Welcome to Vietnam! As you prepare for your amazing journey, understanding the local currency and how to manage your money will make your trip much smoother. Vietnam's official currency is the Vietnamese Dong (VND), symbolized as ₫. Get ready to feel like a millionaire – you'll be dealing with notes featuring lots of zeros!
This guide covers everything you need to know about using VND, from withdrawing cash at ATMs in Vietnam and exchanging money to practical tips for payments.
Banknotes: Vietnam uses banknotes for all transactions; coins are no longer in circulation. Common denominations you'll encounter are:
Polymer notes (plastic feel): 500,000₫, 200,000₫, 100,000₫, 50,000₫, 20,000₫, 10,000₫.
Cotton paper notes: 5,000₫, 2,000₫, 1,000₫. (Lower value notes like 500₫ and 200₫ exist but are rarely used).
Lots of Zeros: Don't be intimidated! With notes going up to half a million Dong, you'll quickly get used to handling large numbers. (Tip: Mentally removing three zeros can sometimes help simplify things).
Colour Confusion: Be careful! The blue 20,000₫ note and the blue-cyan 500,000₫ note can look similar in dim light. Double-check before paying.
Non-Convertible: VND is generally not convertible outside Vietnam. Plan to spend it or exchange it back before you leave (more on that later).
You have two main ways to get Vietnamese Dong:
1. ATMs in Vietnam
Availability: ATMs are widespread in cities and major tourist areas. In smaller towns or rural regions, they might be less common, so plan accordingly. Look for ATMs attached to banks for better security.
Cards Accepted: Visa and Mastercard are widely accepted. Other networks like Maestro/Cirrus might also work.
Withdrawal Limits: Limits per transaction vary. Local banks often limit withdrawals to 2,000,000₫ - 5,000,000₫. Some international banks (like HSBC, Citibank) or certain local banks (like TPBank, Sacombank) may offer higher limits (up to 10,000,000₫).
Fees: Expect fees for using foreign cards.
Local ATM Fee: Most Vietnamese banks charge a fee per transaction, typically ranging from 22,000₫ to 55,000₫ (approx. US$1-2.50). Some banks like TPBank or VPBank are often cited as having lower or no fees for foreign cards, but this can change. The ATM should notify you of the fee before you confirm the transaction.
Your Home Bank Fees: Your own bank will likely charge a foreign withdrawal fee and potentially a foreign transaction fee (often 1-3%). Check with your bank beforehand.
Safety: Use ATMs in well-lit areas, preferably inside bank lobbies during opening hours. Shield your PIN and be aware of your surroundings.
Dynamic Currency Conversion (DCC): If the ATM asks if you want to be charged in your home currency – always decline. Choose to be charged in VND. Accepting the conversion at the ATM almost always results in a poor exchange rate.
2. Exchanging Foreign Currency
Where to Exchange:
Banks: Safest option, official rates. Major banks include Vietcombank, Vietinbank, Agribank, BIDV. Requires passport. Open standard business hours (Mon-Fri).
Licensed Exchange Counters: Found at airports and in tourist centres. Convenient upon arrival but rates might be slightly less favourable than banks.
Gold/Jewelry Shops: Common, especially in older districts like Hanoi's Old Quarter. Often offer slightly better rates than banks and are quicker. However, ensure they are reputable, as official licensing can be unclear. Count your money carefully.
Hotels: Many larger hotels offer exchange services, but rates are usually less competitive. Convenient for small amounts.
Currencies Accepted: US Dollars (USD) are the easiest to exchange. Euros (EUR), Australian Dollars (AUD), British Pounds (GBP), and other major currencies are generally accepted at banks and official counters.
Condition of Notes: Bring crisp, clean, undamaged foreign banknotes, especially USD. Torn, marked, or old bills may be rejected or exchanged at a lower rate.
Tips: Compare rates if possible. Always count your VND carefully before leaving the counter. Keep your exchange receipts. Avoid changing money on the street due to high scam risks.
Cash is King: Cash (VND) is essential for daily life in Vietnam. You'll need it for:
Street food vendors
Local markets
Taxis (unless using Grab app with card linked)
Small shops and family-run businesses
Entrance fees for some attractions
Tips
Purchases in rural areas and smaller towns.
Tip: Always try to carry a mix of denominations, including smaller notes (10k, 20k, 50k), as vendors may struggle to make change for large 500k notes, especially for small purchases.
Using Credit/Debit Cards: Card acceptance is increasing rapidly, especially in urban centres and tourist areas.
Where: Mid-range to high-end hotels, restaurants, tour operators, shopping malls, supermarkets, and larger shops often accept Visa and Mastercard. American Express is less common.
Fees: Some businesses may add a surcharge for card payments (typically 2-4%). Your home bank will also likely charge foreign transaction fees.
Best Use: Good for larger expenses like hotel bills, flights, organized tours, and significant purchases in established stores.
Mobile Payments: Apps like MoMo, ZaloPay, and Moca (used by Grab) are very popular among locals. While tourists can sometimes set these up with a local SIM/bank account, it's generally less practical for short trips compared to using cash and cards.
Inform Your Bank: Let your bank(s) know your travel dates and destinations to avoid your cards being blocked for suspicious activity.
Carry a Mix: Relying solely on cash or cards is risky. Carry multiple cards (debit/credit) and a reasonable amount of cash, stored securely in different places.
Small Notes Rule: Break larger notes (like 500k) when you can at larger stores or hotels. Having smaller denominations makes everyday transactions much easier.
Count Carefully: Whether receiving change or exchanging money, count your VND carefully. The large number of zeros can be confusing initially.
Know the Rate: Have a rough idea of the current exchange rate (use an app like XE Currency) to understand prices.
ATM Strategy: Withdraw larger amounts less frequently to minimize per-transaction fees. Use ATMs inside or attached to banks when possible.
Budgeting: Vietnam is generally very affordable, but costs vary. Factor in accommodation, food, transport, activities, and shopping. Street food is cheap and delicious; tourist restaurants and imported goods cost more.
Leftover Dong: Since VND is hard to exchange outside Vietnam, try to spend most of it before departure. You can exchange small amounts back to major foreign currencies at the airport exchange counters, but rates may not be great, and they might have minimum/maximum limits. Use leftover Dong for last-minute souvenirs, snacks, or airport expenses.
Managing money in Vietnam is straightforward once you know the basics. Embrace the colourful Dong, enjoy the affordable prices, and focus on the incredible experiences this country offers!
Need help planning your Vietnam adventure, including budget advice? Check out our Vietnam Package Tours or contact us for expert planning assistance!
