Hi Anna, yes that's right. You might want to ask an indirect question though if it's a stranger. It would be more polite to say, "Could you tell me the time please?".

Most people would either say "could you tell me the time?" or "do you know what time it is?"

"Have you got the time?" is ambiguous, which is why it can be a good idea to avoid using. It can mean 'have you got some time to spend (with me)". A cheeky person might answer "Yes, if you've got the inclination". John's suggestion of 'Could you tell me the time please?' is good, but there are a few other options, such as 'do you know what time it is?' - again, a cheeky person might just answer 'yes!' to that one. These days, that question is getting quite uncommon, as most people have a phone with the time on it.