Can I expect different USD-VND exchange rates depending on which bank or currency exchange shop I visit?

Quick Summary: This article gets real about why USD to Vietnamese Dong (VND) exchange rates are never as straightforward as Google tells you. We’ll talk about rate differences at banks vs. money changers, break down my own cash swaps (with a couple of missteps!), bring in what the law actually says, and even compare how "verified trade" standards look internationally. Get smarter about swapping your dollars in Vietnam—minus the finance jargon. Can You Get a Better USD-VND Rate at Certain Places? Short Answer: Absolutely. If you’ve ever checked the “USD to VND” rate online and then felt confused at the counter, this article is for you. I’ve been to Vietnam three times in five years; each visit I made a game of hunting for that elusive “better rate.” Turns out, every bank and money changer (called tiệm vàng—gold shops—by the locals) seems to have their own idea of what one dollar is worth. Let’s walk through how exchange rates really work in Vietnam, what the law says, my hands-on results, and where the friendly loopholes are. Oh, and actual screenshots—because you need to see what rates look like, not just hear about them. Why Are Exchange Rates Different? A Quick Reality Check When folks land in Vietnam, most just Google the exchange rate—something like XE.com USD to VND—and call it a day. But here’s what many don’t realize: The rate you see online is the “interbank” rate, basically what banks trade at, and you’ll almost never get this as a consumer. Banks, currency exchange shops, and even hotels set their own margins. Yep—they have to make some money for their service and risk. Regulations say only licensed organizations can officially trade foreign currency, but *cough*... reality is not always so clear. Official Standards: What Does Vietnamese Law Say? This isn’t just “the way things are.” The State Bank of Vietnam (SBV) sets the official central exchange rate every day (source). Here’s what happened when I checked SBV’s published rate—say, 1 USD = 24,000 VND. Next, I wandered to the counter at Vietcombank, where the LED board flashed: "Buy: 23,800 | Sell: 24,300". That’s about a 2% spread from the official number. Then I tried a tiệm vàng (gold shop) near Ben Thanh Market, and—surprise—the handwritten board showed “USD Buy: 24,050.” Photos below (snapped with my phone; sorry for the blurry gold shop photo, the lighting was wild): Vietcombank USD exchange board, Saigon, April 2024 (author's photo) Gold shop rate, HCMC, scribbled on whiteboard, May 2024 (author’s photo) Does This Happen Elsewhere? Cross-Country Exchange Rate Divergence Let’s run a little data comparison. I checked with friends and travelers in: Vietnam: Banks vs. tiệm vàng (Spread: 500 VND/dollar, roughly 2%) Thailand: Banks vs. Superrich Money Exchange (Spread: 0.3-1%) Japan: Banks only, forex shops rare (Spread: 0.5-1%) In Vietnam, that difference is bigger than most—especially that delta between official and street rates. Good luck finding that "perfect" rate—none of us have, though the gold shop often wins by a nose. How to Exchange Foreign Currency in Vietnam—Actual Steps Here’s the deal: banks are by-the-book. Gold shops? A little less paperwork, slightly better rates, but, uh, technically not all are "officially licensed" for currency exchange. Here’s what I did—broken into not-so-neat steps for both banks and money changers: 1. Swapping at a Bank (Vietcombank Example) Brought passport — needed for anything over ~$100. Filled out a currency exchange form. The teller stamped it, asked about the source of cash (routine question). Gave cash, got VND counted out in front of me. Kept receipt, since some hotels will ask for “bank-exchanged” proof if you pay in VND for big bills. Screenshot from Vietcombank’s online FX rate page—note the difference! Vietcombank official rates: spread and true buying price matter 2. Swapping at a “Gold Shop” (Tiệm Vàng) Walked in; no ID needed for small amounts (under $500, in my experience) Handed over dollars, saw staff whip out a currency tester (UV light thingy—real high-tech...sort of!) Loud calculator pounding, then passed me the dong—no receipt offered Rate negotiation is possible if you’re trading a big amount—shoutout to this blogger's story who haggled 50 points better in Hanoi Here’s a funny thing: first time, I gave a $100 bill with a crease—guy quoted a rate 150 dong lower because “old note, not