Vietnam currency and money

The official currency of Vietnam is the Vietnamese Đồng (VND).
Here's what you need to know about Vietnam's currency and money:

1. The Vietnamese Đồng (VND)
• Symbol: ₫
• Code: VND
• Notes: Vietnamese currency primarily consists of banknotes. There are no coins in general circulation, though they do exist. The banknotes are a mix of small paper bills and larger polymer bills.
• Denominations:
o Commonly used polymer notes: 10,000 VND, 20,000 VND, 50,000 VND, 100,000 VND, 200,000 VND, and 500,000 VND.
o You might also encounter smaller paper notes like 100 VND, 200 VND, 500 VND, 1,000 VND, 2,000 VND, and 5,000 VND, though they are less common in daily transactions, especially in major cities.
• The "Three Zeros" Rule: A common tip for foreigners is to mentally remove three zeros to get a simpler number when thinking about prices, especially in comparison to currencies like USD. For example, 100,000 VND is roughly equivalent to a few US dollars, depending on the current exchange rate.
• Ho Chi Minh: All banknotes depict the image of Ho Chi Minh, the former president of Vietnam.

2. Exchanging Money
• Best Places to Exchange:
o Banks: Banks are generally the safest and most reliable option for exchanging foreign currency. Major banks like Vietcombank, BIDV, Vietinbank, and Agribank offer competitive rates and require your passport for identification. They typically operate Monday to Friday during business hours.
o Gold and Jewelry Shops: These often offer slightly better exchange rates than banks and can be quicker. However, some may not be officially licensed for currency exchange, so exercise caution and ensure you're at a reputable shop, especially those near major markets like Ben Thanh Market in Ho Chi Minh City.
o Currency Exchange Counters: Found in airports, shopping centers, and tourist areas, they offer convenience with longer hours. However, their rates might be less competitive than banks or gold shops.
• Things to Keep in Mind:
o Avoid Street Exchange: Never exchange money with unofficial street money changers, as there's a high risk of scams or counterfeit bills.
o Banknote Condition: Ensure your foreign banknotes are clean and undamaged. Dirty, torn, or damaged bills might not be accepted.
o Count Your Money: Always count the Vietnamese Dong you receive before leaving the exchange counter or bank, and double-check the exchange rate.
o Don't Exchange Too Much: Exchange smaller amounts as needed, as you don't want to be left with a large amount of VND at the end of your trip, which can be harder to exchange back.

3. Using Credit Cards and ATMs
• Cash is King: While Vietnam is modernizing, cash is still the most common form of payment, especially for small purchases, street food, local markets, and local transportation. It's always wise to carry small denominations of VND.
• Credit Cards:
o Accepted at many hotels, high-end restaurants, department stores, shopping malls, and major tourist agencies in larger cities like Hanoi and Ho Chi Minh City.
o Visa and MasterCard are the most widely accepted. American Express (AmEx) is less common.
o Always check if a service charge or foreign transaction fee is added when paying by card.
• ATMs:
o Widely available in cities and tourist areas. Less common in rural regions.
o Most international debit and credit cards (Visa, MasterCard) work.
o Withdrawal Limits: ATMs often have per-transaction withdrawal limits, typically ranging from 2,000,000 VND to 5,000,000 VND, though some banks (like TPBank, Sacombank) might allow up to 10,000,000 VND.
o Fees: Most Vietnamese ATMs charge a fee per withdrawal (typically 30,000 VND to 55,000 VND, or about $1.30 to $2.40 USD). Your home bank may also charge foreign transaction fees.
o Best ATMs to Use: Some banks like TPBank and VPBank are known to offer fee-free withdrawals for foreign cards. HSBC, Citibank, and ANZ might also offer better conditions for their respective customers.
o Dynamic Currency Conversion (DCC): If an ATM asks if you want to be charged in your home currency, always decline and choose to be charged in VND. This ensures you get the better exchange rate from your bank, rather than a potentially inflated rate from the ATM operator.

4. Tipping in Vietnam
• Not Traditionally Expected, But Appreciated: Tipping is not deeply ingrained in Vietnamese culture as it is in some Western countries. However, as tourism has grown, it's becoming more common, especially in tourist areas and upscale establishments.
• When to Tip:
o Restaurants & Cafes: For good service, a tip of 5-10% is appreciated in mid-range to upscale restaurants, or you can round up the bill in local cafes. Check if a service charge is already included in your bill.
o Hotels: For bellhops/porters (20,000-50,000 VND per bag), housekeepers (20,000-50,000 VND daily), and exceptional concierge service.
o Tour Guides & Drivers: A tip for a good tour guide (around $7-10 USD per day for private guides, less for group tours) and drivers (30,000-60,000 VND for a full day) is common.
o Spas & Salons: 5-10% of the bill, or 50,000-100,000 VND for good service.
• When Not to Tip: Tipping is not customary for street food vendors or market sellers, though rounding up a small amount is a nice gesture.
• Currency for Tipping: Always tip in Vietnamese Dong (VND), as it's more convenient for the recipient.

By understanding these aspects of Vietnamese currency and money, you'll be well-prepared for your travels and purchases!