Planning a trip to Vietnam? Wondering how to manage your finances while you’re there? Let’s explore some useful tips and options for bringing and accessing money in Vietnam.
Cash
Every country has restrictions on the amount of cash that can be brought across the border, and Vietnam is no exception. If you plan to bring more than $10,000 in value, be prepared for customs declaration. While it’s important to keep some cash on hand in small denominations for immediate expenses, it’s not the safest or most convenient option for all your travel needs.
At airports, train stations, and tourist areas, you’ll find plenty of currency exchange stalls. However, be wary of the black market, regardless of how competitive the offered rates may be. It’s always best to exchange your money through authorized channels.
Credit Cards
Visa Card, Master Card, and American Express are widely accepted in larger hotels, restaurants, and stores in big cities across Vietnam. Expect a 3% commission on most transactions. Additionally, you can request cash advancements at Vietcombank, Citibank, and other foreign banks in Hanoi and Ho Chi Minh City, with similar charges.
Traveler Checks
Traveler checks are an option to consider, although they might not be as popular as you think. If you decide to go with traveler checks, make sure they are in US dollars. This will save you a lot of hassle when you go to authorized foreign-exchange banks. Keep in mind that most banks charge a fee of 0.5-2% when you buy the checks, and an additional 0.5-1% when you cash them.
ATM Machines
ATM machines are abundant in most cities and provide a convenient way to access cash quickly. Different banks may have varying withdrawal charges, but they generally do not exceed $2 per transaction. It’s worth noting that ANZ allows a maximum withdrawal of 4,000,000 Vietnamese Dong (about USD200), while most other banks limit withdrawals to 2,000,000 or less (about USD100). Remember, all withdrawals are in Vietnam Dong. If you require a larger cash advance, it can be arranged during office hours with bank staff.
Now that you’re familiar with the various options for bringing and accessing money in Vietnam, you can plan your finances accordingly. Whether you prefer cash, credit cards, traveler checks, or ATMs, Vietnam offers convenient solutions to suit your needs. Enjoy your trip and have a great time exploring the beautiful country!
