Currency and Payment Tips for Travelers to Vietnam

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Your Guide to Hassle-Free Transactions

Traveling to Vietnam is an adventure full of culture, natural beauty, and exciting local experiences. To make sure you have a smooth journey, it’s essential to know about Vietnamese currency, payment options, and tips for managing your money. Here’s Chapi Tours’ guide on everything you need to know about currency and payments in Vietnam to make your trip worry-free!

Understanding Vietnamese Currency: The Vietnamese Dong (VND)

The Vietnamese currency is called the Vietnamese Dong (VND), and it’s one of the few currencies in the world with denominations reaching into the thousands and millions. Here are a few essential tips to keep in mind:

• Popular Banknotes: VND banknotes come in a range of denominations, including 1,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000, and 500,000 VND. The 500,000 VND note (worth about $20 USD) is the largest, so handle it carefully to avoid accidental overpayment.
• Distinct Colors and Sizes: Vietnamese Dong notes are different colors, but some (like the 20,000 and 500,000 VND notes) are similar shades. Double-check your bills when making payments to avoid confusion.
• No Coins: Vietnam doesn’t use coins, so all currency is in paper bills.

Currency Exchange Tips

Getting the right currency and exchange rates can save you money and time on your trip. Here’s how to do it right:

• Where to Exchange Currency: The best places for currency exchange are banks, currency exchange counters at airports, and licensed money exchange shops in major cities. Avoid unlicensed street exchanges, as they can offer lower rates and be less secure.
• ATMs: ATMs are available widely across Vietnam’s cities and towns, offering a convenient way to withdraw VND. Major banks like Vietcombank, Agribank, and BIDV are reliable options with ATMs that accept most international cards.
• Avoid Airport Rates if Possible: Although convenient, exchange rates at airports tend to be less favorable than in the city. Consider changing a small amount at the airport and doing the rest at a bank or exchange shop once you’re settled.
• Know the Exchange Rate: Keep an eye on the current USD to VND exchange rate before your trip. Rates can vary, so a quick check will help you ensure you’re getting a fair deal.

Chapi Tip: Download an exchange rate app or check the rate online to avoid overpaying!

Payment Options in Vietnam: Cash, Cards, and Digital Payments

1. Cash: The Most Common Payment Method

Cash is the main form of payment in Vietnam, especially in smaller towns, markets, and among street vendors. Here’s what you need to know:

• Where You’ll Need Cash: Markets, street food vendors, smaller restaurants, local shops, and transportation (like buses and taxis) typically only accept cash.
• How Much Cash to Carry: For a day of shopping, meals, and tips, we recommend carrying around 1-2 million VND ($40-$80 USD). It’s enough for basic expenses, but not too much to carry at once.
• Staying Safe with Cash: Keep large bills and most of your cash in a money belt or hotel safe, and only carry what you need for the day.

2. Credit and Debit Cards

While cash is essential in Vietnam, credit and debit cards are accepted at most hotels, upscale restaurants, and tourist-oriented shops. However, here are some important details:

• Major Card Types Accepted: Visa, MasterCard, and sometimes American Express are accepted at larger establishments.
• Foreign Transaction Fees: Check with your bank to understand any international transaction fees before using your card.
• ATM Withdrawal Tips: Most ATMs will have a withdrawal limit of around 2-3 million VND ($80-$120 USD) per transaction. If you need more cash, plan for multiple withdrawals, but be aware of ATM fees.

Chapi Tip: Inform your bank about your travel plans to avoid any blocks on international transactions and to get an understanding of fees that may apply.

3. Digital Payments: E-wallets and Mobile Payment Apps

Vietnam’s mobile payment scene is growing, but digital payments are still limited compared to cash or card options. International payment apps like Apple Pay, Google Wallet, or PayPal are not widely accepted, but there are a few options available for tech-savvy travelers:

• Local E-Wallets: MoMo, ZaloPay, and VNPay are some local e-wallet apps that may be accepted at select places. However, these apps usually require a Vietnamese bank account, so they’re more common for residents than tourists.
• Supermarket Chains & Big Retailers: Large supermarkets and retailers in major cities may have QR codes for payment via these e-wallets.

Chapi Tip: For convenience, you can ask if your hotel accepts a payment method you’re comfortable with, and use cash for other smaller purchases.

Additional Tips for Handling Money in Vietnam

1. Always Double-Check Change: With high-denomination bills, it’s easy for tourists to make mistakes or receive incorrect change. Double-check your bills when paying and receiving change, especially in busy or crowded places.
2. Be Wary of Counterfeit Bills: Counterfeit currency is rare but possible. To avoid counterfeit bills, exchange money at official outlets and check the feel and watermark of the bills.
3. Tipping Culture in Vietnam: Tipping isn’t mandatory, but it’s appreciated, especially in the tourism sector. A tip of 10-20% at restaurants and 50,000-100,000 VND ($2-4 USD) for guides or drivers is customary for good service.
4. Use Smaller Bills When Possible: Some vendors may have limited change, so try to carry smaller bills for convenience when shopping in local markets or taking taxis.
5. Download a Currency Converter App: Apps like XE Currency are useful for keeping track of your spending in VND and your home currency. This is helpful, especially when shopping or bargaining.

How to Avoid Currency Scams in Vietnam

• Stick to Official Vendors: Avoid exchanging money on the street or in unauthorized shops.
• Avoid “Fixed” ATM Fees: Some ATMs in tourist areas have higher withdrawal fees than local ATMs. Look for ATMs from reputable Vietnamese banks to minimize fees.
• Beware of Overpricing for Tourists: In markets or with street vendors, tourists may encounter “foreigner prices.” Bargaining politely can help ensure you’re paying a fair price.

Chapi Tip: As part of our commitment to sustainable tourism, Chapi Tours provides guidance on fair bargaining and responsible spending to help you support local communities in a respectful and positive way.

Bringing Money into Vietnam: Customs and Declarations

If you’re bringing in cash, keep in mind that amounts over $5,000 USD must be declared at customs upon entry to Vietnam. Be sure to declare any large amounts of cash you plan to bring to avoid complications.

Final Thoughts: The Smart Traveler’s Guide to Money in Vietnam

Understanding how to handle your money in Vietnam can make your trip smoother, safer, and more enjoyable. At Chapi Tours, we’re here to make sure you get the most out of your visit with practical tips and insights into local customs. Whether you’re exploring vibrant markets, savoring street food, or taking in the country’s breathtaking natural beauty, being prepared will help you enjoy Vietnam without a worry.

For more information and personalized travel advice, contact Chapi Tours today and let us help you plan an amazing journey! Visit www.chapitours.com to start your adventure.