Interconnect 5v - 3.3v
If speed isn’t a big issue then using a BJT common emitter is fine. Be aware that this will cause a signal inversion and that may be enough of an encouragement to use a 5 volt to 3 volt resistor potential divider which, of course is simpler technically and won’t invert the signal. Speed of response can be a lot better with a resistor potential divider too.

You might also be able to get away with just a single series resistor if you don’t exceed the input current levels of the receiving chip.