Can I Use US Dollars in Hawaii?
What is the Currency Used in Hawaii?
The currency used in Hawaii is the US Dollar. U.S. paper bills come in $1, $5, $10, $20, $50 and $100 denominations. U.S. coins include the penny (one cent), nickel (five cents), dime (10 cents) and quarter (25 cents). There are also $1 coins, but they are not used very often. ATMs are plentiful throughout Hawaii and credit cards are widely accepted. Traveler’s checks are not typically necessary. There is no restriction on the amount of foreign currency that can be brought in or taken out of Hawaii. However, travelers bringing in or taking out more than US$10,000 must file a Customs Form 4790 with U.S. Customs.
Are US Dollars Accepted in Hawaii?
Yes, US Dollars are accepted in Hawaii. The legal currency in Hawaii is the US dollar (USD/$). There are plenty of banks, ATMs, and money change offices in all cities, and ATMs are plentiful even in rural areas. It is not necessary to exchange foreign currency prior to travel, and there is no restriction on the amount of foreign currency that can be brought in or taken out of Hawaii. However, anyone carrying more than US$10,000 in cash must file a Customs Form 4790 with U.S. Customs.
What Types of Debit and Credit Cards are Accepted in Hawaii?
Debit and credit cards are widely accepted in Hawaii, with most major cards likely to be accepted. Most debit cards will allow you to withdraw money from ATMs, but you may be charged a fee for foreign currency transactions. Credit cards are accepted in most stores and malls, and some cards will waive foreign transaction fees. Some of the best cards for traveling in Hawaii are the Revolut Multi-Currency Debit Card and the Wise Multi-Currency Debit Card, as they do not charge foreign transaction fees. Additionally, the Priority Unlimited Credit Card from First Hawaiian Bank allows you to get 2% cash back on your purchases with no categories and no tiers.
What is the Currency Exchange Rate in Hawaii?
The currency exchange rate in Hawaii is determined by the US Dollar, which is the official currency of the United States. Exchange rates can fluctuate depending on the current market, but you can use online currency converters or apps to get the mid-market rate which is the benchmark to use when comparing providers. Banks and other money exchange services may add a markup to the rate they pass on to their customers, so it is important to compare rates between different providers to find the best deal. The Wise borderless account and card is a great way to avoid paying extra margin fees when converting currency.
Are there Any Restrictions on the Amount of Money that can be Brought into Hawaii?
Yes, there are restrictions on the amount of money that can be brought into Hawaii. Any person who carries more than US$10,000 in cash in or out of Hawaii must file a Customs Form 4790 with U.S. Customs.
Is There a Currency Exchange Service in Hawaii?
Yes, there is a currency exchange service available in Hawaii, however it is not offered by Bank of Hawaii. Alternative currency exchange services such as Revolut, Wise, and Remitly provide users with more cost-effective and user-friendly solutions that offer transparent mid-market rates and real-time exchange rates with no hidden commission fees.
Are There any Fees Associated with Exchanging Currency in Hawaii?
When it comes to exchanging currency, the most expensive option is to go to a bank or credit union. They will usually exchange your money at a rate that is weaker than the real mid-market rate, and they will keep the difference. This is a hidden fee called an exchange rate margin. Alternatively, you can use digital multi-currency accounts like Revolut and Wise, which are very powerful and cheap alternatives. They exchange currency at the real mid-market rate and let you hold money in digital accounts on your smartphone. For popular corridors, like USD to GBP, Revolut’s margin may be as low as 0.02%. Furthermore, it even comes with a debit card, which instantly accesses your 30+ pots of foreign currencies and allows you to withdraw up to $1,200 per month from out-of-network ATMs without fees. After that, there will be a 2% fee per withdrawal.
What are the Banking Services Available in Hawaii?
Hawaii offers a wide range of banking services for individuals and businesses alike. First Hawaiian Bank has services for those looking for foreign exchange and global business needs, such as currency exchanges, payments, money transfers, and more. For individuals, Bank of Hawaii offers checking accounts and access to global capital markets and credit, as well as loans and other debt instruments. For business owners, neobanks are a great option as they offer some of the best international business accounts with low-cost fees and easy-to-use platforms. Additionally, Bank of Hawaii does not offer currency exchange services for holding foreign cash.
When travelling abroad, it is important to check the terms and conditions of your account and card for foreign currency charges when making purchases or withdrawals. Using banks can be pricey due to weak exchange rates and commission fees, so looking into other services like Revolut is a great option for cheaper and more user-friendly currency exchange services. For businesses, Revolut Business is a great choice as it offers transparent mid-market rates for cross-border payments and quality team management software. Additionally, FHB Online and FHB Mobile are also available for customers to access their accounts and do online banking.
Are There Any ATM Machines in Hawaii?
Yes, there are ATM machines in Hawaii. Credit cards are widely accepted and ATM machines are plentiful, making it easy to access cash while you’re on your Hawaii vacation. Additionally, most retail stores and malls also have plenty of products and services to choose from.
What is the History of Currency in Hawaii?
The history of currency in Hawaii began in 1941 when the United States government issued special Federal Reserve Notes with a HAWAII overprint. This was to ensure that if the Japanese were to invade the Hawaiian Islands, the millions of US dollars in circulation there would be useless. These Hawaii-overprinted notes could be used as money in Hawaii as long as the US maintained control.
In June of 1942, the US government issued new overprinted notes including Series 1935A $1 silver certificate, Series 1934 $5 and $20 Federal Reserve Notes, and Series 1934A $5, $10, and $20 Federal Reserve Notes from the Federal Reserve Bank of San Francisco with brown treasury seals and serial numbers. On July 15, 1942, all Hawaii residents were ordered to turn in their regular notes for the Hawaii-overprinted notes.
Starting on August 15, 1942, no other paper US currency could be used except under special permission. This remained in effect until the end of World War II in 1945. After that, US legal tender is used in Hawaii, with individuals and businesses able to possess up to $200 and $500 respectively.