Where is the best place to exchange US dollars to Vietnamese Dong in Hanoi and Saigon?

Question

also, are American Express Travelers Checks accepted there?

Answer 1

C-Ray gives you some good advice, it's amazing how many places accept US dollars. But it is a good idea to exchange dollars for dong as dong is always accepted and dollars may not be. Also, the rates seem to be fairly consistent whether you're exchanging at the airport, a bank, a currency exchange or a hotel, unlike most everywhere else in the world where airports and hotels are usually not as good, the rates at both airports are good. American Express T/C's are accepted, but there are also ATMs where your American bank cards work just fine. The thing about  Vietnam is the fact you don't need much money, if you're not a big drinker and don't eat at the high-end restaurants, $100.00 or so could easily last a week (not inc. hotel). Have fun.

Answer 2

hi, goldsmiths stores are good in exchanging rates..i aint sure about cheque though but I stay there and i tried before using my overseas mini debit card to purchase some stuffs during shopping and they didnt even want to accept my card cos its tiny version! I think its better if you bring cash and credit card (original size)

Answer 3

RATES at HOTELS ARE THE WORST !!! banks esspecialy VIET COM bank are the best also gold shops can be good and convienient. travelers checks are more easily cashed at banks each year.. but always with a fee attached.

Answer 4

You should exchange money at bank. But I sugguest one much better in Hanoi to exchange US Dollar to VND as the rate is always higher than in the bank is: Quoc Trinh Jewelery shop in Ha Trang Street.

Let's me explain about this: As Vietnamese government don't allow people to transfer foreign currency abroad, so when someone need money for bussiness, they can't buy from the bank (the bank will only sell when you have contract, but in Vietnam, it's quite difficult to buy money from the bank as they need many document that the most patient person will give up), so they have to come to the Jewelery shop to buy money with a much higher rate than the bank. That's why the jewelery will buy your dollar higher than the bank.

Happy traveling

Answer 5

The rates you get at the hotel for exchanging USD to Dong is quite good. There are numerous currreny exchange shops downtown and also very fair and equal that to the hotels. You can also exchange your Travelers Checks at the hotel for either USD or Dong what ever you prefer. The best thing is to use your USD in Vietnam since most places will accept this currency and exchange a small amount of Dong for taxis.

Answer 6

You have some good answers already, and all I can do is add some additional detailed information.

The dong's value is based more or less on the dollar, so the rate is pretty stable.  Current exchange rate is:

1 USD = 16,040 VND

The best places to exchange dollars for dong are:

- Banks

- Major hotels

- Jewelry stores

- Trusted locals

The major banks and most of the smaller banks will exchange dongs for dollars. Most banks will exchange exactly at the published rate, and some banks will charge a small transaction fee for the exchange. The transaction fee shouldn't be more than $2-$3/$100 US exchanged. If they are charging more, then go to another bank that doesn't charge a transaction fee.

The major foreign owned hotels will exchange close to the published exchange rate. The larger hotels will exchange exactly at the exchange rate and some will round off a few dong (i.e. exchange @16,000:1 instead of 16,040:1). The hotels usually don't charge a transaction fee, especially if you are a guest.

Jewelry stores are very popular places to exchange your dollars and also great places to safely purchase items in dollars. Many will exchange at a higher rate, because they would rather have the more stable and reliable dollar than dong.

If you have trusted family or friends in Vietnam, then you may have the best source for exchanging money. The locals may exchange as high as 17,000:1 just to have their money in dollars.

You might find that your traveler checks don't spend well in Vietnam, and you will want to exchange them to dong. Banks and major hotels are the obvious sources to exchange. Some merchants will accept traveler checks, but the vast majority of merchants and locals won't because they don't know what to with them.

You will see merchants advertise exchanging at very attractive rates (17,000:1 - 20,000:1), which is a ploy to get you to shop in their store. You will have to buy something and you will likely get short changed by the merchant. When you see this, keep walking.

In Hanoi...

The Vietcombank's headquarters is a short walk from Hoan Kiem Lake. It's easy to find, because the building is the tallest around and can be seen for miles. Many of the major foreign owned hotels are within walking distance around Hoan Kiem Lake.  

Hoan Kiem District's  "Jewelry Department" (a street lined with jewelry stores) is just Northwest of Hoan Kiem Lake, and comes off the same street that the Water Puppet Theater is on. It's a short walk from the Water Puppet Theater.

In Saigon...

District 1 is filled with banks and big hotels. Citibank is probably the one that I would choose. Look at all the tall buildings, find the one with Citibank on it and start walking towards it.

The place with the largest concentration of jewelry stores that is convenient for tourists is in Ben Thanh Market. Most of the jewelers are near the side that is closest to the Pho 2000 Restaurant. BE VERY CAREFUL WITH YOUR MONEY THERE. Ben Thanh Market has a very bad problem with pick pockets and robbers.

NOTE: Make sure you take brand new money, because your exchange may be devalued if the money you're exchanging is worn.  

Good luck and have fun!

Answer 7

We use Jewelry stores to exchange our money into Dong in any city we are in.  I don't recommend Travelers cheques.  They are hard to cash.  You will usually have to go to banks to cashes these and they charge a service charge. You might as well use a credit card at the bank and not pay 2 fees to get money.  We carry $100 crisp american bills to exchange into local currency.  Good Luck.

Answer 8

governent exchange very low rate,,, bank, hotel..

best way jewery store, local store,,anywhere poor living is best rate,,,