Traveling to Vietnam and wondering how to handle your money?
In this guide we explain everything you need to know about exchanging money in Vietnam: whether it’s better to carry cash or pay by card, what fees to expect, and where to exchange money for a good rate so you can squeeze the most out of your budget in the country.
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The Vietnamese Dong, Vietnam’s official currency
The official currency you’ll find on arrival in Vietnam is the Vietnamese Dong, abbreviated VND — the country’s uniform official currency since 1978, following the reunification of north and south.
It can feel a little confusing at first, but you’ll adjust quickly, since the exchange rate against the US dollar (roughly 26,000 VND = US$1) makes the mental math fairly painless.
The good news: Vietnam doesn’t use coins, only banknotes, sparing you the extra weight of loose change piling up in your pocket — a small mercy after days of pounding city pavements.
Vietnam’s banknotes
One quirky thing about Vietnamese banknotes is their texture — they feel a lot like Monopoly money. Every note carries the image of revolutionary leader Ho Chi Minh on the front, and on your trip you’ll come across the following:
1,000 and 2,000 VND: Grayish/white, the most annoying to carry — you’ll rarely use them for anything beyond parking fees for your bike or motorbike.
5,000 VND: Blue and white, handy for making the numbers work when paying for lots of small things.
10,000 VND: Somewhere between green and yellow, with an oil platform on the back.
20,000 VND: Light blue, with Hoi An’s famous Japanese Bridge on the back.
50,000 VND: Red, with the imperial city of Hue — the country’s old capital — on the reverse.
100,000 VND: Among the most used, worth about US$4, printed with Hanoi’s Temple of Literature, the country’s first university.
200,000 VND: Roughly US$8, with the famous Halong Bay — the country’s icon — on the back.
500,000 VND: If you’re carrying a lot of these, your finances are doing fine. They’re turquoise and easy to confuse with the 20,000 VND notes, so pay attention to avoid that mistake. On the back you’ll find Ho Chi Minh’s childhood home.
Where to exchange money in Vietnam
One of the first questions every traveler asks about Vietnam is where to exchange money. Here are some general pointers to maximize your rate and get the most out of your cash.
- Don’t exchange at home before you leave — especially at your home airport, where the rate is usually considerably worse than what you’ll get in Vietnam.
- If you’ve arranged a visa on arrival with a letter of approval, we recommend bringing some US dollars in cash to pay the stamping fee at the airport office.
- You can exchange a little money in the airport arrivals area — you’ll find better rates in the city, but the airport’s aren’t terrible. Our advice: change just enough to reach the center and cover your first day’s accommodation and food.
Where to exchange money in Hanoi
If your trip to Vietnam starts in the capital, we recommend exchanging only the bare minimum at the airport — enough to reach the city center or your accommodation.
Once in the Old Quarter, where you’ll probably be staying, head to the jewelry shops on Hang Bac street right in the heart of the old town — they usually offer the best rates.
Before exchanging, compare a few shops. They don’t ask for your passport, and you can ask to see the day’s rate with no obligation.
Where to exchange money in Ho Chi Minh City
If you’re entering Vietnam through the south instead, the situation is practically the same as up north.
In Saigon the airport rates usually aren’t great, so hold out until you reach the city.
Right next to Ben Thanh market you’ll find several jewelry shops with far more favorable rates, where you can exchange larger amounts.
ATMs and banks in Vietnam
The best way to stretch your money is to bring the cash you’ll need and exchange it in the city, sparing yourself fees of any kind.
That said, the nice thing about traveling in Vietnam is that you don’t necessarily need your whole budget in your pocket: some banks charge a very small fee for ATM withdrawals, so if you’d rather not carry a lot of cash, you can bring part of it and withdraw the rest once you’re in the country.
Fee-free banks for withdrawing money in Vietnam
If you’re looking to withdraw from an ATM in Vietnam without any fees, several banks charge no ATM fees or commissions at all. The three main ones are TP Bank, VT Bank and HSBC.
Others, like Agribank, charge minimal handling fees of around 22,000 VND (less than US$1).
If you need to withdraw larger amounts, we recommend HSBC, which has no withdrawal limit; most other banks only let you take out 2 to 6 million dong at a time, so you’ll probably need more than one withdrawal.
Now — watch out for the fees and exchange rate your bank back home will charge you, which we cover just below.
What to keep in mind when using ATMs in Vietnam
- As you can see, withdrawing money in Vietnam isn’t a problem as far as local bank fees go — but be very careful, because the fees that hurt are the ones your own bank charges for cash withdrawals abroad, which can run around 5% depending on your bank.
- To dodge this, we recommend using one of the many traveler-friendly cards from banks that charge no fees or refund them outright, leaving you paying only the local bank’s fee. One example is the Revolut card — the one we always use — which hasn’t let us down yet. Its basic version, which is probably all you’ll need, is completely free.
- Bear in mind that the exchange rate on ATM withdrawals is usually worse than the rate for exchanging cash in person, so either way you’ll pay a little more than if you’d brought everything in cash. In return, you avoid hauling a small fortune around with you — weigh up which trade-off suits you best.
Paying by card in Vietnam
Often when traveling we’d rather not burn through our cash and prefer to pay by card — but in Vietnam that’s usually not the money-saving move. Here’s why:
- As a rule, card payments in Vietnam carry a local surcharge: if your US$20 accommodation accepts cards, they’ll tell you it’s fine — but with an extra percentage added, usually 3%.
- On top of that comes whatever your bank back home charges for paying in a foreign currency — typically between 1% and 3%.
- Most banks apply a poor exchange rate to foreign card payments, piling hidden costs onto every purchase — you’ll end up paying noticeably more than in cash. If you want to pay by card at the real exchange rate with no hidden markups, use a fee-free card. We recommend a no-fee card like Wise — completely free, real exchange rate, delivered to your home in about 10 days.
- Outside the big cities it’s still uncommon to find card payment available at all, so never rely on it as your only option — always carry cash, because in Vietnam cash is still king.
Tips for saving money on your trip through Vietnam
Here are some of our top recommendations for getting the most out of your Vietnam travel budget.
Use public transport
Vietnam has an excellent bus network — from sleeper buses for long hauls to limousine-style vans for those who like extra comfort, all at very affordable prices. The railway line connecting north and south is another excellent idea if you have time on your side.
If time is tight, domestic flights in Vietnam are probably among the cheapest we’ve flown anywhere in the world, so they’re also an excellent and comfortable way to get around.
Haggle over what you buy
In Vietnam, practically everything is negotiable. From souvenirs to transport, whether you relish the art of the deal or it’s your first time, always negotiate the prices of the services and things you hire or buy — it’s customary, and you’ll get far better prices than by accepting the first number you’re given.
Eat like the locals
In Vietnam you’ll notice that most families run a café or restaurant out of their garage or the ground floor of their home. Walking the streets of any Vietnamese city means passing countless family-run eateries and people selling every kind of food.
There’s nothing better than pulling up one of the tiny plastic stools that crowd every Vietnamese sidewalk to feel like a local, sample loads of delicious dishes and save money along the way.
Stay in family-run hotels and guesthouses
Not just because you’ll save money on your trip, but because the experience is far richer. Vietnam is one of the cheapest countries in the world for accommodation. In the city, any small family-run hotel will be delighted to host you. In the countryside, you can stay at a homestay with a local family and watch and learn from their customs and way of life.