beautiful.” So, keep your bills crisp. Which Gets You More Dong? I did three swaps in April: Bank: Changed $200, got 4,760,000 VND (rate: 23,800 per dollar) Gold shop: Changed $200, got 4,800,000 VND (rate: 24,000 per dollar) Airport counter: $200, only 4,520,000 VND (rate: 22,600; ouch) So yes, the rate jumps around depending on where you go—and airport counters are literal last-resort traps. Is It Legal To Use Money Changers? What the State Bank Says Officially, per Decision 21/2015/QĐ-TTg and updated rules, only banks and licensed outlets can perform foreign exchange. But as this national newspaper explainer bluntly states, authorities have tolerated tiệm vàng operations “to meet practical demand”, especially in tourist hotspots. Not all gold shops are officially licensed, so while the risk is low for travelers, business users should go through banks for large amounts—receipts, traceability, and legal safety. Different Standards? International Comparison of "Verified Trade" Getting nerdy for a sec: how do other countries regulate verified trade/exchange? Here’s a table from OECD and USTR docs on official channels. Country Name/Process Legal Basis Enforcement Agency Can Gold Shops Operate? Vietnam Licensed forex outlets/banks only(practically, gold shops tolerated) SBV Decision 21/2015/QĐ-TTg State Bank of Vietnam Unofficially yes, if tolerated Japan Bank/official FX desk only Currency Exchange Law FSA (Financial Services Agency) No Thailand Licensed money changers & banks BOT Regulation (B.E. 2547) Bank of Thailand Yes, if licensed United States MSBs (Money Service Businesses) licensed & regulated FinCEN regulations (31 CFR Part 1022) FinCEN (Treasury Dept.) Yes, if registered So Vietnam’s system is a weird hybrid: official line is tight, but in practice, gold shop exchanges are a wink-nudge norm. Case Study: Two Tourists, Two Experiences Last autumn, two friends landed at Tan Son Nhat. Sarah queues at the airport bank counter, gets a so-so rate. Erik, who read an expat forum, hops a bus downtown and heads for a recommended gold shop. Erik gets nearly 300,000 VND more—enough for breakfast and coffee for a week. But: Sarah’s bank receipt meant smooth sailing at her mid-tier hotel, which wanted “proof of source.” Erik got a frown from the desk, but, after some explaining, was let off. Industry expert Nguyen Van An, interviewed in Nhan Dan online, summed it up: “Market practice is ahead of regulation... authorities adapt slowly, but for most travelers, the convenience trumps bureaucracy.” Stuff I Messed Up (& What You Shouldn’t Repeat) On my first trip, I got cocky—handed over $100 at the airport. Big ouch: worst rate I’d ever got. Next try, took an old $50 to a gold shop, and the guy just pushed it back—“No old notes!” Also: tried to change $400 at once, the bank needed passport *and* wanted to know my hotel address. Cumbersome, but proved handy when I lost a chunk of cash—the bank receipt got me some sympathy at the consulate. So, lesson: keep bills crisp, don’t change everything at the airport, and balance your speed against traceability. Conclusion & What I Actually Recommend Yes—the USD to VND rate absolutely differs between banks and money changers. This price gap, sometimes just a few percent, adds up if you’re exchanging hundreds or thousands of dollars. For best results: For small, everyday amounts: gold shops offer slightly better rates, not too much hassle. For large or official payments (e.g., hotels, car rentals): stick to banks for paperwork and legal safety. Avoid airport counters unless you’re desperate; you’ll bleed money. Always check both bank and gold shop posted rates before exchanging, especially in tourist-heavy cities like Hanoi, Hoi An, or HCMC. Keep bills crisp, skip the old or “marked” notes, and always count your VND before leaving the counter. Legal gray zones do exist, as shown by the gap between regulation and actual practice—so don’t stress about “doing it wrong” if you use a tiệm vàng, but know the law in theory is stricter. Next Steps: Bookmark rate-checking sites like Vietcombank Exchange or XE for live rates. Join forums like Reddit’s Vietnam for real traveler experiences. If exchanging large sums, ask your hotel which documentation they require in advance. Author: Alex Tran — financial blogger, repeat Vietnam traveler, frequent currency exchanger. Main sources: State Bank of Vietnam, OECD trade standards, news sites, and plenty of personal trial and error. Updated June 2024.

