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Vietnam is a popular tourist destination for Australians, with its vibrant cities, stunning landscapes, diverse culture, and delicious cuisine. When travelling to Vietnam, it is important to consider the best way to carry money to pay for expenses such as flights, accommodations, transportation, food, and activities. The official currency in Vietnam is the Vietnamese Dong (VND), which comes in small paper bills and larger polymer bills, ranging from 10,000 VND to 500,000 VND. While credit and debit cards are widely accepted in Vietnam, it is advisable to carry a mix of cash and cards. Here is a guide to help you decide the best way to carry money when travelling from Australia to Vietnam.
| Characteristics | Values |
|---|---|
| Official Currency in Vietnam | Vietnam Dong (VND) |
| Currency Notes | Small paper bills and larger polymer bills ranging from 10,000 VND to 500,000 VND |
| Conversion from VND to USD | Remove three zeros and divide by 23 |
| Cash Usage | Common for small purchases and street vendors |
| Card Acceptance | Widely accepted by major establishments, including hotels, tour operators, restaurants, and stores |
| ATM Availability | Easily accessible at airports and in Vietnamese cities |
| International Card Acceptance | Visa is accepted at over 20,000 ATMs |
| Money Transfer Services | Western Union, Ria, and bank transfers |
| Money Transfer Speed | Varies from minutes to several business days, with card transfers typically being faster |
| Money Transfer Costs | Vary by service and transfer speed; prepaid travel cards offer lower fees |
| Money Declaration | Required for cash amounts exceeding VND 15 million or USD 5,000 |
| Best Time to Book Flights from Australia | 2-3 months before departure to find affordable options |
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What You'll Learn
Exchanging money before travelling to Vietnam
Vietnam is a popular tourist destination for Australians, with its delicious food, bustling cities, and beautiful nature. When travelling to Vietnam, it is important to consider how you will be carrying your money. Here are some instructive tips on exchanging money before travelling to Vietnam:
- Carry a mix of cash and cards: It is advisable to carry a mix of cash and cards when travelling to Vietnam. While cards are widely accepted in most establishments, including hotels, restaurants, and boutiques, cash is still used for smaller purchases and street vendors. Carrying a combination of both will ensure you can conveniently pay for goods and services.
- Understand the local currency: The official currency in Vietnam is the Vietnamese Dong (VND), which comes in small paper bills and larger polymer bills, ranging from 10,000 VND to 500,000 VND. Mentally, you can convert VND to USD by removing three zeros and dividing by 23.
- Exchange money in advance or use ATMs: You can choose to exchange money before your trip or withdraw cash from ATMs upon arrival. ATMs are readily available at major airports and throughout Vietnamese cities. Using a travel card, such as those offered by Wise or Revolut, can provide better exchange rates and lower fees.
- Be mindful of cash declaration requirements: According to current regulations, if you carry more than VND 15 million or USD 5,000 (or its equivalent in other currencies), you must submit a declaration form to the border-gate customs office. This does not apply to payment instruments like traveller's checks, bank cards, or valuable papers.
- Consider using money transfer services: Services like Western Union and Ria allow you to send money to Vietnam online, through their apps, or in person. These services offer convenience, competitive exchange rates, and quick transfer options. However, be mindful of any applicable fees.
- Utilise prepaid travel cards: Prepaid travel cards, such as those offered by Wise, can be a safe and cost-effective way to spend money while abroad. These cards provide mid-market exchange rates and transparent, low fees, helping you manage your travel expenses effectively.
By following these tips and staying informed about the local currency and payment methods, you can ensure that you have the necessary funds readily available when travelling to Vietnam.
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Using ATMs in Vietnam
Finding ATMs
ATMs are widespread in Vietnam, especially in major cities, tourist areas, and around popular markets. You can easily locate ATMs using Google Maps or banking/travel apps that offer ATM locator features. Airports, banks, shopping malls, and hotels are all good places to find safe and reliable ATMs.
ATM Compatibility and Fees
Before your trip, ensure your debit or credit card is compatible with the major ATM networks in Vietnam, such as Visa, Mastercard, and UnionPay. Check with your bank about any partnerships or alliances they have with Vietnamese banks, which can minimize or eliminate ATM fees.
Currency Conversion
Familiarize yourself with the current exchange rate between your home currency and the Vietnamese Dong (VND). When using an ATM, you may be offered dynamic currency conversion (DCC), which shows the transaction amount in your home currency. However, the exchange rate offered may not be favourable, so it is generally better to reject DCC and let your bank handle the currency conversion.
Safety Tips
Always be vigilant and aware of your surroundings when using an ATM. Avoid using ATMs at night or in isolated areas. Stick to high-traffic ATMs located in well-lit areas, preferably inside banks or shopping centres. Cover the keypad when entering your PIN, and be cautious of anyone loitering or acting suspiciously near the ATM.
Other Considerations
Notify your bank or credit card company about your travel plans to avoid any potential fraud alerts or blocks on your account. Consider using RFID-blocking wallets or sleeves to prevent electronic pickpocketing. Keep your contact information for your card provider handy in case of any issues.
Withdrawal Amounts
While ATMs in Vietnam are accessible 24/7, it is recommended to withdraw cash during the day. Consider withdrawing larger amounts to minimize the impact of fees and unfavorable exchange rates, but always be mindful of your cash needs and personal safety.
