I was in Hong Kong from 5-10 Sept. It was meant to be a relaxing holiday, a time for me to unwind and reset.

I did enjoy myself throughout the trip, but I can’t help but notice the differences in livelihoods between Hong Kong and Malaysia.

This newsletter summarizes my entire trip and why it has made me feel grateful to be a Malaysian.

First things first, which travel card is the best?

I paid using four different payment methods: GXBank, AEON Bank, Wise, and TNG e-Wallet.

Each of them is used for different transactions, but I kept them within the same day (or at most a day apart) to minimize fluctuations in the exchange rate.

GXBANK is the best overseas card, for now.

Though its conversion rate is slightly more expensive than Wise, the purple bank comes with a 1% instant cashback on all spending with the debit card, which makes it hard to beat.

Until 31 December, GXBank is also waiving all foreign transaction fees (1.2%).

The exchange rate of HKDMYR was 1.7839 on 5 September, but with GXBank’s 1% cashback, the rate improved to 1.8018 (refer to picture).

Wise, on the other hand, charges a 0.50-0.60% fee for all conversions.

By default, this is already included in the conversion rate, which makes it slightly more expensive than GXBank’s rate once we factor in the 1% instant cashback.

Wise: 1 MYR = 1.7916 HKD (Fee included)

GXBank: 1 MYR = 1.7839 HKD (Before 1% cashback)

GXBank: 1 MYR = 1.8018 HKD (After 1% cashback)

Using Wise is ~0.57% more expensive than GXBank, but this isn’t much of a difference, especially when you’re spending less than RM5,000 for your entire trip (about RM30 loss).

What about AEON Bank?

The pink bank has the worst exchange rate (1 MYR = 1.7532 HKD).

Though AEON claims to have zero fees for overseas transactions, it follows the Visa foreign exchange rate, which is already marked up by 1-2%.

All spending with the pink debit card comes with a 0.50% cashback, but even with this, it still loses out to Wise.

In fact, using AEON Bank is 2% more expensive than GXBank, and 1.6% more expensive than Wise.

You can also use TNG e-Wallet to spend overseas.

In Hong Kong and China, you can scan the merchant’s QR code and pay through the MYR balance in your e-wallet, as long as the seller supports Alipay.

However, this payment method is VERY expensive.

TNG’s conversion rates are extremely unfavourable and is the lowest of all payment options (1 MYR = 1.7555 HKD).

Paying with TNG e-wallet is 2.5-3.0% more expensive than using GXBank.

What about other payment methods?

There are many, such as RHB Multi-Currency, TNG Visa Card, and MAE Card, that I’ve yet to compare.

But I think that GXBank could still come out as the winner because of its 1% instant cashback.

That said, this cashback will be revised from November onwards.

The default earnings rate in your account, previously 3% pa, will be reduced to 2% pa.

The conclusion?

If your overseas trip is before November 2024, use the purple card!

Max out the cashback and take more money from them before the campaign ends.

Hong Kong v Malaysia: Why you should feel grateful to be a Malaysian.

Hong Kong is the land of the wealthy and extreme poverty.

Though I don’t have any official numbers, it’s obvious that the wealth gap there is much further apart than Malaysia.

Take renting costs as an example.

A new 292 sq ft apartment in the Kennedy area costs HKD23,900 ~(or RM13,300) per month to rent.

FYI, Kennedy is not really near the city centre (about 4-5 MRT stops away). Think of it as something like Taman Desa.

According to Human Resources, Hong Kong employees had a median salary of HK$29,715 in Q1 of 2024. This means that 1 in 2 of them earn less than this amount.

With renting costs averaging at HK$20,000 - HK$30,000 for tiny apartments (~300 sq ft), it is impossible for a fresh grad to afford them with their monthly pay.

And that’s only the beginning.

On Saturday (7 Sept), I went to one of the high end restaurants in Habour City, facing the sea.

Me and my girlfriend dined together with her Hong Kong friend, and we talked about the absurd living costs in HK.

Apparently, restaurants facing the sea have a minimum rental of close to HK$1 million (~RM550,000) per month.

The average rental of shops near the harbour (not directly facing it) is 6 digits in HKD.

The four of us ordered 2 pastas, 1 steak, and 1 pizza.

The steak (refer to picture below) is actually tiny and definitely not the best that I’ve tasted.

The bill totaled HK$1,500 (RM830).

Surprisingly, our Hong Kong friend said that this high-end restaurant is considered cheap compared to other nearby restaurants, with meals averaging at HK$1,500 per person.

“The entire reason why food is so expensive here is because rental prices are through the roof,” he said.

“When you’re paying for food in Hong Kong, a large part of it goes towards covering the rental.”

An average meal (ie. roasted goose rice, beef noodles, toast, etc.) costs around 70-80 HKD (RM40-50) near the city centre.

If you’re into cafe food, then prepare your wallet.

Drinks could easily cost 70 to 80 HKD, pastas cost up to 200 HKD, and cakes and desserts cost 140 HKD.

For a table of two sharing one pasta, one dessert, and two drinks, the bill could easily hit 470 HKD (RM265).

I think Hong Kong is a great (but expensive) place for tourists.

However, if we look into its society, you can see that the wealth gap is deeply troubling.

The absurd living costs are forcing the middle class to migrate, while the poor have no choice but to stay and hopefully save up enough to move.

Overall, the trip has made me feel privileged to be a Malaysian.

Though rent and housing prices here are expensive, it is nothing compared to HK, and food is honestly cheap.

Of course, we have many systemic issues that need to be addressed.

But we should take some time to appreciate where we are, and work on how to make things better moving forward.

Thanks for reading till the end!

Disclaimer: The information contained in this newsletter is for informational and educational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice.

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