Some notes and tips on money issues for your Vietnam Travel.

 

1. Credit Card or Cash?
If you are a budget traveler, then cash as credit cards are only accepted in the more ‘expensive’ places like 3 to 5-stars hotels, mid to high end restaurants and shops in the major cities.

Tip: Even as a budget traveler, a credit card or 2 will make a good backup.

Note that in many of the mid level places, they sometimes charge between 3% to 5% as service charge for using your credit card.

 

2. Vietnamese Dong (VND) or USD?
The main currency in Vietnam will of course be VND but USD is also widely accepted.

 

3. Other Currencies
Most banks in Vietnam accept the usual major currencies. So if you are coming from Australia or New Zealand, just bring your country’s currency into Vietnam and change into VND. No need to change first into USD and then later into VND to avoid being double hit with the exchange rates.

Beside the banks, jewellery and gold shops are also known for giving good rates. When in Saigon, check out those gold shops outside the Ben Thanh Market. In any case, do your own homework by first checking the exchange rates on the internet.

Sacombank: http://www.Sacombank.com.vn/en/Pages/default.aspx

Tip: To get better exchange rates, a) have at least US$100 or equivalent in amount (meaning big notes) and b) make sure your notes are in new or like new condition with no excessive wear and tear and no bad fold marks.

 
4. ATM Cards
Many ATM machines in Vietnam (but not all) support ATM cards with Maestro and Cirrus functions. But be ready to pay a transaction fee, from your own country’s bank, for each transaction. My Singapore DBS ATM card charges S$5 for every 2 million VND (about S$150) withdrawal.

Tip: ATM machines may be a little difficult to find when you go into the smaller towns in Vietnam. Make sure you always have cash ready for the next few days of spending.

 

5. Traveler’s cheque
Should not have problem getting banks in Vietnam to buy your traveler’s cheque. Good to have 1 or 2 as a backup. But personally, I’m not a fan- you have to pay to get one and then pay again to get the bank to buy them.

 

6. When you first arrive in Vietnam…
As far as I know, those currency exchange booth/services at the airports in Vietnam don’t operate 24hours. If you arrive in the wee hours, you may have problem paying for the taxi fare to your hotel. In this case, the safest bet is to have at least some USD with you. Best if your USD are in small notes as the cabby may not have enough change for you.

Tip: It cost about US$7 to get to Saigon’s city and about US$14 to get to Hanoi’s city.

 

7. How much money to bring to Vietnam?
This has got to depend on your Vietnam travel budget. To get a general idea, see Cost of Living in Saigon Vietnam.

 

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