The currency in Vietnam, known as the Vietnamese dong, is an essential topic to
understand before traveling to this beautiful country. In this article, we'll
provide you with all the necessary information about the Vietnamese dong,
including its fascinating history, current exchange rates, and the banknotes and
coins in circulation.
You'll also discover practical tips for exchanging money and managing your
financial transactions while in the country. Dive into the world of dong
currency and be prepared for a worry-free experience during your trip to Vietnam
.
General information about currency in Vietnam
The national currency of Vietnam is the Vietnam Dong (code: VND). Since its
introduction in 1978, the dong has undergone fluctuations and reforms to adapt
to the country's evolving economy. Banknotes and coins in circulation now
include denominations ranging from 1,000 VND to 500,000 VND, offering a variety
of options for everyday transactions.
Dong values come in the form of paper and polymer notes. Paper notes have a very
low value, and are:
- 1,000 VND (about 4 cents)
- 2,000 VND (about 8 cents)
- 5,000 VND (about 20 cents)
As for polymer banknotes, they have a higher value, such as:
- 10,000 VND (about 40 cents)
- 20,000 VND (about 80 cents)
- 50,000 VND (around €2.00)
- 100,000 VND (approximately €4.00)
- 200,000 VND (approximately €8.00)
- 500,000 VND (approximately €20.00)
Tip: The 20,000 VND note and the 500,000 VND note are presented in
similar shades of blue, check them before paying.
When it comes to on-site transactions, it's best to use the local currency, the
Vietnamese dong, as it's more widely accepted in shops, restaurants, and
markets. For a hassle-free experience in Vietnam, be sure to exchange your
currency before you leave or use ATMs to get Vietnamese dong.
Frequently Asked Question: How much cash can I bring into Vietnam?
According to Vietnamese immigration regulations, when exiting and entering
through Vietnam's international border gates with passports, tourists carrying
cash beyond the limit specified below must declare to the border customs:
– 5,000 USD or other foreign currency of equivalent value;
– 15 million VND (approximately 570 euros)
Therefore, the amount of Vietnamese cash you bring with you when entering
Vietnam should not exceed 15 million VND .
Vietnamese currency exchange
In major Vietnamese cities, you'll find exchange offices and banks offering
currency exchange services. It's recommended to visit licensed institutions and
compare exchange rates to get the best value for your money.
Banks are the safest and most reliable places to exchange currency. Bank opening
hours in Vietnam are generally from 8:00 a.m. to 4:00 p.m. on weekdays. However,
it's best to avoid going there during lunchtimes and on public holidays to avoid
disappointment. Some of the banks widely available in Vietnam include
Vietcombank (a government-owned bank), Asia Commercial Bank (ACB), Techcombank,
and Military Commercial Joint Stock Bank (MB Bank), among others. Bank service
fees typically range from 0.5% to 2%.
Currency exchange in Vietnam
Banks are one of the safest and most reputable currency exchange offices for
tourists.
For the best exchange rates, it's advisable to visit gold and jewelry stores.
These establishments offer surprisingly low and fair rates, without the extra
fees charged by hotels or airport counters. Shops can be found in Hanoi's Old
Quarter, such as Ha Trung Street. In Ho Chi Minh City, Ben Thanh Street and the
jewelry stores on Nguyen An Hinh offer good deals and competitive rates.
Here are some useful tips when exchanging money in Vietnam:
- Avoid exchanging money at the airport where rates may be less favorable.
- Watch out for transaction fees and prefer to exchange high-value notes to
avoid carrying too much cash.
- Make sure you have good quality banknotes, as torn or damaged banknotes make
them difficult to use in Vietnam.
Cash withdrawal in Vietnam at ATMs
If you're planning to spend several days in Vietnam, an automated teller machine
(ATM) is a convenient option. With this in mind, it's advisable to avoid
exchanging your entire travel budget at once, for two main reasons:
- Avoid finding yourself with a large sum of money to carry around at all times,
which can be restrictive.
