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A bank quotes USD/HKD 7.8150/7.8250. A customer converts HK$100,000 into US dollars with the bank. Ignoring fees, how many US dollars does she receive?
In a two-way quote the bank buys the base currency (US dollars) at the bid, 7.8150, and sells it at the offer, 7.8250. The customer is buying US dollars, so she pays the bank's offer: HK$100,000 / 7.8250 = US$12,779.55. US$12,795.91 uses the bid (100,000 / 7.8150), the rate at which the bank would buy dollars from her. US$12,787.72 uses the mid-rate of 7.8200, which a bank does not deal at. US$12,820.51 uses the linked rate of 7.80, which applies to banknote issuance with the Exchange Fund, not to a bank's customer quote. Source: Standard FX quotation conventions (two-way bid/offer prices) (as at October 2026).
Using the bid because it is the first number shown. A customer buying the base currency always pays the higher offer.
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