All About Widely Accepted Currencies in Vietnam

When you’re travelling to Vietnam, understanding the currencies in Vietnam is essential. The official currency is the Vietnamese Dong (VND), and you’ll find it widely accepted across the country. It's good to know that while the Dong is the standard, US dollars are also sometimes accepted in tourist-heavy spots, especially for larger purchases. But don't rely on dollars too much and always have Dong on hand, particularly when you venture off the beaten path. Vietnam is mostly cash-based, so you'll be using a lot of paper money, especially for street food, local markets, and taxis. Make sure to carry smaller denominations, as vendors might struggle to give you change for larger notes.

Currencies accepted in Vietnam

When travelling to Vietnam, knowing what currencies are accepted can make your trip much smoother. While the official currency is the Vietnamese Dong (VND), you might be surprised at how other currencies come into play, especially in popular tourist areas. For travelers, carrying a mix of cash and cards is recommended, along with securing Vietnam Travel Insurance to safeguard against financial mishaps during your trip. Here’s a breakdown to help you manage your money effectively.

1. Vietnamese Dong (VND)

The official and mainly used currency of Vietnam is the Vietnamese Dong. You will encounter this during your stay, more particularly for most purchases in local markets, street food stalls, and small shops. The currency comes in denominations ranging from 500 to 500,000 VND, and it's mostly paper notes. Keep smaller notes handy, as some may not be able to provide change for larger ones.

2. Indian Rupees (INR)

Indian travellers should note that the Indian Rupee (INR) is not directly accepted in Vietnam. However, you can easily exchange Rupees into Vietnamese Dong at banks or authorised currency exchange offices in major cities. As of recent rates, 1 INR is roughly equal to around 285 VND, but this can fluctuate, so check before you travel. If you're coming from India, it's best to carry some USD as well, which can sometimes be easier to exchange or spend directly.

3. Euro (EUR)

If you do end up with Euros, you will find that while they are not widely accepted you can easily exchange them at major banks, airports, or through exchange offices. Both the USD and Euros are used for large purchases or in tourist areas, so you will still want to keep Dong for your daily uses. Keep in mind that the exchange rates do fluctuate, and it is a good idea to compare rates at different times to get the best value with your Euros.

4. US dollar

Major currency points include US Dollars, which are widely accepted within places such as Hanoi, Ho Chi Minh City, and coastal resorts. Prices are often provided in USD when booking hotels, taking tours, or making large purchases, but for small businesses, street vendors, and local markets, VND will usually be preferred. You can easily change USD for VND at a bank, hotel or licensed joints for currency exchange. Most currencies found in Vietnam allow flexibility, and the traveller can easily use them; however, you should always exchange some of your money for local currency to avoid inconvenience in future endeavours.

5. British Pound (GBP)

If you're coming from the UK, then it is quite easy to exchange your British Pounds in Vietnam, though not as widely received as USD and EUR. Try not to exchange GBP within tourist areas as you won't get favourable rates, try going to banks or currency exchange bureaus, as they would give you a higher rate for your British Pounds. For everyday expenses, GBP would not be practical so, make sure that you have lots of Dong in your pocket all the time.

6. Australian Dollar (AUD)

Travellers from Australia can exchange AUD for Vietnamese Dong at airports, banks, and authorised currency exchange points. Although AUD is not widely used for direct transactions, Vietnam’s tourism industry recognises Australian visitors, so finding an exchange point will be easy in larger cities.

7. Japanese Yen (JPY)

For Japanese travellers, it’s important to note that the Japanese Yen isn’t widely accepted in Vietnam. You will need to exchange JPY for Vietnamese Dong when you arrive. The exchange process is straightforward at banks or exchange offices, and carrying crisp, undamaged bills is always a good idea, as torn or marked notes may not be accepted.

8. Canadian Dollars (CAD)

For tourists coming in from Canada, you will need to exchange your Canadian Dollars to get VNDs. All the big towns and tourist destinations have banks or exchange offices; you can get the CADs there. But bring newer, undamaged bills because some places do not accept older or worn-out ones.

9. Singapore Dollars (SGD)

You will discover that SGD is not very commonly accepted in Vietnam, so it's best if you change your SGD to VND upon arrival. Some of the exchange offices offer more favourable rates on large bills; therefore, take as many bills in the high denomination as you can for a better exchange.

Understanding the different currencies in Vietnam and how they are accepted can make your travel experience much smoother. Keep a mix of VND and foreign currency with you, but remember that Vietnamese Dong will be your go-to for most transactions. It is advised to secure International Travel Insurance to cover unforeseen situations that could arise while handling foreign currency.

Currency Exchange Rates in Vietnam

Knowing the most recent exchange rates can be of great help in budgeting your trip when you are travelling to Vietnam. The official currency is the Vietnamese Dong (VND), and it's the most widely used, however, some major foreign currencies can also come in handy for exchange or even direct payments in certain places.

Here are the most recent exchange rates in the currencies of Vietnam as of 28th September 2024. You can use it as an approximate idea as the currency exchange rate always fluctuates, so for exact rates, you just need to check the rates before any exchange operation.

Best Exchange centers in Vietnam

When travelling in Vietnam, understanding where to exchange your money is essential for a smooth experience. You’ll come across various options, each with its own set of pros and cons. Here’s a detailed look at some of the best places to exchange currencies in Vietnam.

1. Banks

The safest and most reliable place to exchange your money is the bank. They give you the best exchange rate but ensure your safety first. The big banks in Vietnam include Vietcombank, BIDV, Vietinbank, and Agribank. Most of the big cities and tourist destinations have branches of these banks and they operate Monday to Friday from 8 a.m. to 4 p.m., with some opening on Saturday mornings as well. You will be asked to surrender your passport, so be sure to bring it with you. Exchanging fees are often free of charge in most banks; however, a small commission may be charged.

2. Exchange Offices

These offices are scattered in tourist hotspots that frequently offer competitive exchange rates. They can be a convenient way to quickly get cash on the go, but beware. Avoid unofficial-looking offices or those located in less reputable areas. Do a final check of your exchange slip before leaving the counter and count your money. Some offices tend to charge you secret fees or use tricks, so it will be smart to be cautious and on guard.

3. Hotels

Many hotels provide currency exchange facilities to their guests. While the convenience is outstanding, the rate may not be as you'd get at the banks or even at the special exchange offices. Some hotels might require a copy of your passport to let you have the exchange service. Most hotels are interested in exchanging US dollars only, so if you happen to have euros, INR etc., it's always worth checking first.

4. Street Money Exchange

Although street money changers may attract your attention with irresistible rates, they are very dangerous. You might fall victim to scams like getting counterfeit or damaged notes while exchanging your currency this way. As there's a high risk involved, you should better steer clear of street money changers. In case you are approached by them, be aware and exercise extreme caution.

5. Gold Shops

Gold shops are excellent hidden gems, with most of them being located in cities, they offer better rates than banks and exchange offices and normally work fast since goldsmiths are usually hardworking individuals. But they will not give you an exchange rate slip so, as with every option, double-check your cash before leaving.

Few Exchange Centres in Ho Chi Minh