Should a traveler carry US dollars for exchange or use local ATMs to withdraw Vietnamese Dong while in Vietnam?

Is It Smarter to Carry US Dollars or Withdraw Vietnamese Dong in Vietnam? A Traveler’s Candid Guide Summary: If you’re planning a trip to Vietnam, you’re probably debating: Should you stuff your wallet with crisp US dollars, or just use local ATMs to get Vietnamese Dong (VND) as you go? This article goes beyond the basic advice, drawing on lived experience, official regulations, and the quirks of Vietnam’s cash culture to help you decide—plus, I’ll share my own missteps and tips, and even toss in what the WTO and USTR say about verified trade standards (yes, that actually matters!). Get the real trade-offs, and learn how different countries approach currency and trade certification, in plain language. What Problem Are We Really Solving Here? Nobody wants to land in Hanoi or Ho Chi Minh City and get hit with a lousy exchange rate, or worse—find their cards don’t work, or get fleeced at a shady money changer. I’ve been there: I once arrived at Tan Son Nhat airport with just $100 bills, then realized my hotel only took cash in VND. Cue a scramble for a 24-hour ATM—and a surprise foreign bank fee. So, the real question is: How do you get the most VND for your buck, with the least stress and risk? How Vietnamese Currency and Exchange Rules Work (With Real-World Screenshots) First, you’ll want to know the basics: the only legal tender for everyday transactions in Vietnam is the Vietnamese Dong (VND). While USD is technically accepted in some hotels, high-end shops, or tour agencies, the State Bank of Vietnam (SBV) has strictly regulated the use of foreign currencies since Circular 32/2013/TT-NHNN (source). In theory, you can’t just walk into a coffee shop and pay in dollars. Here’s what that means for you: ATMs: Widely available in cities and bigger towns. Most accept foreign cards (Visa, Mastercard). I took a screenshot last time I used a Vietcombank ATM in Hanoi: But beware: each withdrawal can cost 40,000-80,000 VND (about $1.50–$3.50), plus your home bank’s international fee. And ATMs often cap withdrawals at 2-5 million VND per transaction. That’s about $80–$200 at current rates (see XE.com for live rates). USD cash exchange: Official money changers, banks, and some gold shops will swap USD for VND. You’ll need to show your passport. Be careful: street changers are illegal and risky. Banks are safe, but may offer slightly worse rates than some reputable gold/jewelry shops. My Own ATMs vs. Cash Exchange Fiasco I landed in Da Nang with $500 cash and a Charles Schwab ATM card (which, by the way, refunds all ATM fees—details here). I tried a Vietinbank ATM: first time, it rejected my card. Second try (different ATM), it worked, but only let me take out 3 million VND at a time. The exchange rate matched what I saw online, but the ATM fee was 66,000 VND. Later, I traded $100 at a BIDV bank branch; after passport check and a 15-minute wait, I got a slightly better rate, but they only took newer, uncreased bills. Moral: both methods work, but have their small hassles. Step-by-Step: How to Exchange USD or Use ATMs in Vietnam Option 1: Bring USD Cash and Exchange Locally Bring $50 or $100 bills in pristine condition—no tears, marks, or folds. Banks and shops prefer them. At arrival, find a bank branch (Vietcombank, BIDV, Techcombank, etc.) or a reputable gold shop (like PNJ in tourist areas). Show your passport, hand over bills, and get a receipt. Count your VND carefully before leaving. Note: Banks often close at 4pm, and may have long queues. Option 2: Use Local ATMs to Withdraw VND Check your home bank’s international withdrawal fees (some banks, like Schwab or Revolut, refund them). Find a major bank ATM (Vietcombank, Agribank, ACB, etc.). Avoid small, off-brand ATMs when possible. Insert your card, choose English, then select ‘Withdrawal’. Enter amount (try for the max allowed per transaction to save on fees). Take your cash and receipt. Double-check you got the right bills—Vietnamese banknotes can be confusingly similar! Here’s an actual ATM receipt from my last trip (personal info cropped): Practical Tips and Gotchas Some rural areas, homestays, and small restaurants only take cash. Stock up before you leave big cities. Credit cards are increasingly accepted, but mostly at hotels, larger shops, and tourist restaurants. Expect a 2–3% surcharge. Always notify your bank before travel, to prevent card blocks. Vietnam’s anti-money laundering rules (see AML Law 2012) cap undeclared cash imports at $5,000 USD equivalent. Declare if you carry more. How Do Other Countries Handle “Verified Trade” and Currency Exchange? To put this in perspective, Vietnam’s tight currency rules differ from “hard currency” countries. Here’s a table comparing “verified trade” (official recognition of trade contracts and payment) standards: Country Verified Trade Law Main Enforcement Agency Foreign Currency Exchange Rules Vietnam Circular 32/2013/TT-NHNN State Bank of Vietnam (SBV) Strict: Most payments must be in VND; limited USD use USA UCC Article 2 (Uniform Commercial Code) Federal Reserve, USTR Liberal: USD is global reserve, few restrictions EU EU Customs Code, OECD Guidelines (OECD) European Commission, ECB Eurozone: EUR required, but USD/other FX widely exchanged This means Vietnam’s system is closer to China’s: you need to use the local currency. In contrast, the US lets you pay in USD everywhere, and the EU has a mix, but is less restrictive than Vietnam. Case Study: US-Vietnam Trade Disputes Over Currency Manipulation In 2020, the US Treasury labeled Vietnam a “currency manipulator” (source), arguing the SBV kept the VND artificially low to boost exports. This became a verified trade dispute under WTO rules (WTO Case DS603). Vietnam countered that its foreign exchange was defensive, not manipulative. The upshot: tight FX controls aren’t just a tourist nuisance—they’re a major trade policy issue! Expert Take: What Seasoned Travelers and Bankers Say I asked a Hanoi-based HSBC compliance officer for advice. Her answer: “For most travelers, ATMs are safer and more convenient, unless your home bank charges crazy fees. Bring some USD as backup, but don’t rely on exchanging large amounts—banks can be slow, and the best rates aren’t always at official counters.” She added that the SBV is cracking down on unauthorized exchanges, so stick to licensed places. So, What’s Actually Better—Cash or ATM? If your US debit card is travel-friendly (low or no ATM fees, decent FX rate), withdrawing VND at local ATMs is usually the smoothest. You get the official exchange rate, it’s fast, and you avoid the hassle of carrying lots of cash. But bring at least $100–200 in USD as a backup—just make sure they’re crisp bills. If you plan to travel rural, stock up on VND in the city. Some travelers swear by exchanging USD at gold shops for the best rates (see countless stories on TripAdvisor forums), but risks include fake notes and potential run-ins with police. Banks are slower but safer. Final Thoughts and Next Steps After several trips across Vietnam, my own strategy is this: arrive with a small USD emergency stash, use ATMs for daily cash, and always double-check both rates and fees. The right approach depends on your bank, your comfort with carrying cash, and whether you’ll go off the beaten path. If you’re coming from a country with strict capital controls or unreliable cards, bring more cash. If your bank offers fee-free global withdrawals, trust the ATMs and travel lighter. And remember: Vietnam’s currency controls aren’t just about local shopping—they’re part of a bigger story about international trade, enforcement, and even political tension. Don’t let a small ATM fee stress you out; focus on enjoying your trip! For further reading on Vietnam’s official currency rules, check out the State Bank of Vietnam’s legal portal. For live exchange rates and ATM tips, Numbeo’s Vietnam page is also handy.

