Currency

The dong abbreviated to VND or d, is the Vietnamese unit of currency. The current rate of exchange is approximately 16,000 to US$1. Though it is not ‘‘official’’, US dollars are now accepted everywhere, especially in tourist zones. Always ensure that these notes are in mint condition. It is also advisable to always keep some dong notes (preferably in smaller denominations) and coins at hand for day-to-day expenditure. Bear in mind that  the dong cannot be converted outside Vietnam.

Vietnamese banknotes are circulated in denominations of 200d, 500d, 1,000d, 2,000d, 5,000d, 10,000d, 20,000d, 50,000d 100,000d and 500,000d. The most common is the 50,000d note, which is worth about US$ 3. All notes bear Ho Chi Minh’s visage, and notes from 50,000d upwards are made of polymer.

In 2003 Vietnam released their first coins in over a quarter of a century. The brass 5000 Dong coin pictures the Chua Mot Cot temple in Hanoi. The brass 2000 Dong shows a traditional high-roofed house.   The brass 1000 Dong shows a temple in the ancient capital of Hue. The copper-nickel 500 and 200 Dong coins portray the denomination in large numerals. 

In all major cities, as well as towns of appreciable size, financial services are abundant. Traveler’s checks can be cashed at banks and well-established hotels in Vietnam accept them as payment. Many shopkeepers catering to tourists are also happy to accept US dollars, though they may charge a two percent transaction fee. While currency exchanges and Automatic Teller Machines (ATMs) are common in most towns and cities, this is not yet the case in rural and remote areas. Remember to carry sufficient amount of Vietnamese currency to such places, although you will never be more than a day’s journey from a banking facility to some kind.

Banks and banking hours

Vietnam’s leading banks are Vietcombank and Sacombank, while the most common international banks are AZN  and HSBC. All maintain offices and ATMs throughout the country, and are connected to the Plus ATM network. Going to a bank for currency exchange or credit card withdrawal is more time consuming than an ATM or private exchange.

While it can vary marginally in different cities and banks, banking hours are generally from 8am to 5pm, Monday to Friday, with some banks closing at midday for lunch. Most private currency exchanges set their own hours.

ATM services

In 1999, there were only two ATMs in the country, both in Ha Noi. Now they are found virtually everywhere there is a bank. All provide instructions in Vietnamese and English, and are available 24 hours a day. Money is issued only in the Vietnamese currency, calculating dollars withdrawals at the daily official rate of exchange. Unlimited number of withdrawals may be made in a day, but each limited to 2,000,000 dong, with a fee to each withdrawal, usually between US$2 and US$5. Larger withdrawals can be arranged with a bank teller. If you are planning to stay in Vietnam for more than a few months, consider opening your own account. Though the red tape involved can be daunting, it will make financial transactions smoother for you.

Changing money

The process of changing cash has improved over the past few years, but the long wait at banks is still at the norm. The process is faster at a private exchange, although the rates are not as good. In fact, the best rates are given by gold and jewelry shops, but they offer no security against short-changing or counterfeit bills. With the proliferation of ATMs in most cities, however, many travellers opt simply to use their debit cards instead.

Credit and debit cards

Although credit cards are not widely accepted in Vietnam’s smaller towns, plastic is just as useful as dollars and dong in a larger cities, especially Ho Chi Minh City and Ha Noi. Airlines, travel agents, upscale hotels and restaurants, as well as shops catering to tourists are all glad to accept major credit cards such as American Express, Master Card, and Visa. If needed, you can also get a cash advance at the bank drawn on your credit card.

Traveller’s checks

Encasing and using traveller’s checks is not the best option in Vietnam, though it is a good idea to carry a few in case of an emergency. They can be cashed in at leading banks and exchanges, as well as airlines and high-end hotels for a small commission. If lost, it is likely that you will need to go to the major city to have them replaced.