When the banker hands you a bunch of Dong (yes, this is the name of the Vietnamese currency), you should take a deep breath before counting as you may feel a little overwhelmed with the multiple zeroes on the notes. When you exchange only a 100 USD, you will receive 2.2 million Vietnamese Dong! Yes! Everyone once dreamt of being a millionaire, and here you are, living that dream. The happiness will be short lived though, because you will spend it quickly.

Understand the exchange rates

Even though some shops still accept USD and credit cards, it will be to your benefit and convenience if you have Dong in your wallet. For example, if you want to try street-side food or go shopping in a local market, it will be very likely that they do not accept any other alternative to VND. So, getting your money exchanged makes the most sense – plus it will enhance your local experience.

Understanding the exchange rate is the first step when you start using Vietnamese Dong. The easiest way is to round the number and bear in your mind that 1 USD ≈ 22,000 VND.

Apart from US Dollars, many banks in Vietnam still exchange VND for these foreign currencies:

Australian Dollar: 1 AUD ≈ 17,000 VND

British Pound: 1 GBP ≈ 29,000

Euro: 1 EUR ≈ 25,000 VND

Canadian Dollar: 1 CAD ≈ 16,000 VND

Japanese Yen: 1 JPY ≈ 200 VND

Singaporean Dollar: 1 SGD ≈ 16,000 VND

Taiwanese Dollar: 1 TWD ≈ 500 VND

Hong Kong Dollar: 1 HKD ≈ 3,000 VND

Swiss Franc: 1 CHF ≈ 22,000 VND

New Zealand Dollars: 1 NZD ≈ 15,000 VND

Thai : 1 THB ≈ 700 VND

*Please note that these values are rounded for convenience and are subject to change with time. Double check every time before your exchange so you don’t get scammed.

Where to exchange your money

There are a number of currency exchange counters in the airport and there are so many more distributed within the city. Banks, however, are the most trustworthy places to get your money exchanged. Why? Most banks are open on weekdays from 8 AM – 4 PM, however, they have lunch breaks from 11:30 AM – 1 PM. Some big branches are also open on Saturday mornings from 7:30 AM – 11:30 PM. I recommend Vietcombank (VCB), Asia Commercial Bank (ACB), Techcombank, Military Commercial Joint Stock Bank (MB Bank), HSBC, and Exim Bank. The last one does not require a passport for a transaction.

I highly recommend using a bank if you need to exchange a large amount of money (more than a thousand US dollars for example). And the security system in the bank is definitely ensured and safer.

Notes:

• The above rates are round numbers, it is for reference only
• Some banks require you to show your passport and fill out a form in order to exchange your money
• Travelers’ checks and foreign currency can be changed into cash in big cities such as Saigon, Ha Noi, Da Nang, etc., but this is not always the case in smaller provinces or towns
• Your notes should not be torn or damaged. This is important! The bank will charge you three to four percent of the note’s value or they will not exchange it at all.

For those who hate going to the bank, here are some other places you can swing by:

1. 109 Money Exchange 24h/24h 

109 Money Exchange 24h/24h offers the best rate for currency exchange. The location is quite easy to reach since it is just a few meters away from Bitexco Tower. I usually come here to exchange my money whenever I need to go abroad.

Address: 109 Ho Tung Mau, Ben Nghe Ward, District 1

2. Ha Tam Jewelry Store

This place is located just across Ben Thanh market. They also have a good exchange rate. However, you should check for the rate online in advance to have an idea of what to expect.

Address: 2 Nguyen An Ninh Street, Ben Thanh Ward, District 1

How to obtain cash

Simply go to any ATM around Vietnam whenever you want to withdraw cash from your card. Most ATMs are connected to Visa and Mastercard networks. But do notice that a currency exchange fee and an ATM withdrawal fee will be applied. My advice is that you should ask your bank about the rules of getting cash advances overseas because the fee may be unfairly large.

Identify the Vietnamese Currency

First things first, Vietnam stopped using coins in 2011 so no coins! Hallelujah! When it comes to notes, my tip is to ignore the numbers (way too many zeros) and memorize the colors together with the material. To make it easier for you to remember, I will divide the money into two groups based on the material of the bank notes: The Paper Family and The Polymer Family.

Vietnamese have stopped using coins since 2011.

The Paper Family

The 1,000 VND (1000d) and 2000 VND (2000d) have the same dark brown color. So the only way to distinguish between these two is to look at the numbers. As you know, 1,000 VND does not have big power like a 1,000 USD bill. With a 1,000 VND, you can barely purchase anything except perhaps a small toffee. You can sometimes use it to pay your parking fee. Since it’s not really worth anything, any tip you give for a service should be much greater, unless you’re actually trying to troll them.

The Polymer Family

The Polymer Family has “member notes” from the middle and upper class. You will have more power in your pocket if it is filled with notes made of polymer. But be careful when you use the 20,000 VND and 500,000 VND because the colors of these two bills are similar, only different when it comes to the shade. I bet you don’t want to pay 500,000 VND for a dish of com tam (broken rice). Anyway, let me introduce you to the members of the Polymer Family.

Fun facts and tips about Vietnamese Currency

Here are some tips and tricks that I have gathered while living in this country. You would be surprised as to what I have found!

What to remember:

• Spending time to double check the currency rates and count your money carefully is a must to avoid being scammed.
• When receiving change that contains notes similar to one another, don’t forget to count the zeros.
• Because the currency system is unfamiliar to you, you might not know whether someone is trying to fool you or not. Some bad sellers understand this and they may try to scam you. To prevent being scammed, once again, check the zeros – before you hand the cash in and after you receive your change!

The letter “k”

You will see a lot of price tags with the letter “k” following the number. For example: 50k, 100k, or 1000k. Don’t panic. It is just a way that Vietnamese people (and others) simplify the amount. It’s easier to substitute three zeros for a simple letter. The “k” therefore, represents one thousand.

So this means 50k = 50,000d, 100k = 100,000d and 1000k = 1,000,000d, and so on.

The material

Getting to know a new currency system is just as fun as learning a new language. It will be a little hard at first. But with a little practice, you will master it quickly. Have fun being a Dong millionaire in Vietnam! 

Credit to Eleanor Nguyen