- Minimize the risk of theft and burglary.
Plan to use ATMs regularly to withdraw only the funds you need as needed. ATMs
are widely available in cities and tourist areas across the country, and are
easily found on Google Maps. To make a withdrawal, follow the on-screen
instructions. It's important to note that transaction fees may apply when
withdrawing money in Vietnam. On average, fees range from 1% to 1.5% per
transaction.
To ensure your safety when withdrawing cash from ATMs, follow a few simple
tips:
- Choose ATMs located in well-lit and secure areas.
- Avoid using ATMs that appear damaged or suspicious.
- Protect your PIN by covering it with your hand or body when entering it.
- Withdraw money during bank opening hours and be aware of your surroundings.
Frequently Asked Question: Which international cards can be used with ATMs in
Vietnam?
- Currently, in Vietnam, the most popular are 3 international payment card
organizations: VISA, MasterCard, and JCB . You can distinguish the cards issued
by these 3 organizations by the organization's logo printed on the card.
You can use all 3 types of cards at ATMs in Vietnam. Please note that some older
ATMs do not accept international cards. ATMs of VP Bank, Vietcombank, VIB are
rated as offering the best quality of service, so please refer to the above bank
ATM cash withdrawals.
Payment Methods in Vietnam
Vietnamese currency is widely used throughout the country. It is recommended to
always carry some cash for small purchases or in places where cash payments are
preferred.
However, credit and debit cards are increasingly accepted in shops, restaurants,
and hotels in urban and tourist areas. International cards like Visa and
Mastercard are generally the most widely accepted. It is advisable to prioritize
using cards in more secure locations and for larger amounts, while using cash
for smaller purchases and local markets.
Be sure to check transaction fees and inform your bank about your trip to
Vietnam to avoid any card blocking issues. By adopting a balanced approach
between using cards and cash, you can easily manage your expenses and enjoy your
stay without hassle.
Average expenses when traveling to Vietnam
It's essential to have an idea of the average budget you should plan for your
stay in Vietnam. Service costs vary depending on various factors such as the
level of comfort, the region, and the tourist season.
Generally, budget hotels in Vietnam can cost around €20 to €40 per night, while
higher-end establishments can cost between €50 and €100 or more per night. Meals
at local restaurants are very affordable, with average prices ranging from €5 to
€10 per meal. Taxi rides are also reasonable, with fares starting at around €1
per kilometer. Organized tours and excursions vary depending on the itinerary
and activities, with average prices ranging from €20 to €50 per person.
On average, travelers can expect to spend around €40 to €60 per day in major
cities in Vietnam, taking into account the costs of accommodation, meals,
transportation, and sightseeing.
However, it's important to note that these figures may vary depending on your
personal choices and travel style. Plan your budget based on Vietnam's currency
and your preferences for a smooth and hassle-free travel experience.
Tip for your trip to Vietnam: You'll enjoy a welcoming tourist
environment where you can travel safely, with little risk of theft or burglary.
However, it's always necessary to remain vigilant with your wallets, personal
belongings, and valuable jewelry.
Other tips
When spending money in Vietnam, it's essential to know a few tips to maximize
your purchases. Night markets are a great place to shop and practice the art of
bargaining. Take advantage of these opportunities to score great deals while
soaking up the lively local atmosphere.
When it comes to tipping culture in Vietnam, it is generally appreciated to
leave a tip, especially in luxury restaurants and for quality services.
However, it is not recommended to exchange currency in Vietnam without first
checking the exchange address due to high service fees and potential risks. It
is best to manage your daily expenses and not carry excessive amounts of cash
with you.
For a more stress-free experience, it's recommended to seek the assistance of an
agency or a personal advisor who can help you plan your schedule and determine
an appropriate budget for your trip to Vietnam. This way, you can fully enjoy
your stay while wisely managing your currency in Vietnam.
More articles:
