Information about Vietnamese Currency

Vietnamese Currency

The Vietnamese currency unit is “Dong” (VND). Currently, there are 11 different denominations of Vietnamese banknotes, including: 200 VND; 500 VND; 1,000 VND; 2,000 VND ; 5,000 VND; 10,000 VND; 20,000 VND; 50,000 VND; 100,000 VND; 200,000 VND and 500,000 VND. 

Vietnamese notes are made of two materials: paper and polymer. The paper notes come in denominations of 200 VND, 500 VND, 1,000 VND, 2,000 VND, and 5,000 VND, while the polymer notes consist of 10,000 VND, 20,000 VND, 50,000 VND, 100,000 VND, 200,000 VND, and 500,000 VND. However, 200 VND and 500 VND are rarely used today due to their low value and the Vietnamese habit of rounding tiny sums in everyday transactions. In lieu of that modest amount, you may be given a small packet of sweets or sugar.

Vietnamese coins were issued and circulated for many years. But since April 2011, the State Bank of Vietnam has officially stopped issuing coins, and they’re no longer used in current transactions because of some inconveniences.

This article will provide you with some helpful information and directions on how to do the money exchange in Hanoi city.

Exchange the foreign currencies to VND?

Exchange the foreign currencies to VND

Some of the foreign currencies widely accepted by exchange money places in Vietnam are USD, EUR, GBP, JPY, AUD, CAD, and SGD. Keep in mind that currency rates alter on a daily basis, so you need to update the information frequently. 

You may exchange money in Hanoi through one of the following options:

Exchange money at the airport

Money Exchange at Airport

Exchanging the currency at Noi Bai International Airport is a convenient and easy choice that helps you save time and paperwork compared to exchanging money at the banks. You can do the exchange in some of the below places:

At the Domestic Terminal (T1): 

Public area on 1st floor:

• 2 currency exchange booths: VietinBank and ACB
• 9 banks with ATMs: Citibank, ANZ, HSBC, VietinBank, Techcombank, ACB, VIB, Sacombank, Agribank
• 1 kiosk banking: VietinBank

At the International Terminal (T2):

Public area in the West of 1st floor:

• 2 currency exchange booths: BIDV and Maritime Bank
• 3 ATMs: BIDV, Maritime Bank and VPBank 

Public area in the East of 1st floor:

• 2 currency exchange booths: VietinBank and Techcombank
• 3 ATMs: VietinBank, Techcombank and Agribank 

Exchange currency in the city center

Exchange money in Hanoi city center

You can change money at any gold or jewelry shop in the city center. These currency exchange locations are easy to find, the transactions can be accomplished quickly, and there’s no complicated procedure required.

However, it’s important to carefully check the additional fees associated with the exchange, as well as if these facilities have been licensed for conducting the money exchange activities.

You can refer to the following recommended addresses:

Quoc Trinh Gold and Silver Shop

Address: 27 Ha Trung, Hang Bong Ward, Hoan Kiem District, Hanoi, Vietnam

Phone: +84 949 438 223

Working hours: 9.00 AM – 5.00 PM (Monday to Saturday)

Thinh Quang Gold and Silver Shop

Address: 43 Ha Trung, Hang Bong Ward, Hoan Kiem District, Hanoi, Vietnam

Phone: +84 24 3928 9482

Working hours: 8.00 AM – 6.00 PM (Monday to Sunday)

Nhat Quang Gold and Silver Shop

Address: 57 Ha Trung, Hang Bong Ward, Hoan Kiem District, Hanoi, Vietnam

Phone: +84 24 3938 6526

Working hours: 8.30 AM – 8.00 PM (Monday to Sunday)

Kim Linh Gold and Silver Shop

Address: 67 Hang Bac, Hang Bac Ward, Hoan Kiem District, Hanoi, Vietnam

Phone: +84 24 3825 3649

Working hours: 8.30 AM – 6.00 PM (Monday to Saturday)

Vang Hoang Tin Gold Shop

Address: 124 Nguyen Thai Hoc, Cat Linh Ward, Ba Dinh District, Hanoi, Vietnam

Phone: +84 24 3733 7425

Working hours: 8.00 AM – 6.00 PM (Monday to Friday), 8.30 AM – 5.30 PM (Saturday and Sunday)

Bao Tin Jewelry Shop

Branches:

• 29 Tran Nhan Tong, Nguyen Du Ward, Hai Ba Trung District, Hanoi, Vietnam
• 15 Tran Nhan Tong, Nguyen Du Ward, Hai Ba Trung District, Hanoi, Vietnam
• 139 Cau Giay, Xuan Thuy Ward, Cau Giay District, Hanoi, Vietnam

