Foreign Currency Exchange in Vietnam

The Vietnamese dong (VND) is the only legal currency in Vietnam. Tourists must exchange their foreign money, such as USD or EUR, into dong. While some vendors in larger cities may accept dollars or euros, all official prices must be paid in dong. The currency comes in large paper notes ranging from 10,000₫ to 500,000₫, so travelers should pay close attention to zeros. For example, the 20,000₫ and 500,000₫ bills look similar in color, making it easy to confuse them. Always count and check your money when exchanging.

Airport and Station Exchanges vs. City Money Changers

Currency exchange kiosks at airports and train stations are convenient but usually have poor rates. On average, exchanging at these locations can cost ~1% more compared to city rates. Because of this, it’s recommended to exchange only a small amount at the airport just enough to pay for a taxi or bus—and wait to do the rest once you’re in the city. In the city, money changers, jewelry shops, and banks usually offer much better rates.

City Money Changers and Negotiation

In cities like Hanoi and Ho Chi Minh City, licensed money changers often post rates close to the official mid-market value. It’s smart to check the daily exchange rate on Google or a currency app before going, so you know what to expect. Some exchangers, especially gold shops, may offer slightly better deals if you are exchanging large sums of money. However, the difference is usually only a few percent. Always confirm the rate and the total amount you’ll receive before completing the transaction.

Best Practices for Exchanging Money

• Use Authorized Dealers: Always exchange at banks, licensed exchange counters, or reputable gold shops. Avoid street vendors or unlicensed kiosks.

• Bring Clean Bills: Old, torn, or marked notes may be rejected or exchanged at a lower rate. Fresh, crisp USD or EUR bills usually get the best value.

• Count Your Money: Always count your notes before leaving. Pay close attention to the zeros, especially when handling similar-looking bills.

• Ignore “Zero Commission” Signs: These usually mean the commission is hidden in a worse exchange rate.

• Check the Daily Rate: Use currency apps or Google to compare the rate before exchanging.

• Exchange Smaller Amounts: Don’t exchange too much at once. Carrying smaller notes (10,000₫–200,000₫) is useful for taxis, street food, and tips.

Methods of Exchanging Money

• Money Changers (Gold Shops and Bureaus): Usually offer the best rates for cash. Fast and convenient, but they may not always provide receipts. Stick to well-known, licensed shops.

• Banks: 100% safe and reliable, but the process can be slower and requires a passport. Rates are slightly less competitive than private exchangers.

• ATMs: Convenient and widely available, often giving close to the mid-market rate. However, there are withdrawal fees (usually 30,000–50,000₫ per transaction) and limits on how much you can withdraw per day. Always withdraw in dong, not in your home currency, to avoid hidden charges.

• Credit/Debit Cards: Accepted at many hotels, restaurants, and shops, but often come with a 3–4% fee. If asked, always pay in dong rather than your home currency.

• Traveler’s Checks: Rarely used and not recommended due to poor rates and limited acceptance.

Recommended Exchange Outlets

• Hanoi: The Old Quarter has several reputable gold shops and banks where travelers can exchange currency safely at good rates.

• Ho Chi Minh City: District 1 is filled with trusted money changers and jewelry shops offering competitive rates. Banks and licensed bureaus are also widely available.

Other cities like Da Nang, Nha Trang, and Hoi An have local money changers and banks that operate in the same way avoid airports, and head into the city for better rates.

Common Scams and Warnings

• Street Vendors: Never exchange money with strangers on the street. Counterfeit bills and scams are common.

• Zero Confusion: Watch out for tricks involving bills with similar colors, like confusing 20,000₫ with 500,000₫.

• Counterfeit Notes: Learn the security features of Vietnamese dong, such as the transparent window and embossed details, and always double-check large notes.

• ATM Safety: Use ATMs inside bank branches or malls to avoid skimming devices.

• Hidden Fees: Always ask about commissions or fees before exchanging. Some places claim “no fees” but hide them in the exchange rate.

• Dynamic Currency Conversion: When paying by card, always choose to pay in dong, not your home currency.