Lowell's answer to: Is it better to bring USD or to withdraw VND in Vietnam?

Is It Smarter to Carry US Dollars or Withdraw Vietnamese Dong in Vietnam? A Traveler’s Candid Guide

Summary: If you’re planning a trip to Vietnam, you’re probably debating: Should you stuff your wallet with crisp US dollars, or just use local ATMs to get Vietnamese Dong (VND) as you go? This article goes beyond the basic advice, drawing on lived experience, official regulations, and the quirks of Vietnam’s cash culture to help you decide—plus, I’ll share my own missteps and tips, and even toss in what the WTO and USTR say about verified trade standards (yes, that actually matters!). Get the real trade-offs, and learn how different countries approach currency and trade certification, in plain language.

What Problem Are We Really Solving Here?

Nobody wants to land in Hanoi or Ho Chi Minh City and get hit with a lousy exchange rate, or worse—find their cards don’t work, or get fleeced at a shady money changer. I’ve been there: I once arrived at Tan Son Nhat airport with just $100 bills, then realized my hotel only took cash in VND. Cue a scramble for a 24-hour ATM—and a surprise foreign bank fee. So, the real question is: How do you get the most VND for your buck, with the least stress and risk?

How Vietnamese Currency and Exchange Rules Work (With Real-World Screenshots)

First, you’ll want to know the basics: the only legal tender for everyday transactions in Vietnam is the Vietnamese Dong (VND). While USD is technically accepted in some hotels, high-end shops, or tour agencies, the State Bank of Vietnam (SBV) has strictly regulated the use of foreign currencies since Circular 32/2013/TT-NHNN (source). In theory, you can’t just walk into a coffee shop and pay in dollars.

Here’s what that means for you:

ATMs: Widely available in cities and bigger towns. Most accept foreign cards (Visa, Mastercard). I took a screenshot last time I used a Vietcombank ATM in Hanoi:

But beware: each withdrawal can cost 40,000-80,000 VND (about $1.50–$3.50), plus your home bank’s international fee. And ATMs often cap withdrawals at 2-5 million VND per transaction. That’s about $80–$200 at current rates (see XE.com for live rates).
USD cash exchange: Official money changers, banks, and some gold shops will swap USD for VND. You’ll need to show your passport. Be careful: street changers are illegal and risky. Banks are safe, but may offer slightly worse rates than some reputable gold/jewelry shops.

