Using Money Exchange
Rather than exchanging your money directly for Vietnam Dong (VND) at the bank, it is much more advantageous to exchange using 100 us dollar bills at a private currency exchange and jewelry store in local. In Vietnam, 100 us dollar bill is the highest value, and as it goes down to 50, 20, 10, and 5 dollars, the value decreases, so you must use 100 dollar bills. Also, if the banknotes are dirty, torn, or otherwise damaged, they will refuse to exchange money, so it is recommended that you bring clean new banknotes.
When traveling to Ho Chi Minh City, you can minimize losses incurred during currency exchange by exchanging currency in the following order.
1. Exchange the currency in 100 US dollar bills in advance in your country.
2. Upon arrival at Ho Chi Minh Airport, exchange $100 at the airport currency exchange booth to pay for taxi fare or purchase a SIM card.
3. Take a taxi and stop by a private currency exchange office, such as jewelry store, on the way to your destination to exchange an appropriate amount of additional money.
4. It is difficult if exchanged all of your dollars into Vietnam Dong(VND), and have any left over at the end of your trip, so we recommend that you exchange as much money as you need along the way.
As of the end of 2023, when 100 dollars were exchanged, the airport money exchange booth exchanged around 2,300,000 VND, private currency exchange offices in city such as jewelry store exchanged around 2,450,000 VND, and hotels and restaurants exchanged around 2,200,000 VND. The larger the amount you exchange, the better it is to use a private currency exchange offices in city. However, you must read the three things to be aware of when using a currency exchange office listed below to avoid any untoward incident.
* Beware of currency exchange scams
When exchanging dollars for Vietnam dong(VND), the clerk will show you the exchanged amount by counting the money right in front of you, but after receiving the money, you must check it again in front of the employee. You should never trust local clerks. Since there are many cases of fraud on travelers or people who looks easy, you need to check in front of the staff so that if you are short, you can get the money right on the spot. There is no way when you leave and find out later that you got short of money.
* Beware of pickpockets
There are a lot of motorcycle pickpockets in Vietnam. You must be careful because such as small bags, smartphones, wallets, etc that you are holding in your hand or carrying on your shoulder are often snatched by motorcycles passing by. After exchanging money, you must place the money in your wallet in your pocket or bag before leaving the exchange office. If you mindlessly go out of the shop with money you have exchanged, you can immediately become a target for pickpockets. Even if you put your wallet in a backpack or shoulder bag, it can be snatched, so you must walk carefully and stay away from the roadway. The backpack should be worn properly on both shoulders rather than loosely slung on one side.
*Beware of police
Exchanging US dollars(USD) to Vietnam dong(VND) is only legally possible at licensed exchange offices and banks due to the Vietnamese government's foreign exchange control policy. In other words, it is illegal to exchange money at private currency exchange offices such jewelry store. Fortunately, if you are caught exchanging less than $1,000, you will receive a warning only, so there is not much trouble for travelers. However, the police may ask you some money or take your money, so it is best to check if there is a police nearby before exchanging.
You can easily find the location of the jewelry store and currency exchange offices by searching for dollar change, money exchange, gold shop, etc. on Google Maps. You can check the locations of Ho Chi Minh's jewelry stores and currency exchange offices through the buttons below.