Best places to exchange money in Hanoi
The currency exchange process is considered one of the crucial steps in preparing for an overseas trip. If you are planning to travel to Hanoi, Vietnam, and are searching for the best places to exchange money in Hanoi but still unsure where to go, how to exchange, and how to avoid unnecessary fees, worry not. In fact, currency exchange is not as challenging as it may seem. The following experiences provided by Jackfruit Adventure will assist travelers to Vietnam in avoiding surprises and obtaining the best exchange rates.
Vietnam’s Currency Overview
The official currency of Vietnam is the đồng, represented by VND or đ. It comes in denominations from 10,000 to 500,000 VND, with smaller bills made of paper and larger ones of polymer (no coins are used). To simplify VND to USD conversion, mentally remove three zeros and divide the result by 23.
The smaller bills are on regular paper, while the larger ones are on polymer. It’s essential to note that exchange rates fluctuate, so for the most precise information, check online or use mobile apps regularly.
Reasons to Exchange Money in Vietnam
In Vietnam, using anything other than the local currency (VND) is prohibited by law. Payments are exclusively accepted in Vietnamese đồng. When traveling within Vietnam, it’s imperative to convert your currency into VND.
Cash is the preferred method for most financial transactions among Vietnamese people, despite the increasing popularity of credit and debit cards. While cards are accepted in certain places like restaurants and shopping centers, cash remains essential. Many sidewalk shops, widespread across the country, do not accept credit cards, making it crucial to have cash on hand.
Where to Exchange Money in Vietnam
When it comes to exchange money in Hanoi, several options cater to different preferences and needs.
Banks:
In Vietnam, major banks like Vietcombank, Vietinbank, Agribank, and Eximbank offer currency exchange services. While banks are reliable, be prepared for potential wait times, and keep in mind that a fee of 0.5% to 2% may be applied. It’s advisable to carry new notes, as damaged or dirty notes might incur an extra charge of 2% of the note’s face value.
Gold and Jewelry Shops:
For a unique experience, some gold and jewelry shops, particularly those in Hanoi’s Old Quarter, offer money exchange services. Exercise caution and ensure fair rates at these locations.
Hotels:
Many hotels in Vietnam provide currency exchange services for the convenience of their guests. Inquiring at the hotel’s front desk can help you determine if this service is available. While upscale hotels may offer rates comparable to banks, smaller establishments could have additional costs.
Airports:
Airports in major cities across Vietnam have currency exchange desks. While convenient, it’s worth noting that airport exchange services might offer slightly less favorable rates compared to other options.
Authorized Exchange Counters:
Look for authorized exchange counters in busy tourist areas and commercial districts. These counters often provide competitive rates and quick service, making them a convenient choice.
ATMs:
Using local ATMs is a modern and accessible way to obtain Vietnamese đồng. Before your trip, check with your bank regarding international withdrawal fees and inform them about your travel plans to avoid potential card issues.
Best Places to Exchange Money in Hanoi
Money Changers in Hanoi Old Quarter:
- One of the most vibrant areas in Hanoi, the Old Quarter, is home to numerous money changers. Gold dealers and tour guides in this area often offer forex services with rates that can surpass those of banks. Along Ha Trung and Hang Bac alleys, you’ll find these gold businesses. They typically operate from Monday to Saturday and may exclusively deal with US dollars.
1. Quoc Trinh Gold Shop
- Address: 27 Ha Trung, Hoan Kiem District, Hanoi (Just a few hundred meters from the Vietnam National Tuong Theater)
- Contact: +84 4 3826 8856
- Working Hours: 8 am to 7 pm from Sunday to Friday.
When exchanging money at Quoc Trinh Gold Shop on Ha Trung Street, you can expect competitive rates and efficient service. The professional staff ensures a fast transaction process. This establishment is widely regarded as one of the best places to exchange money in Hanoi, with many tourists trusting its services and favoring it over other shops or banks in the city.
2. Kim Linh Jewelry
- Address: 67 Hang Bac, Hoan Kiem District, Hanoi (Just a few hundred meters from Hanoi Ancient House).
- Contact: +84 4 3825 3649
- Working Hours: 8 am to 6 pm from Monday to Saturday.
Kim Linh Jewelry ranks among the top three places for currency exchange in Hanoi, particularly in the areas around Hoan Kiem Lake. Conveniently located, this shop offers competitive rates and has a friendly and accommodating staff. Known for its excellent service, Kim Linh Jewelry is a go-to choice for many when it comes to exchanging money in Hanoi.
3. Phu Van Jewelry
- Address: 25 Luong Ngoc Quyen, Hang Buom, Hoan Kiem District, Hanoi.
- Contact: +84 4 3926 1764
- Working Hours: 9 am to 6 pm from Monday to Saturday.
Phu Van Jewelry is another reliable option for exchange money in Hanoi The establishment provides comfortable facilities, including chairs and air conditioners. The friendly staff is accustomed to assisting foreign customers, ensuring a smooth exchange process. With favorable rates and minimal extra fees, Phu Van Jewelry is a suitable choice for currency exchange near Hang Buom.
Reputable Gold and Jewelry Shops in Hanoi
Beyond the Old Quarter, Hanoi boasts reputable gold dealer shops that provide excellent services and trustworthy currency exchange.
