July 5th, 2006
Where can I change money?
You can change cash and travellers’ cheques at exchange desks in big hotels and at authorised foreign exchange banks in the main cities. Among the banks, Vietcombank usually offers the best exchange rates and charges the lowest commission (around 1-2%). Note that commission rates are slightly lower if changing travellers’ cheques into dong rather than dollars. Vietcombank does not levy commission when changing dollars cash into dong, though some other banks do. It’s worth bearing in mind that you get a slightly better exchange rate for $100 and $50 notes than for smaller denominations. When cashing travellers’ cheques you may be asked for your passport, though this practice seems to be dying out.
Outside the main cities and tourist areas, authorised foreign exchange banks are few and far between. So if you’re heading off the beaten path, stock up with enough cash (dollars and dong) to last the trip. Wherever you are, you’ll always find someone willing to change dollars cash into dong, though rates will vary.
When receiving dong, you’ll be presented with a huge pile of notes. The largest bill is only 50,000d (roughly $4), so bear this in mind when changing $100! Refuse any badly torn notes (you’ll find it hard to get rid of them - the same goes for dollars) and ask for a mix of denominations so that you always have a few low-value notes in hand.
See also: Vietnamese Money