The official Vietnamese currency is the Vietnamese dong (VND), adopted since 1978. For first-time travelers, it’s crucial to be aware of currency exchange rates and consider some helpful tips before engaging in monetary transactions in the country. Discover what is Vietnam currency and the precautions to avoid currency-related challenges.
Vietnamese currency and its symbol
The official Vietnam money is the Vietnamese dong (VND), represented by the symbol “₫”. Named after the copper material historically used for the country’s early coins, the dong has been Vietnam’s official currency since 1978 and is issued by the State Bank of Vietnam.
Vietnamese currency includes Polymer notes in denominations of 500,000 VND, 200,000 VND, 100,000 VND, 50,000 VND, 20,000 VND, and 10,000 VND. Additionally, there are paper notes of 5,000 VND, 2,000 VND, 1,000 VND, 500 VND, and 200 VND, although the latter two are rarely used due to their low value. Coins were phased out of Vietnam’s currency in 2011.
The history of Vietnamese currency
Vietnamese currency evolution reflects a rich history, commencing with Chinese coins during the Han Dynasty. Amid French rule, the Piastre, or “Bac,” served as the monetary unit, later replaced by Indochina Bank’s culturally adorned banknotes. In 1945, the Democratic Republic of Vietnam introduced aluminum coins, a precursor to the inaugural “dong” banknotes in 1947. Post-Saigon’s fall in 1975, the Provisional Revolutionary Government unveiled “Bank of Vietnam Money.” A significant transition occurred in 2003 with the introduction of plastic polymer notes, supplanting cotton banknotes and introducing the 500,000 VND denomination. This currency journey encapsulates Vietnam’s historical and economic transformations.
Current exchange rates for Vietnamese currency to 5 major currencies
Keep in mind that Vietnam’s currency exchange rates are volatile and can differ based on information sources. As of April 2023, this table offers approximate rates for seven major currencies. Notably, the Vietnamese dong is often exchanged for the Philippine peso and Indian rupee, with rates around 285 VND for 1 INR and 2.38 VND for 1000 PHP. Be aware that real-time rates may fluctuate, so it’s advisable to check for the latest updates before any currency transactions.
USD to Vietnam currency
In Vietnam, the United States Dollar (USD) holds widespread acceptance and is frequently exchanged for Vietnamese Dong (VND). As of April 2023, the exchange rate is approximately 23,268 VND for one USD, from Vietnamese Dong to USD equal to 0.000043 USD.
While major establishments and hotels in Vietnam readily accept USD, smaller vendors and street markets may exclusively transact in VND. To facilitate hassle-free transactions and ensure a seamless travel experience, it is advisable to carry a combination of both Vietnam currency and USD during your journey in Vietnam.
EUR to Vietnam currency
When preparing for a trip to Vietnam and considering currency exchange, it’s crucial to know that Euros (EUR) are accepted, though not as commonly as the USD. Thus, carrying a diverse range of currencies is advisable. As of April 2023, the exchange rate stands at approximately 25,747 VND for one EUR.
It’s essential to recognize that exchange rates fluctuate across providers, underscoring the importance of researching and comparing rates. By diversifying currencies and staying informed about exchange rates, you enhance your travel experience, enabling seamless immersion into Vietnam’s rich culture and attractions.
AUD to Vietnam currency
Australian travelers heading to Vietnam can exchange their AUD (Australian Dollar) for the local currency at authorized exchange offices and banks. As of April 2023, one AUD is valued at around 15,375 VND. Considering that certain Vietnamese dong AUD exchange booths may provide more favorable rates for larger denominations, contemplating the exchange of larger bills can lead to better rates for Vietnamese money currency. Staying aware of exchange rate nuances enhances the cultural immersion experience, enabling you to fully enjoy the rich offerings that Vietnam has in store for its visitors.
GBP to Vietnam currency
When traveling to Vietnam with GBP, it’s crucial to be mindful of the exchange rate dynamics. As of April 2023, one GBP equals around 29,077 VND. For a favorable exchange, it’s advisable to convert your GBP at authorized exchange offices or banks. Steering clear of tourist hotspots for currency exchange helps evade less advantageous rates, offering peace of mind and ensuring optimal value for your money. Prioritizing authorized channels enhances the reliability of your currency transactions, contributing to a smoother financial experience during your Vietnam journey.
INR to Vietnam currency
Travelers holding Indian Rupees (INR) planning a trip to Vietnam should be aware of the exchange rate. As of April 2023, one INR is approximately equal to 340 VND. To optimize Vietnamese currency to INR, it’s advisable to utilize authorized exchange offices or banks. Being mindful that some providers may offer better rates for larger denominations can further enhance the value of the exchange. By staying informed about the exchange rate dynamics, travelers can navigate their financial transactions seamlessly and fully enjoy the diverse experiences Vietnam has to offer.
Best places for Vietnam currency exchange
When arriving in Vietnam, exchanging your home currency for Vietnamese currency Dong is a crucial initial step. Various options are available for Vietnam currency exchange:
- Airports: Currency exchange booths at airports are convenient and accessible 24/7, suitable for late-night or early-morning arrivals.
- Banks: While banks generally provide favorable exchange rates, the process may be lengthier, requiring additional documentation like a passport or visa. Some banks also have specific exchange hours.
- Gold and Jewelry Shops: Though conveniently located, these shops often have higher exchange rates and may include hidden fees. It’s essential to scrutinize any associated fees before proceeding.
Researching and comparing exchange rates and fees across different options is advisable before deciding where to exchange your Vietnamese currency. This diligence can save both time and money, ensuring you have the necessary Vietnamese Dong for a seamless travel experience in Vietnam.
Helpful advice for handling payments and currency exchange in Vietnam
For a smooth experience with payments and Vietnam currency exchange, consider the following tips:
- ATMs: Ensure your card is compatible with local ATMs in Vietnam before your trip.
- Scam Alert: Stay vigilant at street vendors and local markets, as some may use similar colors for 500,000 VND and 20,000 VND bills to deceive visitors.
- Counterfeit Money: Beware of counterfeit banknotes, particularly the 500,000 VND note; only exchange money at reputable places.
- Keep Small Bills: Many vendors and small businesses might lack change for larger denominations, so it’s practical to have smaller bills on hand.
- Notify Your Bank: If using your credit or debit card, inform your bank beforehand to prevent any account flagging for suspicious activity.
Adhering to these pieces of advice ensures a secure and hassle-free experience when handling payments and currency exchange in Vietnam.
Vietnamese currency may seem complex for first-time travelers, but armed with the information provided by Asia Legend Travel above, hopefully you can confidently manage what is the currency of Vietnam. Ensure your card compatibility with local ATMs, stay vigilant against counterfeit money and scams, and keep smaller denominations accessible. These precautions guarantee a seamless journey through Vietnam, allowing you to focus on the beauty and experiences the country has to offer without worrying about currency-related challenges.