Money and Shopping in Vietnam
The national currency is the dong (đồng, VND), which is difficult to find or exchange outside Vietnam; change money on arrival and try to get rid of any leftovers before leaving the country. Continuing inflation and a series of devaluations continues to steadily push down the value of the dong, with 1 dollar fetching over 20,000 dong in February 2011. Bills are available in denominations of 500, 1000, 2000, 5000, 10000, 20000, 50000, 100000, 200000 and 500000 dong. In 2003, coins were also introduced in denominations of 200, 500, 1000, 2000 and 5000 dong, although these are rarely seen.
|
Dongs-> exchange
According to Vietnamese laws foreign currency can be easily changed into dongs but not vice versa. Dongs-> exchange is quite a complicated procedure requiring some time and tranquility. In order to change dongs into another currency one should show one's ticket as a confirmation of leaving Vietnam and one's ID. These papers will be photocopied by the bank employees. Then one fills out a special form stating the sum. the purpose of the exchange and the destination country. Not all Vietnamese banks perform dongs-> exchange. Among the banks which can change dongs into another currency e.g. Vietcombank can be named
|
Prices are widely advertised in U.S. dollars, if only to avoid huge numbers (US$20 for a hotel room sounds cheaper than 400,000 dong), but - unlike e.g. Cambodia - payment is often expected in dong only, especially outside major tourist destinations. It is also easier to bargain with dong, especially since dollar prices are already rounded. Dollar bills in less than perfect condition may be rejected. US$2 bills (especially those printed in the 1970's) are considered lucky in Vietnam and are worth more than US$2. They make a good tip/gift, and many Vietnamese will keep them in their wallet for luck. US$50 and US$100 notes get a higher exchange rate than notes of lower denominations.
Most visitors opt to keep the bulk of their cash in US dollars and exchange or withdraw dong as needed. There is often a considerable spread in dong buy/sell rates, and sometimes the same hotel has different rates for different services! In addition to banks and official exchange counters, you can exchange most hard currencies (Sterling, Yen, Swiss Francs, Euro etc.) at gold shops, often at slightly better than official rates. This is technically illegal, but enforcement is minimal. Hotels and travel agencies can also exchange money, but rates are often very low.
For credit card payments, there is usually a 3% surcharge, so it may be cheaper to go to a nearby ATM (and incur a charge of only 1%) to pay your hotel bill with a huge pile of banknotes.
Traveller cheques of well known companies are widely accepted, but usually a small fee is charged. Fees might also be the only thing that would keep you from getting cash advances on Visa- or Mastercard at most banks. Through both ways you can also get hold of U.S. dollars, though there will be even higher fees. There are mentions in some popular travel books about Vietcombank not charging any commission fees to cash AMEX travelers cheques. However, this is not true anymore.
ATMs are getting more and more common and can be found in most bigger cities and every tourist destination. They will accept a selection of credit and bank-cards, including Visa, Mastercard, Maestro or Cirrus and several other systems. Not every machine will like your particular card, but "Vietcombank-ATMs" are known for the broadest variety. The amount of your withdrawal may not exceed 2,000,000 dong in one transaction with typically an additional 20,000 dong charge. ANZ bank allows withdrawals of 15,000,000 dong per day. Vietcombank ATM's allow up to 2,000,000 dong per transaction with 20,000 dong charge. ANZ bank ATM's allow up to 4,000,000 dong per transaction with 40,000 dong charge. The ANZ bank ATM with the office near the lake in Hanoi allows al least 10,000,000 per transaction. The Techcombank ATM is also a good option it allows withdraws as high as 15,000,000 with only 20,000 dong charge. BIDV bank ATM's allow up to 3,000,000 dong per transaction with 20,000 dong charge. BIDV bank ATM's are generally the best value ATM's to use for foreigners if taking out the maximum 3,000,000 dong each time. BIDV banks are found all over Vietnam whereas ANZ banks are found only in Hanoi and Saigon.
Agribank lets you withdraw up to 5,000,000 dong (25,000,000 dong/day) at a cost of 20,000 dong/withdrawal (as of Dec 2010). Your own bank may add another charge per withdrawal, like Dutch ING if you have their basic service only, so it may be advisable to upgrade your service (perhaps temporarily), because with the relatively low maximum (4,700,000 dong is €160) a per-withdrawal charge can become pretty expensive. Also it may be advisable to have cards from different banks. If found that sometimes only one of my cards worked (and occasionally none of them ...)
There are branches of money transfer companies like Western Union, but this is always one of the more expensive ways to get money.
On most land borders connecting to Cambodia, China, and Laos there are freelance moneychangers to take care of your financial leftovers, but be assured they'll get the better of you if you don't know the going rate. Note for travellers departing from Hanoi airport: There are no money exchange establishments once you finish your immigration, so exchange your dongs before you enter the departure hall.
The Most Frequently Asked Travel Questions about Vietnam
