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A Guide to Exchanging Currency in Vietnam

Currency exchange is an essential part of any trip abroad. When traveling to Vietnam, understanding how to exchange your money is crucial to ensure a smooth and hassle-free experience. In this guide, we will provide you with all the information you need to know about exchanging currency in Vietnam.

1. Vietnamese Currency: The Dong

The currency used in Vietnam is the Vietnamese Dong (VND). As of August 2021, the exchange rate is approximately 23,000 VND to 1 USD. It's important to note that the exchange rate fluctuates, so it's always a good idea to check the current rate before exchanging your money.

1 USD is commonly referred to as 1 "greenback" or 1 "buck" in Vietnam, due to the color of the US dollar bills.

2. Where to Exchange Currency

There are several options for exchanging currency in Vietnam:

• Bank: Banks provide a safe and reliable option for exchanging currency. You can find banks throughout Vietnam, especially in major cities like Hanoi and Ho Chi Minh City. Make sure to bring your passport as it's required for currency exchange.
• Money Changers: Money changers are another convenient option for exchanging currency. They are usually located in tourist areas and offer competitive rates. However, be cautious when using money changers on the street, as some may try to scam tourists.
• ATMs: ATMs are widely available in Vietnam, and most accept international cards. This can be a convenient option for withdrawing cash in the local currency. However, be aware of any additional fees charged by your bank for international withdrawals.

It's recommended to compare rates and fees between different options to find the best deal.

3. Tips for Exchanging Currency

Here are some tips to keep in mind when exchanging currency in Vietnam:

• Exchange a small amount at the airport: While airport exchange rates are generally lower, it's advisable to exchange a small amount to cover initial expenses such as transportation.
• Use reputable establishments: Stick to banks and reputable money changers to ensure your safety and avoid scams.
• Check for hidden fees: Some money changers may advertise no fees but offer a lower exchange rate. Make sure to compare the total cost, including fees and rates.
• Keep small denominations: It's easier to use smaller bills for everyday purchases, as some vendors may not have change for larger bills.

4. Currency Restrictions

There are no restrictions on the amount of foreign currency you can bring into Vietnam. However, if you're carrying an amount exceeding 15,000 USD (or equivalent), you will need to declare it upon arrival.

It's also worth noting that the Vietnamese Dong is a non-convertible currency, meaning it cannot be exchanged outside of Vietnam. Therefore, it's advisable to convert any remaining Dong back to your desired currency before leaving the country.