Phineas's answer to: Do exchange rates differ across banks and money changers in Vietnam?

Quick Summary: This article gets real about why USD to Vietnamese Dong (VND) exchange rates are never as straightforward as Google tells you. We’ll talk about rate differences at banks vs. money changers, break down my own cash swaps (with a couple of missteps!), bring in what the law actually says, and even compare how "verified trade" standards look internationally. Get smarter about swapping your dollars in Vietnam—minus the finance jargon.

Can You Get a Better USD-VND Rate at Certain Places? Short Answer: Absolutely.

If you’ve ever checked the “USD to VND” rate online and then felt confused at the counter, this article is for you. I’ve been to Vietnam three times in five years; each visit I made a game of hunting for that elusive “better rate.” Turns out, every bank and money changer (called tiệm vàng—gold shops—by the locals) seems to have their own idea of what one dollar is worth. Let’s walk through how exchange rates really work in Vietnam, what the law says, my hands-on results, and where the friendly loopholes are. Oh, and actual screenshots—because you need to see what rates look like, not just hear about them.

Why Are Exchange Rates Different? A Quick Reality Check

When folks land in Vietnam, most just Google the exchange rate—something like XE.com USD to VND—and call it a day. But here’s what many don’t realize:

The rate you see online is the “interbank” rate, basically what banks trade at, and you’ll almost never get this as a consumer.
Banks, currency exchange shops, and even hotels set their own margins. Yep—they have to make some money for their service and risk.
Regulations say only licensed organizations can officially trade foreign currency, but *cough*... reality is not always so clear.

Official Standards: What Does Vietnamese Law Say?

This isn’t just “the way things are.” The State Bank of Vietnam (SBV) sets the official central exchange rate every day (source). Here’s what happened when I checked SBV’s published rate—say, 1 USD = 24,000 VND. Next, I wandered to the counter at Vietcombank, where the LED board flashed: "Buy: 23,800 | Sell: 24,300". That’s about a 2% spread from the official number. Then I tried a tiệm vàng (gold shop) near Ben Thanh Market, and—surprise—the handwritten board showed “USD Buy: 24,050.” Photos below (snapped with my phone; sorry for the blurry gold shop photo, the lighting was wild): Vietcombank exchange rate board, Saigon, April 2024

Vietcombank exchange rate board, Saigon, April 2024

Vietcombank USD exchange board, Saigon, April 2024 (author's photo) Tiệm Vàng exchange rates, HCMC

Gold shop rate, HCMC, scribbled on whiteboard, May 2024 (author’s photo)

Does This Happen Elsewhere? Cross-Country Exchange Rate Divergence

Let’s run a little data comparison. I checked with friends and travelers in:

Vietnam: Banks vs. tiệm vàng
(Spread: 500 VND/dollar, roughly 2%)
Thailand: Banks vs. Superrich Money Exchange
(Spread: 0.3-1%)
Japan: Banks only, forex shops rare
(Spread: 0.5-1%)

In Vietnam, that difference is bigger than most—especially that delta between official and street rates. Good luck finding that "perfect" rate—none of us have, though the gold shop often wins by a nose.

How to Exchange Foreign Currency in Vietnam—Actual Steps

Here’s the deal: banks are by-the-book. Gold shops? A little less paperwork, slightly better rates, but, uh, technically not all are "officially licensed" for currency exchange. Here’s what I did—broken into not-so-neat steps for both banks and money changers:

1. Swapping at a Bank (Vietcombank Example)

Brought passport — needed for anything over ~$100.
Filled out a currency exchange form. The teller stamped it, asked about the source of cash (routine question).
Gave cash, got VND counted out in front of me.
Kept receipt, since some hotels will ask for “bank-exchanged” proof if you pay in VND for big bills.

Screenshot from Vietcombank’s online FX rate page—note the difference! Vietcombank FX Rate Screenshot

Vietcombank official rates: spread and true buying price matter

2. Swapping at a “Gold Shop” (Tiệm Vàng)

Walked in; no ID needed for small amounts (under $500, in my experience)
Handed over dollars, saw staff whip out a currency tester (UV light thingy—real high-tech...sort of!)
Loud calculator pounding, then passed me the dong—no receipt offered
Rate negotiation is possible if you’re trading a big amount—shoutout to this blogger's story who haggled 50 points better in Hanoi

Here’s a funny thing: first time, I gave a $100 bill with a crease—guy quoted a rate 150 dong lower because “old note, not beautiful.” So, keep your bills crisp.

Which Gets You More Dong?