1. Vang Hoang Tin Gold Shop
- Location: 124 Nguyen Thai Hoc, Ba Dinh District, Hanoi (Adjacent to Kim Ma station).
- Contact: +84 4 3733 7425
- Business Hours: Monday to Friday – 8 am to 6 pm, Saturday and Sunday – 8:30 am to 6 pm.
2. Bao Tin Minh Chau
- Location: 29 Tran Nhan Tong, Hai Ba Trung District, Hanoi, Vietnam (Within a short distance from Bay Mau Lake).
- Contact: +84 4 3822 6999
- Business Hours: Every day from 8 am to 8 pm.
3. Bao Minh Jewelry
- Location: 4B Tran Nhan Tong, Hai Ba Trung District, Hanoi.
- Contact: +84 4 3944 6934
- Business Hours: Monday to Saturday, from 9 am to 6 pm.
These reputable establishments offer reliable currency exchange services, ensuring a secure and efficient experience for visitors in Hanoi.
Bank Branches in Hanoi Old Quarter
In Hanoi’s Old Quarter, the majority of bank branches are conveniently located around Hoan Kiem Lake and Dong Kinh Nghia Thuc Square. If you prioritize safety in transactions and aren’t solely focused on exchange rates, banks are a reliable option.
1. Vietinbank on Ly Thuong Kiet
- Address: 25 Ly Thuong Kiet, Hoan Kiem District, Hanoi (Near Vietnamese Women’s Museum).
- Contact: +84 4 3826 7112
- Working Hours: 8 am to 5 pm from Monday to Friday.
Vietinbank staff are known for their politeness and professionalism. With good language skills and a dedicated approach, they provide excellent customer service. Equipped with money counting machines, the process is efficient, making it suitable for substantial currency exchanges. However, travelers should exercise caution when carrying large amounts of cash.
2. Vietcombank in Cau Go
- Address: 110 Cau Go, Hoan Kiem District, Hanoi (Beside Dong Kinh Nghia Thuc Square).
- Contact: +84 4 3926 1236
- Working Hours: 8 am to 5 pm from Monday to Friday.
Vietcombank, known for its clean and spacious environment, is a popular choice for money exchange in Hanoi. English-speaking staff and multilingual capabilities make transactions convenient for foreign visitors. Vietcombank at 110 Cau Go is a secure option for monetary dealings.
3. Techcombank on Bat Dan
- Address: 34 Bat Dan, Hoan Kiem District, Hanoi (Near Hanoi Friendly Hotel).
- Contact: +84 4 3923 2932
- Working Hours: 8 am to 5 pm from Monday to Friday.
Techcombank stands out among the best places to exchange money Hanoi old quarter. With a young and professional staff, comfortable facilities, and convenient features, it provides a safe and efficient environment for currency transactions. Note that most banks are closed on Thursdays and Sundays, so plan accordingly.
Tips for Money Exchange in Vietnam
When it comes to exchanging money in Vietnam, following a few key tips can enhance your experience and ensure you get the best value for your currency. Here are some valuable suggestions to consider:
- Wait until you’re in Vietnam: It’s advisable to wait until you arrive in Vietnam to exchange money. Doing so locally often results in a better exchange rate compared to exchanging currency in your home country.
- Choose exchange locations wisely: While currency exchange services are widely available in Vietnam, not all offices offer the same rates. Airports, banks, and money changers may provide varying rates. Often, jewelry shops in Hanoi’s Old Quarter are known for offering favorable currency exchange rates. Prioritize locations that provide transparent and competitive rates.
- Check currency rates online: Before exchanging money, research the current currency exchange rates. Online searches or currency apps on your smartphone can provide a general idea of the prevailing rates. Being informed allows you to assess the fairness of the rates offered to you.
- Diversify your VND notes: When exchanging money, request a variety of Vietnamese đồng notes, including smaller denominations like 20,000, 50,000, and 100,000 dong. This diversity facilitates smoother transactions, especially when dealing with vendors selling lower-priced items.
- Avoid the black market: Steer clear of the black market for currency exchange, as it often involves fraudulent practices. Stick to reputable and authorized exchange services to ensure the legitimacy of the transaction.
- Exchange a reasonable amount: Avoid exchanging excessive cash at once to prevent the need for bulky storage. Consider your immediate spending needs and exchange accordingly to maintain convenience and security.
- Reject damaged notes: Refrain from accepting damaged or torn Vietnamese đồng notes from others, as these may not be accepted in transactions. Ensuring the integrity of the currency received is crucial for hassle-free spending.
- Verify authenticity: When receiving VND notes, verify their authenticity by checking for key security features such as polymer material, hidden image elements, and embossing. This helps guard against counterfeit currency.
- Count money carefully: During transactions, count your money carefully to avoid overpaying. The tendency of new polymer notes to stick together emphasizes the importance of meticulous counting.
By adhering to these tips, you can navigate the money exchange process in Vietnam with confidence, ensuring a seamless and fair transaction while exploring the beauty of this vibrant country.
Conclusion
After perusing the article, it is hoped that you now possess a more comprehensive understanding of the Vietnamese currency, particularly the exchange money Hanoi Od Quarter. The article has also furnished information on reputable currency exchange locations, allowing you to embark on your journey to Vietnam with confidence. Do not let the currency exchange procedures overshadow the enjoyment of your trip to Vietnam! Ready to discover Ho Chi Minh city cycling tour
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