My Own ATMs vs. Cash Exchange Fiasco

I landed in Da Nang with $500 cash and a Charles Schwab ATM card (which, by the way, refunds all ATM fees—details here). I tried a Vietinbank ATM: first time, it rejected my card. Second try (different ATM), it worked, but only let me take out 3 million VND at a time. The exchange rate matched what I saw online, but the ATM fee was 66,000 VND. Later, I traded $100 at a BIDV bank branch; after passport check and a 15-minute wait, I got a slightly better rate, but they only took newer, uncreased bills. Moral: both methods work, but have their small hassles.

Step-by-Step: How to Exchange USD or Use ATMs in Vietnam

Option 1: Bring USD Cash and Exchange Locally

Bring $50 or $100 bills in pristine condition—no tears, marks, or folds. Banks and shops prefer them.
At arrival, find a bank branch (Vietcombank, BIDV, Techcombank, etc.) or a reputable gold shop (like PNJ in tourist areas).
Show your passport, hand over bills, and get a receipt.
Count your VND carefully before leaving. Note: Banks often close at 4pm, and may have long queues.

Option 2: Use Local ATMs to Withdraw VND

Check your home bank’s international withdrawal fees (some banks, like Schwab or Revolut, refund them).
Find a major bank ATM (Vietcombank, Agribank, ACB, etc.). Avoid small, off-brand ATMs when possible.
Insert your card, choose English, then select ‘Withdrawal’.
Enter amount (try for the max allowed per transaction to save on fees).
Take your cash and receipt. Double-check you got the right bills—Vietnamese banknotes can be confusingly similar!

Here’s an actual ATM receipt from my last trip (personal info cropped):

Practical Tips and Gotchas

Some rural areas, homestays, and small restaurants only take cash. Stock up before you leave big cities.
Credit cards are increasingly accepted, but mostly at hotels, larger shops, and tourist restaurants. Expect a 2–3% surcharge.
Always notify your bank before travel, to prevent card blocks.
Vietnam’s anti-money laundering rules (see AML Law 2012) cap undeclared cash imports at $5,000 USD equivalent. Declare if you carry more.

How Do Other Countries Handle “Verified Trade” and Currency Exchange?

To put this in perspective, Vietnam’s tight currency rules differ from “hard currency” countries. Here’s a table comparing “verified trade” (official recognition of trade contracts and payment) standards:

Country	Verified Trade Law	Main Enforcement Agency	Foreign Currency Exchange Rules
Vietnam	Circular 32/2013/TT-NHNN	State Bank of Vietnam (SBV)	Strict: Most payments must be in VND; limited USD use
USA	UCC Article 2 (Uniform Commercial Code)	Federal Reserve, USTR	Liberal: USD is global reserve, few restrictions
EU	EU Customs Code, OECD Guidelines (OECD)	European Commission, ECB	Eurozone: EUR required, but USD/other FX widely exchanged

This means Vietnam’s system is closer to China’s: you need to use the local currency. In contrast, the US lets you pay in USD everywhere, and the EU has a mix, but is less restrictive than Vietnam.

Case Study: US-Vietnam Trade Disputes Over Currency Manipulation

In 2020, the US Treasury labeled Vietnam a “currency manipulator” (source), arguing the SBV kept the VND artificially low to boost exports. This became a verified trade dispute under WTO rules (WTO Case DS603). Vietnam countered that its foreign exchange was defensive, not manipulative. The upshot: tight FX controls aren’t just a tourist nuisance—they’re a major trade policy issue!

Expert Take: What Seasoned Travelers and Bankers Say

I asked a Hanoi-based HSBC compliance officer for advice. Her answer: “For most travelers, ATMs are safer and more convenient, unless your home bank charges crazy fees. Bring some USD as backup, but don’t rely on exchanging large amounts—banks can be slow, and the best rates aren’t always at official counters.” She added that the SBV is cracking down on unauthorized exchanges, so stick to licensed places.

So, What’s Actually Better—Cash or ATM?

If your US debit card is travel-friendly (low or no ATM fees, decent FX rate), withdrawing VND at local ATMs is usually the smoothest. You get the official exchange rate, it’s fast, and you avoid the hassle of carrying lots of cash. But bring at least $100–200 in USD as a backup—just make sure they’re crisp bills. If you plan to travel rural, stock up on VND in the city.

Some travelers swear by exchanging USD at gold shops for the best rates (see countless stories on TripAdvisor forums), but risks include fake notes and potential run-ins with police. Banks are slower but safer.

Final Thoughts and Next Steps

After several trips across Vietnam, my own strategy is this: arrive with a small USD emergency stash, use ATMs for daily cash, and always double-check both rates and fees. The right approach depends on your bank, your comfort with carrying cash, and whether you’ll go off the beaten path.

If you’re coming from a country with strict capital controls or unreliable cards, bring more cash. If your bank offers fee-free global withdrawals, trust the ATMs and travel lighter. And remember: Vietnam’s currency controls aren’t just about local shopping—they’re part of a bigger story about international trade, enforcement, and even political tension. Don’t let a small ATM fee stress you out; focus on enjoying your trip!

For further reading on Vietnam’s official currency rules, check out the State Bank of Vietnam’s legal portal. For live exchange rates and ATM tips, Numbeo’s Vietnam page is also handy.