What currency do they use in Vietnam? You may not be sure, but if you want to avoid paying high exchange rates, you should know how much Vietnamese Dong to bring with you. To make your trip to Vietnam more enjoyable, you can exchange US dollars for Vietnamese Dong at ATMs. You can also use Traveler’s cheques in Vietnam. Here is a guide to the currency of Vietnam. You will also learn about ATM fees.
In Vietnam, the Vietnamese dong is the currency of choice for international transfers. You can use this currency in many places in the country, and it is widely accepted as a form of payment. If you’re considering purchasing Vietnamese dong for travel, be sure to know how to exchange it in order to avoid a loss when you return home. The most common way to convert VND to USD is through a money changer. Although money changers may be difficult to find outside of cities, they are often the easiest option for travelers. Most money changers will have signs that display the exchange rate and transaction fees. You should also keep in mind that if you’re using a credit card, you may end up paying more for your purchase. Alternatively, you can visit the airport for a currency exchange, although this can be expensive and requires that you be a customer.
While Vietnam is still under communist rule, its economy is beginning to show signs of a more free market. Many investors and collectors have expressed an interest in purchasing Vietnamese dong currency. As a growing destination, Vietnam has also experienced an increase in tourism and a corresponding surge in its currency. Moreover, the Vietnamese Dong is a unique and interesting currency that can be an excellent investment. There is no other currency quite like it.
ATM fees in Vietnam
Most foreign banks in Vietnam charge ridiculously high ATM fees. A withdrawal of US$40 from a Cambodian ATM can cost up to $5, while a withdrawal of VND 22,000 from a Vietnam-based Citibank will cost around $2.50. Vietnam’s banks are a bit better–average fees range from $1.50 to $2.50, but it still pays to know how to avoid these fees. Luckily, there are a few options.
When using a Vietnamese ATM, be sure to ask about the fee before you make your withdrawal. Most of these machines will charge between 40,000-60,000 Dong to process your withdrawal. Be prepared for the exchange rate to be much higher than your home currency. You should also keep in mind that your home bank might charge you a foreign transaction fee if you use a credit or debit card. In these cases, you’ll probably be asked if you’d like to pay with your home currency. The good news is that most Vietnamese ATMs accept credit or debit cards.
While cash and travelers’ checks are the most common forms of payment, you can also use credit cards or a VISA card. While travelers’ cheques are a dying breed in Vietnam, you can find ATMs in large cities and most tourist areas. If you are using a credit card, it may be difficult to cash a travellers’ cheque. However, ATMs are generally available, and you can use them to withdraw cash or change money. There are several international money transfer companies that can provide you with an account.
In case of an emergency, travelers should carry traveler’s checks. You can cash these checks at leading banks, exchanges, and high-end hotels. If you lose your traveler’s cheque, you’ll likely have to exchange it for local currency in a major city. Alternatively, you can use US dollars, Euros, or British pounds. Regardless of how you plan to travel to Vietnam, remember to pack enough cash to cover your expenses.
If you are traveling to Vietnam, you should know that you can use American Dollars in most places. However, Vietnam’s currency, the Dong, is non-convertible, and trades at around 20800 VND to US$1 as of Dec. 2017. Nonetheless, American dollars are accepted everywhere and can be cashed easily at authorized foreign exchange outlets. You will need to present your passport and traveler’s check for the exchange.
Unlike many other countries, travelers should also carry a traveler’s check if they want to avoid dealing with unfamiliar cash. These are convenient, especially for travelers who don’t want to take the risk of losing cash while overseas. Traveler’s checks also provide a means of reporting lost or stolen cash and can easily be replaced. Traveler’s checks were handy before the widespread use of credit cards. They were also cheap and widely accepted around the world. However, paper checks have become outdated and are also much more cumbersome than plastic.
Traveler’s cheques accepted in Vietnam
While you can easily use your credit card in Vietnam, it can be difficult to cash travellers’ cheques in rural areas. While many banks accept traveler’s cheques, not all do, so you may be better off bringing some cash with you. In addition, it’s best to change your money at an ATM in a major city, where you can also find cash machines. If you have lost your check, you’ll probably have to replace it at a bank in the major city.
Another advantage of using travellers’ cheques is that they’re convenient and a good backup source of cash in emergency situations. Traveller’s cheques are also a good option if you’re staying in remote areas or encountering power or ATM network problems. Plus, you can carry a physical card around with you. You can also use prepaid traveler’s cheques for convenience.
Using credit cards in Vietnam
Despite the low credit card adoption rate in Vietnam, the market is growing at a fast pace. From 29.1 million credit card payments in 2016 to 112.0 million by 2020, credit card use is set to double. The increasing number of credit card users has led to a wide range of benefits including rewards points, cashback, discounts, and flexible repayment options, such as installment facilities. The following are some important tips to use credit cards in Vietnam.
Despite Vietnam’s lack of financial infrastructure, consumers are increasingly comfortable using plastic for everyday purchases. Over 35% of e-commerce spending in the country comes from foreign countries. The country is dominated by south-east Asian e-commerce merchants like Lazada and Alibaba. A recent announcement by Amazon, a leading US-based internet company, signalled its intention to expand its presence in the region. Its decision to launch a Vietnamese subsidiary is an example of the importance of establishing a relationship with the Vietnam E-commerce Association.