By following these instructions and staying vigilant, you can confidently use ATMs in Vietnam to access cash during your trip.
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Using cards in Vietnam
Although Vietnam is moving towards becoming an almost cashless country, cash is still the primary payment method. It is advisable to have at least some cash on you, especially for smaller purchases or tipping.
Cards are becoming an increasingly popular payment method in Vietnam. Most establishments accept payments from major credit card providers such as Visa. Hotels, tour operators, boutiques, restaurants, grocery stores, and spas all generally accept international debit and credit cards. You can also use your card to withdraw cash from ATMs. Conversion rates and swiping fees will be set by your card provider.
If you're travelling to well-known tourist areas, you'll be able to pay for almost everything by card. However, in smaller towns and villages that aren't as popular among tourists, you'll need to rely on cash. Street vendors, for example, usually only accept cash.
It's worth noting that cashless means of payment are becoming the norm in Vietnam, especially in cities. Bank transfer QR codes (vietQR/vnpay) are the most common way to pay if you don't want to carry cash. Mobile payment options such as Apple Pay and Google Pay are also available for use in Vietnam. MoMo is the most popular digital wallet in Vietnam at the moment. You can connect it to your Mastercard or Visa card and pay like a local.
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Cash limits when entering Vietnam
When entering Vietnam, you can carry cash in Vietnamese Dong, US Dollars, or other foreign currencies without any limitations. However, if the amount of cash you are carrying exceeds VND 15 million or USD 5,000, or its equivalent, you must submit a declaration form to the border-gate customs office. This form is also required if you bring in less than USD 5,000 in foreign currency and intend to deposit it into a foreign-currency payment account at a licensed credit institution or foreign bank branch in Vietnam.
It is important to note that this threshold of USD 5,000 or VND 15 million does not apply to travellers' cheques, bank cards, savings books, securities, or other valuable papers. If you are carrying more than the threshold in cash, you will need to make a declaration, but you will not be required to fulfil any additional procedures or pay charges or taxes.
When bringing large amounts of cash into Vietnam, it is important to ensure that the money was obtained through legitimate sources and that you have proof of this. While there are no restrictions on carrying cash in Vietnam, failing to declare amounts over USD 5,000 could result in legal trouble.
To avoid the hassle of carrying large amounts of cash, consider using a credit or debit card in Vietnam. Most establishments accept major credit card providers such as Visa, and ATMs are readily available in Vietnamese cities.
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Transferring money to Vietnam
When it comes to transferring money to Vietnam from Australia, there are several options available. The official currency in Vietnam is the Vietnamese Dong (VND), and you can easily convert Australian dollars to Vietnamese Dong using online money transfer services. Here are some options and key considerations:
- Online Money Transfer Services: You can use online money transfer services such as Western Union or Wise (formerly known as TransferWise). These platforms allow you to transfer money from Australia to Vietnam conveniently and securely. You can initiate transfers through their websites or mobile apps. With Western Union, you can pay using your bank account, credit or debit card, or even with cash at one of their agent locations. Wise, on the other hand, offers a free account and competitive exchange rates, allowing you to pay using your bank account, card, or PayID. Both platforms provide real-time tracking of your transfers.
- Bank Transfer: You can also opt for a traditional bank transfer. Major Australian banks, such as the Commonwealth Bank and Westpac, offer international money transfer services. However, bank transfers may take longer and could have higher fees compared to online transfer services. It is worth checking with your bank about their specific process, fees, and transfer times for sending money to Vietnam.
- Credit and Debit Cards: Using your credit or debit card can be a convenient option for making payments in Vietnam. Major card networks like Visa and MasterCard are widely accepted in Vietnam, especially at hotels, tour operators, boutiques, restaurants, and grocery stores. However, be mindful of conversion rates and swiping fees set by your card provider.
- Cash: While carrying cash may not be the safest option, it is possible to bring cash in Vietnamese Dong, US Dollars, or other foreign currencies into Vietnam. If the amount exceeds VND 15 million or USD 5,000 or its equivalent, you must submit a declaration form to the border-gate customs office. ATMs are readily available in Vietnamese cities and accept international cards, so withdrawing cash upon arrival could be a viable option.
It is always a good idea to compare fees, exchange rates, and transfer speeds offered by different providers before initiating a money transfer to Vietnam. Additionally, be mindful of any applicable daily transfer limits, such as the AUD 19,000 limit mentioned by Western Union for transfers to Vietnam using PayID.
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Frequently asked questions
The official currency in Vietnam is the Vietnam dong, denoted by the symbol ₫ or VND.
It is recommended to carry a mix of cash and cards in Vietnam. Cash is used for small purchases and street vendors, while most establishments accept major credit card providers such as Visa.
There is no limit to the amount of cash you can bring into Vietnam. However, if the amount exceeds VND 15 million or USD 5,000, you must submit a declaration form to the border-gate customs office.
There are several ways to send money from Australia to Vietnam, including online money transfer services such as Western Union and Ria, prepaid money order certificates, and international bank transfers.
Generally, you can find the most affordable flight options by booking 2 to 3 months in advance. Booking during the shoulder seasons, such as April to May and September to October, can also offer lower fares compared to the peak season.
