Whether you have a national or international bank account, you should be aware of the financial services available in Vietnam. Besides, before departing to Vietnam, announce your intention of traveling to your bank! Your bank may block your credit card!

VIETNAMESE BILLS

Tourists visiting Vietnam love to joke about walking away from the money changers as “instant millionaires”. The Vietnamese Dong (VND) comes in polymerized notes with multiple zeros, which denominated in bills of between 1000 and 500.000 dong.

By the way, here are some tips that you must scan to avoid mistakes in using Vietnam money:

• Don’t mistake one bill to another

As if the multiple zeroes are not confusing enough, some Vietnamese Dong can look very similar with the untrained eyes. Many tourists have over paid with VND 100.000 bills mistaking them for the similarly greenish VND 10.000. Therefore, a tip to this is that when making purchases, do not just rely on the color of the bills. Instead, you had better double check on the number of zero (0) on them.

• Polymer notes stick

The Vietnamese banknotes are made of long-lasting polymer, not paper and these plastic notes can stick together, presenting another risk you'll overpay for your goods. Flick or peel your notes carefully when paying for a purchase.

• Avoid paying high-denomination bills

Very few vendors will willingly change your VND 500,000, so make sure you're carrying smaller bills when going shopping.

IS USD COMMONLY ACCEPTED IN VIETNAM?

Yes, it is widely accepted by many hotels, shops and restaurants, but not all. It is advisable for you to keep the Dong currency in cash which it is more convenient to make purchases at the local markets and street vendors.

USD & VND, WHICH ONE IS BETTER FOR PAYMENT?

The Vietnamese Dong is highly recommended. Because while many shops or restaurants accept your payment in USD, the downside to this is that the prices will be converted from Dong currency at the vendors’ chosen exchange rate, which maybe not nearest to the official one and always to their advantage, so the cost is more expensive than paying in the Vietnamese Dong.

WHERE TO EXCHANGE MONEY IN VIETNAM

First of all, keep in mind that you will get a better exchange rate when you change your own money in Vietnam rather than in your country. In Vietnam, some currencies easily converted are US dollars, Pounds, Euros, Australian dollars and so on.

Here are some places that have good services of money exchange in Vietnam:

At the banks – They include Vietcombank, Agribank, VID Public Bank, Vietnam Eximbank, etc. Among the banks, the government - run Vietcombank is the first popular commercial bank in Vietnam dealing with foreign currencies with best exchange rate offer; moreover, it has many branches in Vietnam:

• In Hanoi:

Headquarter: 78 Nguyen Du, Hoan Kiem Dist, Ha Noi

• In Ho Chi Minh:

Address: 29 Ben Chuong Duong, Dist.1, HCM city

• In Da Nang:

Address: 140 – 142 Le Loi, Hai Chau Dist, Da Nang

Vietcombank can exchange the Dong currency for US dollars, Euros, British Pounds, Japanese Yen, Thai Baht and Singapore dollars. You will be charged a commission rate of 0.5 – 2% for the latter.

When making trades at the banks, it’s really important to point out that:

• A passport and immigration visa is required
• You need to go during business hours which are from 8:00 to 11:30 and from 13:00 to 16:00 through Monday to Friday
• Avoid lunch hours of 11:30 to 13:00
• Notes should not be damaged or written on as you will be extra charged 2% of the note’s face value

At the gold and jewelry shops – Converting money at gold shops, while it’s illegal, is much simpler than at the banks. No forms to fill out. No passport required. The exchange rates can be surprisingly fair with no fees. It’s a straight swap. Gold and jewelry shops in Hanoi’s Old Quarter, especially Hang Bo and Ha Trung streets, and in Ho Chi Minh City’s Nguyen An Ninh St (near Ben Thanh Market) offer great deals for money exchange.

At the hotels – Most hotels will change money with their guests at the hotel’s reception. Your mileage may depend on which kind of hotel: larger hotels can offer more competitive rates with banks than the smaller.

At the airport – Currency exchange booths can be easily found at the airports. At Tan Son Nhat International Airport (SGN), you can make trades at both the arrival and departure hall. However, the airport exchange rate may be competitive when compared with the rates at stores and gold shops around the cities.

ATMS IN VIETNAM

Currencies

Despite the fact that you can choose to bank in either U.S. dollars or Vietnamese dong, and while both currencies are accepted in most establishments, ATMs will only dispense Vietnamese dong. Foreign currency can be exchanged in the bank

Withdrawal limits

The current maximum withdrawal amount is 4 million VND. Larger cash advance can be arranged during office hours with bank staffs.

What are the fees for using Vietnamese ATMs?

Many Vietnamese banks charge ATM fees.

Fees vary from bank to bank, but the withdrawal fee is about 1-3% of the amount withdrawn. Most ATMs will warn you that you’ll be charged. However, they might not display the actual amount.

Your home bank may also charge fees. Charges usually include a withdrawal fee and a foreign transaction fee. These are charged in addition to the withdrawal fee levied by the Vietnamese ATM.

Where do I find an ATM in Vietnam?

You’ll find several ATMs at Vietnam’s major airports. They’re also plentiful around city streets and next to convenience stores, bars and restaurants. Vietcombank has the most ATMs in Vietnam. A number of international banks also have ATMs across the country. These include ANZ, Citibank and HSBC.

CREDIT CARDS

Ask your bank to confirm whether your card will work in Vietnam. Most ATMs accept Plus (Visa) debit and credit cards. ATMs that accept Cirrus and Maestro (MasterCard) are less common. You can find the nearest ATM on Visa’s online ATM locator or MasterCard’s online ATM locator.

Chip-and-pin ATMs are rare in Vietnam. Make sure your card has a magnetic stripe on the back, as a chip-and-pin only card probably won’t work.

ATMs in Vietnam use six-digit PINs. If your PIN is four digits long, you can usually get around this by adding two zeros in front. However, it’s best to ask your bank about this. Also, it is a good idea to let your bank know when you’ll be in Vietnam, so they won’t flag your transactions as suspicious and freeze your card.

For a cash advance using one of the above cards, you can visit most Vietcombank branches in big cities, and some foreign banks in Hanoi or HCM. If you are opening a Vietnamese bank account it is relatively easy to apply for a credit card at the same time. Please refer to our article on opening an account for more information.

BE CAREFUL AT ANY POINT!

1. Keep some cash together, you never know what might happen. Especially in remote mountainous areas and small towns you do not find a bank or a cash machine. Vietnam, however, recently very variable and ATM network expands.

2. Be careful when you are changing the money in different markets. Make sure how much and which type of money you pay. It is widely known trick when the clerk receives the money, he tells you that he can not change it and wants less money. Be careful, he wants replace the money.

3. Be careful, some paper money are similar, check what you pay. (For example 100 000 – 10 000)

4. When you pay with a credit card, watch a payment terminal, if the seller wants to leave, I recommend take the card back.

5. Do not leave the credit cards, documents and cash in hotels or homestay accommodations. Some hotels have safes, you can use it.