How to Exchange USD to Vietnamese Dong in Vietnam: Personal Experiences, Practical Steps, & What the Experts Say
You want to change your US dollars (USD) to Vietnamese Dong (VND), but you’re not sure where, how, or what’s safest? As someone who's made multiple trips to Vietnam, dealt with unexpected twists (yep, including losing out on terrible exchange rates), and picked the brains of bankers, hotel staff, and even black-market touts, let me walk you through how to swap your USD for VND—step by step—with anecdotes, expert opinions, and a few don’ts you really need to know.
Why You Need to Care: The Difference Can Be Huge
It sounds trivial—just hand over your USD and get dong, right? But rates, hidden fees, and sketchy counters can easily turn an average $1000 exchange into $940 (or worse). According to data from Vietcombank, the spread between official and unofficial rates sometimes exceeds 2% (Vietcombank Daily Exchange Rates), which might not sound like much, but it adds up fast.
My first time in Hanoi, I changed money at a tiny shop near Hoan Kiem Lake—no receipt, piles of cash, rate scribbled on paper. Only later did I realize I’d been shorted $20 worth of VND! That kicked off my nerdy obsession with doing it right. Here’s how.
Where Can You Exchange USD to VND?
Let’s run through your main options:
1. Banks: The Safe and Legitimate Choice
Vietnamese banks are the gold standard for exchanging USD to VND. You’ll find branches of Vietcombank, BIDV, Techcombank, and Sacombank in every city. Here's what usually happens:
- Bring your USD and passport to the nearest branch (hotels can point you the way).
- Take a queue ticket (be prepared for paperwork—Vietnamese banks love it).
- Hand over your documents and cash. The teller will count your bills, sometimes with a UV check for fakes.
- You get a printed receipt and crisp Vietnamese bills.
Here’s a real-life quote from a customer on Tripadvisor: “Vietcombank gave me a clear rate and full receipt. It was slower, but I felt totally secure.” (Tripadvisor forum)
Pro-tip: Rates at banks are almost always better than money changers at tourist markets or hotels.
Screenshot: Exchange rates at Vietcombank, accurate to the minute (source: Vietcombank online portal, June 2024):
2. Currency Exchange Counters & Gold Shops: Quick but Risky?
All over Hanoi, Ho Chi Minh City, and major tourist towns, you’ll spot "Currency Exchange" signs—particularly in jewelry shops (locally called “tiệm vàng”). Locals go there for speed and competitive rates, and, honestly, so do experienced travelers. Here's how it works:
- Walk in; sometimes a board shows rates, other times you ask.
- Hand your USD over the counter, no passport needed. (That's technically a gray area per Vietnamese law, but still widespread. See State Bank of Vietnam's regulations.)
- Cash comes back—always count carefully! They move fast.
I've done this when banks were closed for Tet, but got slightly worse rates than those posted at big bank branches. One time, the rate was good, but later a local friend told me the bills I got were not accepted in a smaller city—maybe too worn out.
A Reddit user
(see r/Vietnam) writes: “Chinatown gold shops in HCMC always have best rates, but watch for scams. Always ask for rate *before* handing over cash, and count notes in front of the clerk.”
*Practical tip*: Double-check the notes for damage or writing; some shops may refuse imperfect bills.
3. Airports and Hotels: Convenient, But at a Cost
Arriving at Tan Son Nhat (SGN) or Noi Bai (HAN)? Currency exchange booths are everywhere, but rates are famously poor. Hotels will happily change your money too, often with even steeper markups. So why bother? Emergencies, late arrivals, or if you just want a couple million VND for that first taxi ride.
Someone on Lonely Planet forums noted: “I once exchanged $50 at the airport for taxi fare, and compared to the city bank the next day, lost 5% on the rate. Lesson: just enough for transport and snacks, then exchange the rest later.” (Lonely Planet)
Personal slip-up: My first time, I was so sleep-deprived I accidentally exchanged $500 at the airport booth. Rate difference: cost me a fancy dinner or two. Ouch. Don’t be like me.
4. ATMs: Not Technically an Exchange, But Often Best for Value
This isn’t a USD-to-VND exchange per se, but international debit or credit cards work at most Vietnamese ATMs. The bank converts your withdrawal at Visa/Mastercard rates, typically with a 2-3% foreign transaction fee.
I used my Schwab debit card at BIDV and Techcombank—got excellent rates, but fees from local banks (usually 30,000–60,000 VND per withdrawal) can add up. Some cards (like Wise or Revolut) refund ATM fees, which can make this *the* cheapest way.
Industry expert Nguyen Thuy Trang (Financial Analyst, Vietnam Investment Review) says: “For amounts under $500, ATMs are often safer and almost as cost-effective as bank counters. Avoid ‘dynamic currency conversion’ and always choose VND.”
