Money in Vietnam - Payment and ATM Tips

When you're travelling, knowing how to handle money in Vietnam can make a big difference. You’ll want to keep a mix of Vietnamese Dong (VND) and some US dollars for flexibility. ATMs are easy to find in cities, but it’s smart to have cash before heading to rural areas, where card payments might be tricky. Withdrawals usually cap at 2-10 million VND, depending on the bank, so you may need to make a few transactions. Plus, keep an eye on those ATM fees! Some spots might not accept cards, so having good condition notes is always handy.

Paying for Purchases in Vietnam

When it comes to paying for purchases in Vietnam, you'll find a variety of payment options available, though it’s always best to keep cash on hand. Here’s what you need to know:

1. Cash

Cash is the most widely accepted currency in Vietnam. You will experience this with street vendors, local markets, and small shops. Carry some money in the form of Vietnamese Dong (VND) with you for small purchases in Vietnam. It will also become a good negotiating point in the markets. Make sure that your bills are in good condition because torn or worn-out notes might not be allowed.

2. Credit and Debit Cards

Visa and Mastercard are widely accepted in major cities at hotels, restaurants, and larger retail stores. With a few exceptions, using cards could prove costlier due to foreign transaction fees, and it's also common to find some smaller businesses are still cash only. There could also be a surcharge for using cards, so keep an eye out for that.

3. QR Code Payments

Many businesses, especially in cities, have adopted QR codes as a way to accept digital payments. You’ll often see QR codes displayed at counters, allowing you to scan and pay quickly through your banking app or digital wallet. It’s incredibly convenient but still not as widespread in smaller towns.

4. Digital Wallets and Bank Transfers

Digital wallets, such as MoMo, are increasingly being used by people in the urban environment. Mobile wallets are convenient and fast means of making payments but do not be surprised if they're not accepted in the rural parts. Bank transfers are also increasingly being used these days, and if you plan on staying here for some extended period, you might just find them quite useful for specific transactions.

While Vietnam is gradually moving towards a cashless society, carrying some cash remains practical, especially for smaller purchases or when you're off the beaten path.

How to exchange your currency for VND?

When you’re travelling, knowing how to exchange your currency for money in Vietnam is crucial for a smooth experience. Here are some key points to help you out:

1. Authorised Money Changers

Once in Vietnam, getting to an authorised money changer is a good option. They usually have competitive rates and do not demand that you have a bank account. Besides that, you will mostly find them at very convenient locations around big cities.

2. Online Platforms

You can exchange your currency for VND even before you arrive, using platforms like MakeMyTrip or BookMyForex, which offer currency notes or multi-currency Forex cards. This lets you land with local money in hand, ready for immediate use.

3. Hotel

They often provide currency exchange services if you stay in a larger hotel. The rates usually are similar to those in banks, so you do not need to find a money changer or a bank, it is an easy and convenient option.

4. Banks

You can also exchange money in a bank, there are a couple of reputable ones present in various cities in Vietnam. Most Vietnamese banks open from 8 AM to 4 PM every day, even on Saturdays. They are safe and charge a decent rate, but you will have to wait in line for your money.

5. Gold and Jewellery Shops

Some shops will give you the alternative of exchanging your money at their gold and jewel shops. The good thing is that since the shops mainly conduct their transactions fairly without any additional charges, they compete with other alternatives in countries whose traders accept cash.

Withdrawing Cash at ATMs in Vietnam

When you’re travelling, knowing how to withdraw money in Vietnam is essential. ATMs are widely available, but there are a few things you’ll want to keep in mind to avoid surprises.

1. ATM Charges

Although widely available and used throughout Vietnam, there are fees associated with using ATMs. Bank to bank, you might face charges ranging from VND 30,000 to VND 55,000 per withdrawal, although it may be higher for some banks. Your bank likely imposes extra fees when you use foreign ATMs as well. To avoid accumulating in fees, it's best to withdraw larger amounts less frequently, if possible.

2. Withdrawal Limit

The limits of how much you can withdraw will depend on the ATM and the card. In local banks, their ATMs you might get a limit of 2–3 million VND at a time, and in foreign banks, if you have a good amount of money, then maybe you would withdraw 5–10 million VND. If you make big purchases or travel to remote areas, you should make a lot of withdrawals.

3. Exchange Rate

When withdrawing money, the ATM might offer to charge you in your home currency. It’s best to decline this option, as the exchange rate offered is often unfavourable. Stick to being charged in Vietnamese Dong for better rates.

4. Card Acceptance

Almost all ATMs in Vietnam accept Visa, and some others are also accepted. Still, it's always a good idea to review your bank's policy on using them abroad before you leave home, just in case your card does not work.

5. ATM Locations

You’ll find ATMs in major airports, cities, and tourist spots. If you’re unsure where to find one, just ask your hotel staff for assistance. While it’s generally easy to access cash in cities, having a bit of cash on hand is a good backup when heading to rural areas.

Use of Credit Cards in Vietnam

When travelling, knowing how to use your money in Vietnam effectively is key, especially when it comes to credit cards. While many large hotels, supermarkets, and some restaurants now accept credit cards, Vietnam is still largely a cash-based economy. You may find that smaller shops, street vendors, and local markets don’t take cards at all.

For the places that do accept credit cards, keep in mind that some merchants may add a 3% surcharge on top of your purchase. This is in addition to any foreign transaction fees your credit card provider might charge. It’s always a good idea to check the terms with your credit card company before you travel. To avoid extra charges, you may want to sign up for a card that doesn’t impose international transaction fees. Using credit cards can be handy for larger purchases or in emergencies, especially when you can earn rewards, but for smaller day-to-day expenses, it’s best to rely on cash.

What does Vietnamese cash look like?

When you're handling money in Vietnam, you’ll notice two main types of cash: polymer notes and paper notes. Let me guide you through what to expect when you have Vietnamese Dong (VND) in your hands:

1. Polymer Notes

Most of the cash you’ll use in Vietnam comes in polymer notes, which are durable and water-resistant, though they can be slippery and tend to stick together. Flick them apart carefully before paying. The common denominations include:

• 500,000 VND: It is cyan blue with Ho Chi Minh’s birthplace. It’s the largest note in value and size, equivalent to around 22 USD.

• 200,000 VND: It is brownish red with an image of Ha Long Bay. This note is worth about 9 USD.

• 100,000 VND: It is yellowish green with the Temple of Literature. It’s worth about 4.4 USD.

• 50,000 VND: It is a striking purple-pink note featuring the Phu Van Lau pavilion, worth around 2.2 USD.

• 20,000 VND: It is light blue with the Japanese Covered Bridge from Hoi An, equivalent to 0.90 USD.

• 10,000 VND: It is brownish yellow with an image of oil production, worth about 0.44 USD.

2. Paper Notes

Even though it is less common, you may come across smaller paper notes:

• 5,000 VND, 2,000 VND, 1,000 VND: Used for minor purchases, especially in rural areas. The 1,000 VND note is rarely seen.

The lower denominations (500 VND and 200 VND) are almost non-existent today but can be handy for small services like using public toilets. With these notes, you’ll have a good understanding of how to handle money in Vietnam and avoid any confusion when making payments. Just keep an eye on those similar colours!