Hi all,
Not sure what to use as a benchmark, and never travelled before.
Going to Vietnam in a few weeks. I need to look into exchanging cash for the local Vietnamese Currency, i.e. Vietnamese Dong.
How much is a good rate? Where should I get it from? And what role does a Travel Money card play into all of this?
Thanks
p.s. Sorry for the noob question.
Use this matrix as a reference point.
Note you will not achieve the exact advertised exchange rate, however its a handy tool to chart the exchange rate current and historically (adjust the chart options accordingly).
A general rule of thumb for exchanging currency:
- The best exchange rate is usually achieved locally at your end destination
- You will pay a premium at airports
- At times it possible to achieve a better exchange rate via ATM's whilst OS (Further reading required)
- Some time you need currency to pay for a VISA or similar, in such instances you need to carry currency into the country with you
- If you do want to exchange currency in AUS at or prior to departure, if you place a currency order in advance it's possible to achieve a marginally better rate.
If you're traveling to Ho Chi Minh there is a place where I exchanged AUD to VND across from the Ben Thanh market, called Ha Tam gold shop (Google "Dntn Vàng Hà Tâm"). They always had the best rates and a huge crowd of people wanting to exchange money.
The rate is currently around 16.4. I exchanged 2 weeks ago at around 16.85. The best value is at gold shops in VN, if you want value over here, then go to a vietnamese money exchange.
Just got 16800 3 days ago in HCM.
Got it off the side of the road on the walking street near the town hall.
I remember I went two months ago, the exchange rate was around 16,500, however right now it appears to be around the 16,800 mark. I would recommend exchanging about $150 AUD here for essentials (taxi, hotel, food and etc.) and then exchanging the rest of your money there as you won't get charged any fees. Also if you use large bills ($50) like I did, you can get a rate of 17,000! I didn't use any type of Travel Card.
Also, as per above, gold shops usually have the highest rates. "Dntn Vàng Hà Tâm" in Ho Chi Minh City, is a popular gold shop exchange and is located across the road from the West Gate (Cửa Tây) of Ben Thanh Markets. Gold shops also don't display their rates visibly like banks do, so just ask prior if you're not sure if they can exchange.
If you're visiting Hoi An, there is a street called Le Loi within the city centre, and it is lined with gold stores.
Five Dongs make a pork roll or as the vietnamese say it pok lol
The rates fluctuate, so quoting a rate right here, right now is totally useless to you.
The VND you'd want for a 2 week trip won't fit in your wallet (it's seriously insane when you want to withdraw a few million - relish the moment you ask for VND16 Million in cash (About $1000 AUD). It'll be the first time you're a millionaire, hopefully not the last.
Just check the fees to buy cash, as some places may have a great rate with a steep fee, other vice versa. With the travel money card, again check the initial setup fee, plus costs and access to ATMs to withdraw cash or make purchases while you're there. Depending on where you're going, ATM access can be an issue, so plan ahead for that. I ended up taking VND in cash to the equivalent of about AUD$1500, with the big notes carried on me while in transit and the smaller, bulkier notes split across 2 bags. EFTPOS isn't all that convenient in Vietnam unless you're in HCM or Hanoi, or a chain business. Smaller independent retailers are cash only.