Vietnam Currency Guide for Travelers: Money, Payments & Transfer

Vietnam is a beautiful country with rich culture, history, and landscapes that attract millions of visitors each year. Whether you're exploring the bustling streets of Hanoi, relaxing on the beaches of Da Nang, or trekking through the highlands of Sapa, understanding the currency system in Vietnam is crucial for a smooth and stress-free trip. In this comprehensive guide, we’ll break down everything you need to know about money, payments, and currency transfers in Vietnam.

1. Vietnamese Currency: The Vietnamese Dong (VND)

The official currency of Vietnam is the Vietnamese Dong, often abbreviated as VND. The symbol for the Dong is "₫", but in daily use, you’ll often see it written as VND. It's important to familiarize yourself with the currency denominations before you travel.

Denominations of Vietnamese Dong

Vietnamese Dong is issued in both banknotes and coins, but coins are rarely used in everyday transactions. Below is an overview of the most common denominations:

• Banknotes: VND 1,000, VND 2,000, VND 5,000, VND 10,000, VND 20,000, VND 50,000, VND 100,000, VND 200,000, and VND 500,000.
• Coins: VND 200, VND 500, VND 1,000, but they are seldom seen or used in everyday transactions. It’s best to carry small bills for purchases.

Currency Exchange Rates

The exchange rate fluctuates regularly, so it’s advisable to check current rates before exchanging money. As of recent data, 1 USD = approximately 23,000 VND. However, exchange rates can vary depending on the location, so always check before you exchange.

2. Where to Exchange Money

When traveling in Vietnam, there are several options for exchanging your foreign currency for Vietnamese Dong.

Currency Exchange at Banks

• Banks are a reliable and safe place to exchange money in Vietnam. You can find many branches in major cities like Hanoi, Ho Chi Minh City, and Da Nang. Banks usually offer competitive rates, though some might charge a small fee.
• Hours of Operation: Banks in Vietnam are generally open Monday to Friday from 8:00 AM to 5:00 PM, with some open on Saturdays.

Currency Exchange at Airports

• Airport exchange counters are convenient but tend to offer less favorable rates than banks. You can exchange your currency upon arrival at Vietnam’s international airports (Tan Son Nhat, Noi Bai, Da Nang) for immediate cash, though be mindful of the higher fees and lower rates.

Currency Exchange at Hotels and Tourist Areas

• Hotels, travel agencies, and tourist spots also offer currency exchange services, but they often charge a higher commission. It’s best to use these services only for small amounts if you’re in need of immediate cash.

ATMs and Bank Cards

• ATMs are widely available across Vietnam. Most ATMs allow you to withdraw Vietnamese Dong using international cards (Visa, MasterCard, or even some types of American Express).
• ATM fees for foreign cards typically range from VND 30,000 to VND 50,000 (about $1.30 to $2.20 USD), and foreign banks might charge additional fees.
• Be mindful that some ATMs may have withdrawal limits (usually between VND 2 million and VND 5 million per transaction), so plan accordingly.

3. Using Credit and Debit Cards in Vietnam

While Vietnam is a predominantly cash-based society, credit and debit cards are increasingly accepted, especially in larger cities, tourist areas, and high-end establishments.

Where Cards Are Accepted

• Hotels, restaurants, and shops in major cities like Hanoi and Ho Chi Minh City often accept international credit cards like Visa, MasterCard, and occasionally American Express.
• Big Chain Stores and Malls: Shopping malls and big chain stores (like Vinmart and Lotte Mart) usually accept credit cards.
• Online Payments: Payments via apps like MoMo, ZaloPay, and VNPay are becoming more common for day-to-day transactions, especially in urban centers.

Where Cards May Not Be Accepted

• In rural areas, small restaurants, street vendors, or local shops will often only accept cash.
• Paying with cards in some small hotels or guesthouses can be a challenge, so it's a good idea to have cash on hand for these situations.

Card Fees and Charges

• Foreign cards may be subject to additional transaction fees. It's advisable to check with your bank before you travel to find out about fees for international card usage.
• Currency conversion fees may apply, so you might be charged a small percentage on top of the transaction amount for converting VND to your home currency.

4. Cashless Payments in Vietnam

The rise of mobile payment options has transformed the way many Vietnamese make payments. These platforms offer a quick and easy way to pay for goods and services without cash.

Popular Payment Apps

• MoMo: One of the most popular mobile wallets in Vietnam, used for paying bills, shopping, and even transferring money between users.
• ZaloPay: Another widely used app, which is integrated into the popular messaging platform Zalo, allowing users to send money and make payments easily.
• VNPay: A payment solution that allows you to pay for goods, services, and even transfer money with just a few clicks.

How to Use These Apps

• These apps are generally used with a linked local bank account or a prepaid card. Visitors will need to set up an account to make use of these services. Some banks and exchange shops offer services where you can load foreign currency onto a prepaid card, which can then be used for local transactions.

5. Tipping Etiquette in Vietnam

Tipping in Vietnam is not mandatory, but it is appreciated for good service. Tipping amounts are generally modest compared to Western countries.

• Restaurants and Cafes: If the service charge is not included in your bill (typically 10-15%), leaving a tip of VND 20,000-50,000 (about $1 to $2 USD) for good service is appreciated.
• Hotels: For hotel staff (e.g., housekeeping), a tip of VND 20,000-30,000 per day is common.
• Taxis and Tour Guides: Tipping taxi drivers is not common, but rounding up the fare is appreciated. For tour guides, a tip of VND 100,000-200,000 per day is customary.

6. Sending Money to Vietnam

If you need to send money to someone in Vietnam or receive funds while traveling, several options are available:

Money Transfer Services

• Western Union: Available across Vietnam, Western Union allows fast international money transfers. Fees can vary depending on the transfer amount and destination.
• MoneyGram: Another popular choice for international money transfers, with locations in major cities.

Bank Transfers

• Bank transfers are also an option, but they can take a few days to process and may involve higher fees.

Mobile Transfers

• Using mobile payment services like MoMo or ZaloPay can also facilitate quick and easy transfers if you have a local bank account or prepaid card set up.

7. Managing Your Money Safely

While Vietnam is generally safe for travelers, it's always a good idea to take precautions when handling money abroad.

• Avoid Carrying Large Amounts of Cash: It’s best to carry a combination of cash and cards, but avoid walking around with large sums of money.
• Use Hotel Safes: If you're staying in a hotel, use the safe to store excess cash and valuables.
• Watch Out for Scams: Be cautious in crowded areas and with street vendors who may try to overcharge tourists. Always check prices in advance.
• Exchange Money at Reliable Locations: Only exchange money at banks or reputable exchange counters to avoid being scammed with counterfeit bills.

Conclusion

Vietnam is a wonderful destination with diverse cultures, stunning landscapes, and a growing economy, but understanding the local currency and payment systems can help you navigate your trip with ease. From exchanging money to using mobile payment apps, keeping track of your finances is an important part of your travel experience. With this comprehensive currency guide, you’ll be well-equipped to handle your financial transactions while traveling in Vietnam.