By Subway
Hong Kong's Mass Transit Railway (MTR) underground network is the fastest way to get around the city, but what you gain in speed you lose in views and (at least for short distances) price. There are five lines, with the most important ones for visitors being the busy Tsuen Wan Line (red), which tunnels from Central to Kowloon and down Nathan Rd towards Tsuen Wan in the New Territories and the Island Line (blue) which runs along the north coast of the Island. The new Tung Chung Line (orange) is the fastest route to Lantau and one of the cheapest ways to the airport when coupled with the S1 shuttle bus. The line also provides a link to Hong Kong Disney Land via a change at Sunny Bay station.
Every MTR station has one Hang Seng Bank branch (except for the massive Hong Kong/Central station, which has two). Because they're a
common feature, unambiguous and easy to find, they're a good place to tell people to meet you.
Note that in Hong Kong, a subway is an underground walkway, not an underground railway, as in most English speaking countries outside of North America.
By Ferry
A vast fleet of ferries plies between the many islands of Hong Kong. The granddaddy of them all and an attraction in itself is the Star Ferry, whose most popular line travels between Kowloon and Central nearly continuously, and offers amazing views (especially when coming from Kowloon). Upper deck seats costs HK$2.20, lower deck HK$1.70, both payable with Octopus (and a quarter of the viewless MTR fare for the same trip!). The competing service from Tsim Sha Tsui East to Central was terminated in late 2005.
Ferries to Lamma, Lantau and other islands depart from a variety of ports, but the largest and most important terminal is at Central adjacent to the Star Ferry. Ferries are usually divided into fast ferries and slow ferries, with fast ferries charging around twice the price for half the journey time, although not all destinations offer both kinds of service. Example fares for trips from Central to Yung Shue Wan (Lamma) are $10/15 slow/fast, and to Mui Wo (Lantau) $10.50/$21. Note that all fares increase around 50% on Sundays and public holidays.
By taxi
Taxicabs are plentiful, clean and efficient. They were just recently (2003) rated as the cheapest of all big cities in the world. Not good news for the drivers, but good for the tourist. Fares start at HK $15, and you can ride for 2 kilometres before additional $1.40 per 200m increments start ticking. A ride all the way across the island will cost no more than $80. No tipping is expected, but the fare may be rounded up to the nearest dollar.
Drivers are required to provide change for HK $100 notes, but not for higher denominations. If you only have a $500 or $1000 note and are going through a tunnel, let the driver know beforehand and he will change it when paying at the toll booth.
Life is made slightly more difficult by the fact that there are three different flavors of taxi. These can be distinguished by colour: red taxis typically serve the Island and Kowloon, and some parts of the New Territories (for example Shatin), but they are permitted to travel all over Hong Kong except to Lantau Island; green taxis serve the New Territories (only), but with a slightly cheaper fare than red taxis; blue taxis serve Lantau (only). (You are unlikely to ever encounter a blue Taxi, as there are only about 50 of them in existence.) All three types of taxis can take you to the airport. When in doubt, just take a red taxi.
In addition, red taxis are based in either the Island or Kowloon, if they do take you, they will charge you twice the bridge/tunnel toll so they can get back! But you can use this to your advantage by picking a homebound taxi from a cross-harbour taxi rank in places like the Star Ferry pier or Hung Hom station. In these cross-harbour taxi stands only single toll charge will be applied to the taxi fare.
There are no extra late-night charges. Baggage will cost you $5 a pop (but in practice almost never charged) and all tolls are payable. The wearing of seat belts is required by law.
All taxi's are radio equipped and can be reserved and requested via an operator for a token fee, payable to the driver. You are unlikely to need to call a taxi though as they are plentiful.
It is good practice to get a local person to write the name or address of your destination in Chinese for you to hand to the taxi driver, as most drivers do not speak sufficient English:- For example, if you wish to a journey back to your hotel, ask a receptionist for a compliment slip (with it's address on it), prior to going out.
By car
Renting a car is almost unheard of in Hong Kong, with the reasons being heavy traffic, extremely complex road network and parking well nigh impossible. However, if you must, even for a small car expect to pay over $600/day.