Preparing for an overseas trip involves several crucial steps, and currency exchange always tops the list. If you're heading to Hanoi, Vietnam, and need to find the best spots to exchange your money, don't worry—it's simpler than you might think. Check out the useful information compiled by Asiatica Travel to help you navigate currency exchange smoothly, avoid unexpected fees, and secure the best rates for your trip.
1. What are the denominations of Vietnamese currency?
Vietnamese currency, denoted as VND or đ, is the official currency unit of the country. Currently, there are two types of Vietnamese banknotes in circulation: Polymer notes in denominations of 500,000 VND, 200,000 VND, 100,000 VND, 50,000 VND, 20,000 VND, and 10,000 VND, and Paper notes in denominations of 5,000 VND, 2,000 VND, 1,000 VND, 500 VND, and 200 VND.
However, due to their low value, the last two cotton notes are rarely used. In fact, the 200 VND, 500 VND, and 1,000 VND denominations are so low in value that they are not suitable for tipping service providers. Smaller denominations are printed on regular paper, and larger denominations are printed on polymer, so keep that in mind. The current exchange rate fluctuates over time. For the most up-to-date and accurate information, you should check online on reputable websites or through mobile apps.
2. Why exchange money to VND?
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In Vietnam, all transactions, payments, listings, advertisements, quotes, valuations, contract terms, agreements, and similar activities involving residents and non-residents must not be conducted in foreign exchange, except in cases allowed by the State Bank of Vietnam. Therefore, when traveling, you must exchange your money to VND. For most financial transactions, Vietnamese people prefer cash over cards. Although the use of credit or debit cards for payment is becoming more common, only certain establishments, such as restaurants and shopping centers, accept cards. Carrying cash is still the best option as street vendors, which are very common nationwide, never accept credit cards.
3. Exchange rate from SGD to VND
How much is 1 Singapore Dollar in Vietnamese Dong? Currently, with 1 Singapore Dollar, you can exchange it for 18,000 VND.
Note: Exchange rates fluctuate over time. Therefore, to know the exact rate for Singapore Dollar in 2024, you can visit reputable money exchange websites or use mobile applications.
Reference website for exchange rates: Wise Currency Converter
4. Where to Exchange SGD to VND?
4.1. At the Airport
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You can easily exchange money in Hanoi upon landing at Noi Bai Airport, as there are numerous exchange counters catering to travelers' needs. At Noi Bai Airport (HAN), you can exchange most major currencies, including: US Dollar (USD), Euro (EUR), Japanese Yen (JPY), British Pound (GBP), Australian Dollar (AUD), Canadian Dollar (CAD), Swiss Franc (CHF), Chinese Yuan (CNY), Indian Rupee (INR), South Korean Won (KRW), Russian Ruble (RUB), Singapore Dollar (SGD), New Zealand Dollar (NZD), and more. At the International Passenger Terminal, there are 6 exchange kiosks where you can choose from:
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Kiosk 1: near departure points 17 and 18
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Kiosk 2: opposite the D processing area
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Kiosk 3: at the arrival area (after the police checkpoint)
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Kiosk 4: at the exit
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Noi Bai Maritime Bank
4.2. Gold Shops and Travel Agencies in the Old Quarter
Most gold shops and travel agencies in the Old Quarter offer currency exchange services. Their rates are often better than those of banks. Along the alleys of Ha Trung and Hang Bac streets, you can explore these gold businesses. They are open from Monday to Saturday and usually only exchange US dollars.
Quoc Trinh Gold Shop
Address: 27 Ha Trung, Hoan Kiem District, Hanoi, just a few hundred meters from the Vietnamese Tuong Theater.
Phone: +84 4 3826 8856
Working Hours: 8 AM to 7 PM from Sunday to Friday.
When you exchange money at Quoc Trinh Gold Shop on Ha Trung Street, you will generally receive good rates, and the professional staff ensures everything is handled quickly. Therefore, Quoc Trinh Gold Shop is certainly one of the best places to exchange money in Hanoi. The rates here are actually better than many other shops or banks in Hanoi. Many travelers trust this place and choose it as their preferred spot for currency exchange.
Phu Van Jewelry
Address: 25 Luong Ngoc Quyen, Hang Buom, Hoan Kiem District, Hanoi.
Phone: +84 4 3926 1764
Working Hours: 9 AM to 6 PM from Monday to Saturday.
Phu Van Jewelry is another good place to exchange money in Hanoi. The facilities are very convenient, including seating and air conditioning. The friendly staff is experienced in dealing with foreign customers, so you don't have to worry about any issues. The rates are also good, and you rarely have to pay extra fees. If you need to exchange money near Hang Buom, Phu Van Jewelry is a good choice.
Kim Linh Jewelry
Address: 67 Hang Bac, Hoan Kiem District, Hanoi, just a few hundred meters from the Hanoi Old House.
Phone: +84 4 3825 3649
Working Hours: 8 AM to 6 PM from Monday to Saturday.
Kim Linh Jewelry is one of the top 3 places to exchange money in Hanoi, especially around the Hoan Kiem Lake area. Conveniently located, you can easily find this shop for your currency exchange needs. With good rates and a friendly staff, Kim Linh Jewelry is definitely a top choice for money exchange in Hanoi. Due to its good service, many people think of this shop when it comes to currency exchange in Hanoi.
