Exchange money in Vietnam: before arriving or after?
The exchange rate will be the most important thing you should consider in this circumstance. For the most favorable exchange rate, it is best to exchange money after you arrive in Vietnam, as no agencies in your country will offer a better rate than the ones here. Moreover, exchanging money after arriving in Vietnam also comes with some other benefits:
Accessibility and Convenience: Once you’re in Vietnam, you’ll find numerous options for currency exchange, including banks, hotels, and authorized exchange counters, especially at international airports and major tourist areas. This widespread availability makes it convenient to exchange money as per your need and schedule.
ATM Availability: ATMs are readily available throughout Vietnam, particularly in urban areas and tourist spots. They offer the flexibility of withdrawing Vietnamese Dong as and when required, which is ideal for managing your budget and cash flow during the trip.
Real-Time Currency Management: By exchanging money in Vietnam, you can convert your home currency to Vietnamese Dong based on your immediate spending needs. This approach allows you to avoid carrying large sums of cash and reduces the risk associated with loss or theft.
Updated and Competitive Rates: Currency exchange outlets in Vietnam often provide competitive and up-to-date rates. This ensures that you’re getting a fair value based on the current market conditions, which can fluctuate.
Reduced Home Currency Surplus: By exchanging money as you go, you’re less likely to end up with a surplus of Vietnamese Dong at the end of your trip, which you would then need to convert back to your home currency, potentially incurring additional charges.
Ease of Transaction: Exchanging money in Vietnam is typically a straightforward process. Many currency exchange counters in tourist areas and banks are accustomed to dealing with foreign travelers, making the process user-friendly.
Local Assistance and Advice: When you exchange money at a bank or an authorized dealer in Vietnam, you often have the opportunity to ask for local financial advice. The staff can provide useful tips about handling money in Vietnam, including insights into typical costs and recommended budgeting practices.
Safety and Security: Authorized currency exchange counters and banks in Vietnam adhere to regulatory standards, ensuring that your transaction is secure and you’re receiving authentic currency. To learn more about currency scams in Vietnam, you can check this article.
What is the best place to exchange money in Vietnam?
Exchanging money in Vietnam can be done at several locations, each with its own set of advantages: airports, banks, gold shops, and money exchange agents. Below is a comparison table highlighting the best places to exchange money in Vietnam:
| Feature | Airports | Banks | Gold shops | Money exchange agents |
|---|---|---|---|---|
|
Convenience |
Highly convenient, available immediately upon arrival at the airport. |
Requires travel to the bank, but usually located in accessible areas. |
Widespread throughout Da Nang, often in tourist areas. |
Can be found in various locations, often near tourist attractions. |
|
Exchange rates |
Typically higher rates due to the convenience factor. |
Competitive rates, generally lower than at the airport. |
Varying rates, can offer good deals but requires shopping around. |
Rates can vary, competitive but require comparison. |
|
Operational Hours |
Aligns with flight schedules, mostly available round-the-clock. |
Standard banking hours, usually closed on weekends and holidays. |
Extended hours, often open later than banks. |
Varies, some may offer extended hours. |
|
Safety and Reliability |
Safe and reliable, operated by recognized financial institutions. |
Highly safe and regulated by financial authorities. |
Varies, some are very reliable, but others may be less trustworthy. |
Reliability varies, important to use well-known and reputable agents. |
|
Currency Types Accepted |
Broad range of global currencies accepted. |
Accepts major global currencies, some may have limitations. |
Often accepts a variety of currencies, but not as broad as banks. |
Varies, most focus on major currencies. |
|
Transaction Fees |
Possible transaction fees in addition to exchange rates. |
Some banks may charge fees, others may not. |
May have hidden fees or charges, important to inquire. |
Fees vary, advisable to confirm beforehand. |
For the best cities to exchange money in Vietnam, you should go to major cities like Hanoi, Ho Chi Minh City, or Da Nang – Hoi An, due to several key advantages:
Higher Concentration of Banks and Authorized Dealers: Major cities have a higher density of established banks and authorized currency exchange booths. These institutions are regulated and offer more secure transactions.
Competitive Exchange Rates: Due to the abundance of exchange services in big cities, there’s healthy competition, which often results in more favorable exchange rates for customers compared to smaller towns or rural areas.
Convenience and Accessibility: Major cities in Vietnam are equipped with a better infrastructure for financial services. This means you can easily find multiple exchange points within close proximity, especially in central areas and tourist hotspots.
Extended Operating Hours: Banks and exchange counters in larger cities are likely to have longer and more convenient operating hours, including services over weekends in some tourist-centric areas.
Expertise and Language Proficiency: In major cities, staff at banks and exchange counters are more likely to be proficient in English or other foreign languages, making the transaction process smoother and clearer for international travelers.
Check our articles about best places to exchange money for specific cities in Vietnam:
12+ Best places for money exchange in Da Nang-Hoi An
15+ Best place for money exchange in Hanoi
12+ Best places for money exchange in Ho Chi Minh City
Money exchange in Phu Quoc: 6 best places
Exchange large amounts at once or in smaller increments?
For most Vietnam travelers, exchanging money in smaller increments is advisable. It balances the need for cash with safety and budget management. However, individual circumstances, like your itinerary and access to exchange services, should guide your final decision. Here is the comparison in case you need to choose:
| Feature | Large amount | Smaller increments |
|---|---|---|
|
Pros |
Convenience: One-time exchange means fewer trips to the bank or exchange counter, saving time. Fixed Exchange Rate: You lock in the exchange rate, which can be advantageous if the rate increases later. |
Safety and Security: Less cash on hand means reduced risk. Budget Management: Easier to track and manage spending when you exchange what you need. Adaptability: You can adapt to changing exchange rates and spending needs. |
|
Cons |
Safety Risks: Carrying large amounts of cash increases the risk of theft or loss.
Overestimation of Needs: You might exchange more than you actually spend, leading to leftover currency. Flexibility: Exchange rates can fluctuate; smaller exchanges allow you to take advantage of potential favorable changes. |
Inconvenience: More frequent visits to exchange money. Variable Rates: The exchange rate may change, potentially unfavorably, between transactions. |
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