Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance requires a declaration above HKD 120,000. Customs explains how a foreign-currency amount is measured against that threshold:

• Travellers: the HKAB opening selling rate on the day the traveller arrives or is about to depart. If HKAB sets no rate that day, the most recent rate before it.
• Cargo: the HKAB selling rate on the 15th day of the month before the month of import or export.
• Currencies HKAB does not quote: the United Nations Operational Rates of Exchange.

Customs notes that HKAB normally sets no rates on a Sunday, which is why the fallback to the most recent rate exists.

Trade declarations work differently

Import and export declarations are also valued in Hong Kong dollars, but the Census and Statistics Department's guidance on completing them does not name HKAB. Imports are converted at the remittance selling rate prevailing when the shipment arrives, or according to the banker's debit note. Exports and re-exports use the remittance buying rate prevailing at departure, or the banker's credit advice. In practice that is your own bank's rate or the amount the bank actually debited or credited. This wording is from an earlier edition of the guidance; check the current edition before relying on it.

Getting the right day's rate

The awkward part of both ordinances is the date: the 15th of last month, or the previous working day when a date has no table. A dated request handles that, because the response says which table it returned.

# today's official HKAB table
curl "https://allratestoday.com/api/open/central-bank/hkab"

# the table for a given date, here 5 November 2026
curl "https://allratestoday.com/api/v1/central-bank/hkab/2026-11-05" \
  -H "Authorization: Bearer YOUR_API_KEY"

The dated response includes requested_date and rate_date. When the date you need, such as the 15th of the month, is a Sunday or a holiday, rate_date shows the earlier table that was used, which is the fallback the law describes. Use the sell rate for both ordinances. Dated tables are on paid plans, and the API's HKAB archive starts on 3 November 2026; for earlier dates use the historical rates on the HKAB site.

Summary

This guide describes the rules as published, read on 11 November 2026. The Cap. 109 wording was read from a 2018 copy of the Ordinance; confirm the current text on Hong Kong e-Legislation before relying on it.

FAQ

Is the HKAB exchange rate an official rate?

HKAB is a statutory body created by the Hong Kong Association of Banks Ordinance (Cap. 364). Its opening selling rate is the conversion rate named in the Dutiable Commodities Ordinance and in the rules for cross-boundary cash declarations.

Which HKAB rate applies to dutiable goods?

The opening selling rate: on the last date of the return for a person permitted to make monthly returns, and otherwise on the 15th day of the month before the month of import.

What is the threshold for declaring cash carried into or out of Hong Kong?

HKD 120,000. A foreign-currency amount is converted at the HKAB opening selling rate on the day of arrival or departure.

Does HKAB publish rates on Sundays?

Customs states that HKAB normally does not set rates on a Sunday. The most recent earlier rate is used.