Many friends of mine who traveled to Vietnam encountered issues when exchanging money from USD to Vietnamese Dong, as many notes were not accepted. Today, I’d like to share how you can avoid this problem and ensure you get USD from money changers in your hometown.
In Vietnam, banks and money changers will refuse to exchange old, torn, or faded USD notes, and you may receive a much lower exchange rate if you attempt to use them. Therefore, it's advisable to bring new or clean bills in small denominations. US $100 notes from the pre-2009 series are often not accepted, so it is best to bring bills US $100 from the year 2009 for easier exchange.
Additionally, when paying for travel services and goods in Vietnam, it's best to use new USD notes as well. Keep in mind that your money changers at home may not always provide new notes, so you need to check and ensure all are new, not old, torn, or faded.
I hope this information helps you during your trip to Vietnam!
Examples of Notes:
New USD Notes:
Old,Torn, or FadedUSD Notes:
Where to Exchange Currency in Vietnam
1. At Banks in Vietnam
Banks: Banks are considered the safest and most reliable places for currency exchange in Vietnam.Major banks like Vietcombank, VP Bank, BIDV, Eximbank, Techcombank, and Vietinbank offer exchange services for various foreign currencies. [1] Banks also handle less common currencies.However, be aware that banks may have more formalities and potentially less favorable exchange rates compared to other options.You will need your passport for identification. Banks are generally open during regular business hours (Monday to Friday, 8 AM to 4:30 PM).
2. At Gold and Jewelry Shops
Gold and Jewelry Shops: These shops often provide competitive exchange rates and may not charge fees.However, be aware that their exchange rates can differ from official bank rates.
3. At Currency Exchange Counters
Licensed Exchange Counters: These can be found in airports, shopping centers, and tourist areas, offering easy access to cash.
4. At Hotels
Hotels: Larger hotels may offer exchange services with rates close to bank rates, but smaller hotels might charge service fees.
5. At Airports
Airports: Currency exchange stalls are available at airports, but they typically offer unfavorable exchange rates. It's best to exchange only a small amount to cover initial expenses like taxi fare.
How to Exchange Money
Bring Clean, Crisp Bills: Ensure your banknotes are not damaged, as damaged notes may be subject to additional fees or rejection.
Declare Large Amounts: According to Vietnamese law, amounts exceeding VND 15,000,000 must be declared upon arrival, and amounts exceeding USD 5,000 (or equivalent in other currencies) must also be declared.
Avoid Exchanging Money on the Street: Street money changers might offer tempting rates but carry a high risk of scams or counterfeit bills.
Check Rates: Use online currency converter tools to check the rates and ask around to find the best deal.
General Tips
Use Vietnamese Dong (VND): While USD might be accepted in some places, using VND ensures smoother transactions.
Carry a Mix of Denominations: Exchanging for many small-denomination bills makes it easier to handle daily expenses, especially at local markets and smaller businesses. Larger notes are more convenient if you've booked a tour with all expenses covered.
Be Aware of Exchange Fees and Limits: Inquire about any fees or limits before exchanging money.
Keep Records: Maintain records of your transactions.
Avoid Large Exchanges at a Time: Exchanging smaller amounts reduces the risk of theft, especially in crowded tourist areas, and helps you manage your budget better while preventing unexpected expenses or losses.
Check Your Money After Exchanging: To ensure you receive genuine notes, check the polymer material, hidden image element, and embossing.
Consider Credit/Debit Cards: Major credit cards are accepted at hotels, restaurants, and larger establishments. Some cards offer no foreign transaction fees. ATMs are widely available in cities.
Choose Local Currency When Using Cards: When using your card, always choose to pay in the official Vietnamese currency: the dong.
Currency exchange in Vietnam is vital for a seamless trip. Using banks and trusted exchange counters ensures you get the best rates and avoid scams or counterfeit money. Always be cautious when handling cash and consider exchanging smaller amounts for better control over your budget. For a worry-free trip, contact World Mate Travel to make your travel experience even easier.