How I Exchanged USD to VND at a Vietcombank Branch: A Step-by-Step Walkthrough
Just to get hands-on, I changed $300 at Vietcombank in District 1, Ho Chi Minh City. Here's how it went down (with stepwise details, but no real photos due to bank policy):
- Walked into the branch at 9:30 am; grabbed a numbered ticket (“Số thứ tự”) from the touch-screen at the entrance.
- Waited about 10 minutes. Staff asked if I had USD. I handed over my passport and $300 in $100 bills (clean, no marks).
- Teller entered info; checked my notes under UV for authenticity.
- Teller showed the exchange rate on her screen, then printed a receipt for me to approve.
- After my verbal OK, she counted out about 7,425,000 VND (rate: 24,750 VND/USD at the time), counted twice, and asked me to sign the receipt.
- Done in less than 20 minutes. Got a neat stack of 500,000, 200,000, and 100,000 VND notes.
Quick note: Some branches ask tourists to exchange at their airport kiosk or a main city branch only, ESPECIALLY during holidays.
What’s Legal? Vietnamese Rules on Currency Exchange
Vietnam regulates foreign currency exchange tightly. Officially, only banks and licensed moneychangers (some big gold shops, selected authorized counters) may handle USD-to-VND conversion (State Bank of Vietnam Circular No. 20/2011/TT-NHNN).
Gold shop exchanges are a local “grey zone”—everyone does it (even locals!), but tourists are advised to stick to banks for large sums. If you have a bunch of $100 bills, avoid “off-the-books” places even if rates look tempting.
WTO and OECD note in recent papers (see: OECD report on Vietnam financial system) that Vietnam has made progress, but still has stricter currency handling rules than most ASEAN neighbors.
Appendix: How “Verified Trade” Differs Among Countries
| Country | “Verified Trade” Term | Legal Reference | Enforcing Agency |
|---|---|---|---|
| Vietnam | Chứng từ hợp pháp (legal documents) | SBV Circular 20/2011/TT-NHNN | State Bank of Vietnam |
| USA | Verified Exporter/Importer status | USTR 15 CFR 30.1 | US Customs and Border Protection |
| EU | Approved Exporter | Council Regulation (EEC) No 2913/92 | National Customs Authorities |
| Singapore | Certified Trade Documents Scheme | Singapore Customs TDB-01 | Singapore Customs |
The practical difference: In Vietnam, individuals cannot just “trade” without using a bank, while the US and EU allow more flexible, licensed actors.
Case Study: How “Coins” and “Wires” Get Tangled
Imagine an American exporting electronics to Vietnam. US law requires “verified exporter” status and signed documentation for trade finance—see Export Administration Regulations, 15 CFR 358. In Vietnam, the same transaction requires “giấy tờ hợp lệ” (legit paperwork) at the receiving bank, or funds are frozen. One client of mine had his payment held up for weeks because the trade certificate cited US law, but Vietnamese officials required a translation and special stamp. (Lesson: always double-check documentation standards before making a large transfer!)
Expert Talk: What Do the Pros Recommend?
Late last year, I interviewed Mr. Vo Hoang Nam, a compliance manager at BIDV, who said: “If you want peace of mind, bring newish $100 bills to a bank counter with your passport, during business hours. For small cash, local gold shops are OK, but always check notes for rips or stamps. Never change at airports unless desperate.”
He also pointed out that “most street changers will give promising rates, but if something is wrong with the VND bills, tourists rarely have recourse.”
In Summary: Best Practices, Tips, and Real-World Reflection
If you’re heading to Vietnam and need VND, play it safe:
- For big sums, go to a major bank with your passport; accept the paperwork hassle for a fair, official rate.
- For quick cash, a reputable gold shop is fine, but count every bill and get a rate in writing first.
- ATMs often offer good rates for cardholders, just watch for per-withdrawal fees.
- Avoid airport or hotel exchanges except for emergencies.
- Regulations can change suddenly (especially near Tet or during major events)—check rates and rules the week before you arrive.
My takeaway after a dozen trips—and hearing all the traveler horror stories? Don’t overthink it, but do your homework. It’s easy to change money in Vietnam, but cut corners and the savings can vanish fast. Print or screenshot online rates before going to a branch (the tellers respect a client who’s done their homework), and never hand over a large sum without verifying the local rules.
Want more up-to-date info? Bookmark Vietcombank’s official rates (updated daily), or check expat groups for the latest street-level wisdom.
Ready to go? Practice saying “Đổi tiền đô sang tiền Việt” (“Exchange dollars for dong”)—and remember, what seems obvious back home isn’t always so obvious on the other side of the world.