Money/Currency
Vietnam’s currency issued by the Vietnam State Bank is the Dong (VND), which is non-convertible. The Vietnamese use both coins and paper notes. But as Vietnam is currently changing its money system, there exists two different money systems (old and new) at the same time, which can cause confusion. Coins include VND 5,000; 2,000; 1,000; and 500. These values have paper note equivalences. The following values: VND 500,000; 200,000; 100,000; 50,000; 20,000; and 10,000. Cheques with value as Vietnamese dong include: VND 1,000,000 and 500,000.
Notes: Make sure that the Vietnamese notes you receive are not torn, because many shops and restaurants will not accept them. Also try not to change too much money at one time, as you will end up with a large wad of notes. Be careful, the 20,000 notes look only slightly different from the 500,000 one but the value is a big gap.
Besides the local currency, the US Dollar, preferably crisp clean bills, is also widely accepted among major shops and restaurants. Travelers checks can be cashed at authorized foreign exchange outlets and banks and require presentation of passport. These are widely accepted in hotels and banks. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in US Dollars. Visa and Master cards are becoming more accepted in many big hotels and restaurants, especially in large cities.
Exchange rates
Exchange rate can be referred to at http://www.oanda.com. In general, 1 USD is approximately 19,100 VND, and 1 EUR approximates 25,370 VND around the current writing time.
You can exchange your money at the airport before leaving, or at banks and official exchange centers in Vietnam. You are strongly recommended not to exchange money in the black market.
Banking
International Banks
There are a number of international banks operating in both Hanoi and Ho Chi Minh City with 24-hour cash withdrawal facilities, particularly ANZ Bank in Hanoi and the HSBC in Ho Chi Minh City. Here cash can be withdrawn on Visa and Master cards as well as other cards such as Cirrus.
While traveler's checks have become somewhat obsolete in many places due to the advent of ATM's, in Vietnam they are quite useful. For example, in Hanoi, you can cash U.S. dollar checks at banks for a 1.25-1.5% charge. This is not more expensive than using an ATM, once you figure in bank fees. Please note that using travelers checks is most useful if you can buy your checks without a commission, which some banks and other organizations offer their customers.
Banking hours
The hours may differ from bank to bank. Generally banks open from Monday to Friday: 8:00 – 11:30 and 1:00 to 4:00. Some large banks also open through lunch or on Saturday mornings. Banks are closed on public holidays.
Notes: Make sure that the Vietnamese notes you receive are not torn, because many shops and restaurants will not accept them. Also try not to change too much money at one time, as you will end up with a large wad of notes. Be careful, the 20,000 notes look only slightly different from the 500,000 one but the value is a big gap.
Besides the local currency, the US Dollar, preferably crisp clean bills, is also widely accepted among major shops and restaurants. Travelers checks can be cashed at authorized foreign exchange outlets and banks and require presentation of passport. These are widely accepted in hotels and banks. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in US Dollars. Visa and Master cards are becoming more accepted in many big hotels and restaurants, especially in large cities.
Exchange rates
Exchange rate can be referred to at http://www.oanda.com. In general, 1 USD is approximately 19,100 VND, and 1 EUR approximates 25,370 VND around the current writing time.
You can exchange your money at the airport before leaving, or at banks and official exchange centers in Vietnam. You are strongly recommended not to exchange money in the black market.
Banking
International Banks
There are a number of international banks operating in both Hanoi and Ho Chi Minh City with 24-hour cash withdrawal facilities, particularly ANZ Bank in Hanoi and the HSBC in Ho Chi Minh City. Here cash can be withdrawn on Visa and Master cards as well as other cards such as Cirrus.
While traveler's checks have become somewhat obsolete in many places due to the advent of ATM's, in Vietnam they are quite useful. For example, in Hanoi, you can cash U.S. dollar checks at banks for a 1.25-1.5% charge. This is not more expensive than using an ATM, once you figure in bank fees. Please note that using travelers checks is most useful if you can buy your checks without a commission, which some banks and other organizations offer their customers.
Banking hours
The hours may differ from bank to bank. Generally banks open from Monday to Friday: 8:00 – 11:30 and 1:00 to 4:00. Some large banks also open through lunch or on Saturday mornings. Banks are closed on public holidays.