I did three swaps in April:

Bank: Changed $200, got 4,760,000 VND (rate: 23,800 per dollar)
Gold shop: Changed $200, got 4,800,000 VND (rate: 24,000 per dollar)
Airport counter: $200, only 4,520,000 VND (rate: 22,600; ouch)

So yes, the rate jumps around depending on where you go—and airport counters are literal last-resort traps.

Is It Legal To Use Money Changers? What the State Bank Says

Officially, per Decision 21/2015/QĐ-TTg and updated rules, only banks and licensed outlets can perform foreign exchange. But as this national newspaper explainer bluntly states, authorities have tolerated tiệm vàng operations “to meet practical demand”, especially in tourist hotspots. Not all gold shops are officially licensed, so while the risk is low for travelers, business users should go through banks for large amounts—receipts, traceability, and legal safety.

Different Standards? International Comparison of "Verified Trade"

Getting nerdy for a sec: how do other countries regulate verified trade/exchange? Here’s a table from OECD and USTR docs on official channels.

Country	Name/Process	Legal Basis	Enforcement Agency	Can Gold Shops Operate?
Vietnam	Licensed forex outlets/banks only (practically, gold shops tolerated)	SBV Decision 21/2015/QĐ-TTg	State Bank of Vietnam	Unofficially yes, if tolerated
Japan	Bank/official FX desk only	Currency Exchange Law	FSA (Financial Services Agency)	No
Thailand	Licensed money changers & banks	BOT Regulation (B.E. 2547)	Bank of Thailand	Yes, if licensed
United States	MSBs (Money Service Businesses) licensed & regulated	FinCEN regulations (31 CFR Part 1022)	FinCEN (Treasury Dept.)	Yes, if registered

So Vietnam’s system is a weird hybrid: official line is tight, but in practice, gold shop exchanges are a wink-nudge norm.

Case Study: Two Tourists, Two Experiences

Last autumn, two friends landed at Tan Son Nhat. Sarah queues at the airport bank counter, gets a so-so rate. Erik, who read an expat forum, hops a bus downtown and heads for a recommended gold shop. Erik gets nearly 300,000 VND more—enough for breakfast and coffee for a week. But: Sarah’s bank receipt meant smooth sailing at her mid-tier hotel, which wanted “proof of source.” Erik got a frown from the desk, but, after some explaining, was let off. Industry expert Nguyen Van An, interviewed in Nhan Dan online, summed it up: “Market practice is ahead of regulation... authorities adapt slowly, but for most travelers, the convenience trumps bureaucracy.”

Stuff I Messed Up (& What You Shouldn’t Repeat)

On my first trip, I got cocky—handed over $100 at the airport. Big ouch: worst rate I’d ever got. Next try, took an old $50 to a gold shop, and the guy just pushed it back—“No old notes!” Also: tried to change $400 at once, the bank needed passport *and* wanted to know my hotel address. Cumbersome, but proved handy when I lost a chunk of cash—the bank receipt got me some sympathy at the consulate. So, lesson: keep bills crisp, don’t change everything at the airport, and balance your speed against traceability.

Conclusion & What I Actually Recommend

Yes—the USD to VND rate absolutely differs between banks and money changers. This price gap, sometimes just a few percent, adds up if you’re exchanging hundreds or thousands of dollars. For best results:

For small, everyday amounts: gold shops offer slightly better rates, not too much hassle.
For large or official payments (e.g., hotels, car rentals): stick to banks for paperwork and legal safety.
Avoid airport counters unless you’re desperate; you’ll bleed money.
Always check both bank and gold shop posted rates before exchanging, especially in tourist-heavy cities like Hanoi, Hoi An, or HCMC.
Keep bills crisp, skip the old or “marked” notes, and always count your VND before leaving the counter.

Legal gray zones do exist, as shown by the gap between regulation and actual practice—so don’t stress about “doing it wrong” if you use a tiệm vàng, but know the law in theory is stricter.

Next Steps:

Bookmark rate-checking sites like Vietcombank Exchange or XE for live rates.
Join forums like Reddit’s Vietnam for real traveler experiences.
If exchanging large sums, ask your hotel which documentation they require in advance.

Author: Alex Tran — financial blogger, repeat Vietnam traveler, frequent currency exchanger. Main sources: State Bank of Vietnam, OECD trade standards, news sites, and plenty of personal trial and error. Updated June 2024.