Phone: +84 243 763 6999

Working hours: 9.00 AM – 7.00 PM (Monday to Sunday) 

Bao Tin Manh Hai Gold and Silver Shop

Branches:

• 39 Nguyen Trai, Nga Tu So Ward Thanh Xuan District, Hanoi, Vietnam
• 15 Quang Trung, Nguyen Trai Ward, Ha Dong District, Hanoi, Vietnam
• 16 Tran Duy Hung, Trung Hoa Ward, Cau Giay District, Hanoi, Vietnam
• 8 Hoang Cau, Trung Liet Ward, Dong Da District, Hanoi, Vietnam
• 73 Thai Ha, Trung Liet Ward, Dong Da District, Hanoi, Vietnam
• 12B Tran Nhan Tong, Nguyen Du Ward, Hai Ba Trung District, Hanoi, Vietnam
• 217 Nguyen Van Cu, Ngoc Lam Ward, Long Bien District, Hanoi, Vietnam
• 5 Tan Mai, Tan Mai Ward, Hoang Mai District, Hanoi, Vietnam
• 27 Co Linh, Thach Ban Ward, Long Bien District (Aeon Mall Long Bien), Hanoi, Vietnam

Phone: +84 24 2233 9999

Working hours: 8.00 AM – 8.00 PM (Monday to Sunday)

Exchange currency at the hotel you are staying

Exchange currency at the hotel

Currency exchange services are available at the hotel, you may request them at the hotel’s reception desk. The most significant advantage of exchanging money at the hotel is having cash immediately to pay in an emergency, not having to go to the bank. However, you need to check if the currency you intend to exchange is one that the hotel accepts. 

The drawback of this option is the comparatively high fee. As a result, you should only exchange in cases of force majeure or when the bank is closed.

Exchange currency in the bank

Exchange currency in the bank in Hanoi

If you are looking for a secure transaction, exchanging at a bank is the best option for you. This option provides a good rate. However, it will take a little longer because it involves various formalities such as identification, a passport, and a visa.

You can exchange money at any bank branch in Hanoi. Please update and compare exchange rates between banks to make the best decision. Banks have their own regulations on working hours, so you should make the transactions during that time.

Exchange currency at the ATM

Customers in airports, shopping centers, major hotels, and popular tourist attractions are able to utilize multi-function ATMs to exchange USD and EUR into VND according to the bank’s listed exchange rates. This is to address the demands of travelers who want to exchange money while traveling and shopping in Vietnam.

All of the options listed above have their own advantages and disadvantages, and the exchange rates change on a daily basis, so you should check and update information frequently to compare exchange rates and costs across different choices before selecting where to exchange your money. 

Tips for exchanging currency in Hanoi

Tips for exchanging money in Hanoi

When entering Hanoi, foreigners who bring cash of 5,000 USD (or other foreign currencies of comparable value) or more must make a customs declaration. 

If you exchange money at a bank, please prepare all required documentation and conduct the transaction during business hours.

Please carefully check the money changer’s information to guarantee its reliability. To avoid fraud or unclear fees, find a reputable partner who has a business license.

In addition to the amount you want to exchange, you will have to pay the following additional fees:

• The fee is based on the exchange rate: if the bank charges 1% and the rate is 1 USD = 25,415 VND, you will receive 25,160.85 VND after the transaction. 
• The fee is based on the total amount of the transaction. If you make a 1,000 USD trade and the broker charges 0.5%, you will be charged a 5 USD brokerage fee after the transaction. 
• Transfer charge: When you transfer money from your account to the buyer’s or seller’s account through the bank, you must pay the transfer fee as specified by the bank.
• Transaction processing fee: In some cases, the bank or third party will charge a processing fee. This fee is to compensate for the costs of executing and completing your foreign currency swap transaction.

Check to see if your ATM card is compatible with the local ATM you’re visiting.

The 20,000 VND and 500,000 VND denominations are quite similar and can lead to confusion, so use them with caution.

After exchanging, it’s important to carefully inspect the cash to avoid obtaining counterfeit, torn, or patched money, which are not accepted in transactions.

You should keep tiny bills on hand to make small purchases more convenient. Some stores may not have too many small notes available in return. Some stores may not have many tiny notes available for return. Furthermore, you should only exchange sufficient cash for your expenses and avoid carrying too much cash with you.

You should consult the exchange rate in advance. Because the exchange rate refers to the value you obtain when exchanging money, furthermore, currency rates fluctuate frequently and are not the same at many times. 

Summary

Careful planning for your vacation, particularly the financial aspects, will give you more comprehensive experiences and avoid financial risks, especially if this is your first visit to Vietnam. Hopefully, this post will provide you with additional valuable information about exchanging money and using Vietnamese currency during your trip to this wonderful nation.

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