Vietnam Sunrise Travel Co.,Ltd

Exchange

In the middle of 1995 the exchange rate for one US Dollar in Vietnam was roughly 11,000 Dong. The extraordinarily low value of the currency unit makes you a Dong millionaire with only US $ 100 in your pocket. (Just for the record: in Turkey where one US Dollar exchanges for some 32,500 Turkish Lira, 35 US Dollars are enough to become a Lira millionaire.)

Over the years, the Dong has lost enormously in value. At the beginning of 1991 the parity was 8,000 Dong per US Dollar, in 1989 it stood at 3,500 Dong per US Dollar.

When the Dong had more value, at least officially, there was a black market where Dongs were sold at a substantial discount. With the Dong devaluated, black market rates are only marginally better than those offered at banks.

You may exchange Traveller Cheques in Saigon, Hanoi and larger provincial cities at the branch offices of the Vietcombank and the Vietnamese overseas export company Cosevina. It's easiest to exchange Traveller Cheques issued in US Dollars.

Outside the cities and tourist centres you will have almost no chance to exchange Traveller Cheques. You may find somebody willing to buy US Dollar banknotes but the exchange rate will be worse than in the cities.

Contrary to what is the case in Cambodia, it is not necessary to carry US Dollars in small denominations as alternative currency for day-to-day transactions. Even though you will first have to get used to the high figures, it is always best to pay bills in Dong.

Credit cards are by far not as well introduced as for instance in Thailand. Visa is the most widely accepted card; at some places in Saigon, you may charge to your Mastercard.

Banks are usually open from Monday through Friday (except on holidays) from 8 am to 11.30 am and from 1 pm to 4 pm, as well as on Saturdays from 8 am to 11.30 am and from 1 pm to 3 pm.

Currency Regulations

Foreign visitors can bring any amount of foreign currencies into the country. Amounts of foreign currencies, which have been declared on customs form upon entry to the country, may also be taken out of the country. The import and export of Dong is not allowed.

Currency

Vietnam’s currency issued by the Vietnam State Bank is the Dong (VND). Vietnamese use both coins and paper notes. But as Vietnam is currently changing its money system, there exists parallel two different money systems (old and new) which can cause confusion.

 Coins include VND 5,000; 2,000; 1,000; 500 and 200. These values have paper note equivalences.

 The following values: VND 500,000; 200,000; 100,000; 50,000; 20,000; 10,000. exist both in the new polymer form and the old normal paper notes.

 Cheques with value as Vietnamese dong include: VND 1,000,000 and 500,000.

Exchange rates

Exchange rate can be referred to at http://www.oanda.com.

In general, 1 USD is approximately 16000VND and 1 EUR approximates 20000VND

You can exchange your money at the airport before leaving, or at banks and official exchange centers in Vietnam. It is strongly recommended that you do not exchange money in the black market.

Method of payment

Direct payment of cash is most popular in Vietnam. Small shops, restaurants and markets usually do not accept any other payment.

Major credit cards (such as Visa, Master Charge and to some extent American Express) are increasingly being used, especially in big cities and tourist places, but only in restaurants, hotels or big shopping malls with a transactional fee (3%-5%).

Traveler’s cheques are an easy method of carrying money around, and can be cashed at major banks (but not small banks in small towns).

ATM machines

For those hesitant to carry a large amount of cash around, ATMs (automatic teller machines) have become increasingly popular in Vietnam (mostly in cities) and have attracted many foreign visitors.

Most banks offer this service and the registration for an account is simple and fast. All ATMs are locally interconnected. However, ATMs only give in VND.

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.

Two tier pricing system

In many places in Vietnam, foreigners and visitors still have to pay a much higher fee for entrance or services. However this system is slowly changing as prices are being standardized.