vietnam travel money guide Vietnam is a country that offers a lot of attractions and activities for travelers who want to experience its diversity and charm. Whether you want to explore the bustling cities, the scenic countryside, the rich culture, or the delicious cuisine, Vietnam has something for you.
But how can you manage your money in Vietnam? How can you exchange, spend, and save money in Vietnam? How can you avoid the fees, scams, and risks of using money in Vietnam? In this blog post, we will provide you with a comprehensive and up-to-date guide on how to manage your money in Vietnam. We will also give you some tips and tricks on how to make the most of your money in Vietnam. Let’s get started!
What is the currency of Vietnam? vietnam travel money guide
The official currency of Vietnam is the Vietnamese dong (VND). The dong is divided into 10 hào and 100 xu, but these subdivisions are no longer used due to inflation. The dong is issued by the State Bank of Vietnam and comes in both coins and banknotes. The coins are rarely used and come in denominations of ₫200, ₫500, ₫1,000, ₫2,000, and ₫5,000. The banknotes are made of polymer and come in denominations of ₫100, ₫200, ₫500, ₫1,000, ₫2,000, ₫5,000, ₫10,000, ₫20,000, ₫50,000, ₫100,000, ₫200,000, and ₫500,000. vietnam travel money guide
The exchange rate of the dong is pegged to the US dollar (USD), which means that it fluctuates according to the market demand and supply of the USD. As of October 20221, 1 USD is equal to about 23,000 VND. You can check the latest exchange rate of the dong on various online platforms, such as Wise, XE, or Google.
How to exchange money in Vietnam?
There are several ways to exchange money in Vietnam, such as at banks, exchange bureaus, hotels, or airports. However, not all of them offer the same rates, fees, and services. Here are some of the pros and cons of each option:
- Banks: Banks are the most reliable and secure option for exchanging money in Vietnam. They offer the official exchange rate and charge a small commission fee. However, they may have limited opening hours, long queues, and strict identification requirements. You may also need to bring your passport and visa to exchange money at banks. vietnam travel money guide
- Exchange bureaus: Exchange bureaus are the most convenient and accessible option for exchanging money in Vietnam. They are located in many tourist areas, such as Hanoi, Ho Chi Minh City, Da Nang, or Nha Trang. They offer competitive exchange rates and charge no commission fee. However, they may have hidden fees, poor customer service, or counterfeit notes. You should always check the exchange rate, the receipt, and the notes before leaving the bureau. vietnam travel money guide
- Hotels: Hotels are the most comfortable and easy option for exchanging money in Vietnam. They are available 24/7 and offer a hassle-free service. However, they usually offer the worst exchange rate and charge the highest commission fee. You should only use hotels for exchanging small amounts of money or in case of emergency. vietnam travel money guide
- Airports: Airports are the most convenient option for exchanging money in Vietnam when you arrive or depart. They are open 24/7 and offer a fast and simple service. However, they also offer the worst exchange rate and charge the highest commission fee. You should only use airports for exchanging enough money to get to your destination or to get rid of your leftover dong. vietnam travel money guide
How to spend money in Vietnam?
There are several ways to spend money in Vietnam, such as cash, cards, or online payments. However, not all of them are widely accepted, convenient, or cost-effective. Here are some of the pros and cons of each option:
- Cash: Cash is the most widely accepted and preferred option for spending money in Vietnam. You can use cash to pay for almost anything in Vietnam, such as food, transport, shopping, or attractions. You can also use cash to tip for excellent service or to haggle for a better price. vietnam travel money guide However, cash is also the most risky and inconvenient option for spending money in Vietnam. You may lose, damage, or get robbed of your cash. You may also have difficulty finding change, especially for large notes. You should always carry enough cash for your daily expenses, but not too much to avoid attracting attention. You should also keep your cash in a safe and secure place, such as a money belt, a wallet, or a hotel safe. vietnam travel money guide
- Cards: Cards are the most convenient and secure option for spending money in Vietnam. You can use cards to pay for some things in Vietnam, such as hotels, restaurants, or supermarkets. vietnam travel money guide You can also use cards to withdraw cash from ATMs in Vietnam. However, cards are also the most expensive and limited option for spending money in Vietnam. You may be charged high fees for using your cards in Vietnam, such as foreign transaction fees, currency conversion fees, ATM fees, or cash advance fees. You may also have difficulty finding places that accept cards in Vietnam, especially outside of major cities or tourist areas. You should always check the fees and charges of your card provider before using your cards in Vietnam. You should also inform your card provider of your travel plans to avoid having your cards blocked or declined. You should also have a backup card in case of loss, theft, or damage. vietnam travel money guide
- Online payments: Online payments are the most modern and innovative option for spending money in Vietnam. You can use online payments to pay for some things in Vietnam, such as flights, hotels, or tours. You can also use online payments to send or receive money from abroad in Vietnam. However, online payments are also the most complex and restricted option for spending money in Vietnam. You may need to have a local bank account, a local phone number, or a local app to use online payments in Vietnam. You may also face some technical issues, security risks, or legal barriers when using online payments in Vietnam. You should always check the availability, reliability, and legality of online payments before using them in Vietnam. You should also protect your personal and financial information when using online payments in Vietnam. vietnam travel money guide
How to save money in Vietnam?
There are several ways to save money in Vietnam, such as budgeting, bargaining, or choosing wisely. However, not all of them are easy, fun, or practical. Here are some of the tips and tricks on how to save money in Vietnam:
- Budgeting: Budgeting is the most basic and essential way to save money in Vietnam. You should plan and track your income and expenses for your Vietnam travel. You should also set and stick to a realistic and reasonable budget for your Vietnam travel. You can use some online tools, such as spreadsheets, apps, or calculators to help you with your budgeting. You should also review and adjust your budget regularly to reflect your actual situation and needs. vietnam travel money guide
- Bargaining: Bargaining is the most common and expected way to save money in Vietnam. You can bargain for almost anything in Vietnam, such as food, transport, shopping, or attractions. You can also bargain for a better exchange rate, a lower commission fee, or a higher tip. However, bargaining is also an art and a skill that requires some practice and patience. You should always be polite and respectful when bargaining in Vietnam. You should also know the market price and the fair price of what you want to buy or sell. You should also be willing to walk away or compromise when bargaining in Vietnam. vietnam travel money guide
- Choosing wisely: Choosing wisely is the most smart and savvy way to save money in Vietnam. You can choose wisely for some things in Vietnam, such as when to go, where to go, what to do, or how to do it. You can also choose wisely for some things that affect your money in Vietnam, such as how to exchange, how to spend, or how to save it. You should always do your research and compare your options before making any decisions or actions that involve your money in Vietnam. You should also seek some advice and recommendations from reliable sources, such as websites, blogs, forums, reviews, guides, or locals. vietnam travel money guide
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Conclusion
Vietnam is a country that offers a lot of attractions and activities for travelers who want to experience its diversity and charm. But how can you manage your money in Vietnam? How can you exchange, spend, and save money in Vietnam? How can you avoid the fees, scams, and risks of using money in Vietnam? In this blog post, we have provided you with a comprehensive and up-to-date guide on how to manage your money in Vietnam. We have also given you some tips and tricks on how to make the most of your money in Vietnam. vietnam travel money guide
We hope you find this blog post useful and informative. If you have any questions or comments, please feel free to contact us. Thank you for reading and happy traveling! 😊