4.3. Bank Branches in the Old Quarter
Most bank locations in the Old Quarter of Hanoi are concentrated around Hoan Kiem Lake and near Dong Kinh Nghia Thuc Square. If you want a safer transaction and exchange rates are not your primary concern, banks are a suitable choice.
Vietinbank on Ly Thuong Kiet
Address: 25 Ly Thuong Kiet, Hoan Kiem District, Hanoi, near the Vietnamese Women’s Museum.
Contact: +84 4 3826 7112
Working Hours: 8 AM to 5 PM from Monday to Friday.
Staff at Vietinbank are usually polite and professional. Thanks to their good language skills and dedicated attitude, they provide excellent customer service. Banks in Hanoi like Vietinbank are often equipped with money counting machines, so the process is quite fast, and you can exchange large amounts. However, you should be cautious about carrying a lot of cash on your way.
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.
With its clean and spacious environment, Vietcombank is a favorite spot for many people to exchange money in Hanoi. Many staff members here speak English and other languages, which makes it very convenient for dealing with foreign visitors. If you need a safe place for currency transactions, Vietcombank at 110 Cau Go could meet your needs.
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 is one of the best places to exchange money in Hanoi due to its young but professional staff and convenient amenities such as seating and air conditioning. If you're looking for a safe place to exchange money, Techcombank is a good choice. Most banks are closed on Saturdays and Sundays, so be mindful of the timing to visit on a suitable day.
Vietnam International Bank (VIB) in Dinh Tien Hoang
This branch is located near Dong Kinh Nghia Thuc Square and Golden Lakeside Hotel.
Address: 49 Dinh Tien Hoang, Hoan Kiem District, Hanoi, Vietnam
Phone: +84 4 3938 2180
Opening Hours: Monday to Friday, 8 AM to 5 PM
VIB Hoan Kiem is another option for you. Located in the heart of Hanoi, opposite Hoan Kiem Lake, with a modern space operating to international standards, VIB Hoan Kiem offers a comfortable and convenient experience for all customers when conducting transactions.
4.4. Currency Exchange Branches in Other Areas of Hanoi
Outside the Old Quarter, there are many well-known gold shops offering high-quality services.
Vang Hoang Tin Gold Shop
Address: 124 Nguyen Thai Hoc, Ba Dinh District, Hanoi, near Kim Ma Station.
Phone: +84 4 3733 7425
Working Hours: 8 AM to 6 PM from Monday to Friday, 8:30 AM to 6 PM on Saturday and Sunday.
Bao Tin Minh Chau
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Address: 29 Tran Nhan Tong, Hai Ba Trung District, Hanoi, Vietnam, just a few hundred meters from Bai Mau Lake.
Phone: +84 4 3822 6999
Working Hours: 8 AM to 8 PM daily.
Bao Minh Jewelry
Address: 4B Tran Nhan Tong, Hai Ba Trung District, Hanoi.
Phone: +84 4 3944 6934
Working Hours: 9 AM to 6 PM from Monday to Saturday.
4.5. How to withdraw money in Vietnam
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A simple way to get cash in local currency is to use ATMs. Most ATMs are connected to Visa and Mastercard networks. However, be aware that currency exchange fees and ATM withdrawal fees will apply. Our advice is to check with your bank about the rules for cash advances abroad, as fees can be unexpectedly high.
5. Tips for Exchanging SGD to Vietnamese Dong
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• Wait Until You Arrive in Vietnam: It is generally better to exchange money once you are in Vietnam rather than doing it in your home country, as you are likely to get a better exchange rate.
• Choose the Right Exchange Location: While currency exchange is available almost everywhere in Vietnam, not all exchange points offer the same rates. Airports, banks, and currency exchange services often have higher rates. Gold shops in the Old Quarter of Hanoi frequently provide the best rates. Always check if you are getting a favorable rate before exchanging money.
• Check the Exchange Rate: Before exchanging, look up the current exchange rate. You can do this online or through a currency app on your smartphone. This will give you a general idea of the current rate, and any rate offered to you should be close to this number.
• Request a Variety of Denominations: Ensure you receive various denominations of VND, including lower denominations. If you use high-denomination notes (e.g., 500,000 VND) to buy inexpensive items, vendors might not have enough change. Therefore, it's better to have a mix of notes, including 20,000, 50,000, and 100,000 VND notes. Also, be careful with the 20,000 VND and 500,000 VND notes, as their colors are similar but their values differ significantly.
• Avoid Black Market Exchanges: The black market is not a safe place to exchange money and is likely to be a scam.
• Determine the Amount to Exchange: Decide how much money you need based on your travel plans, the duration of your stay, and your spending capacity. However, always exchange a small amount to cover initial expenses. Some countries have minimum currency exchange requirements for travelers, so consider this as well.
• Avoid Damaged Notes: Do not accept damaged notes from others, as they might not be accepted elsewhere.
• Verify Authenticity: To ensure you are receiving genuine notes, check the polymer material, hidden images, and raised prints.
• Know Vietnamese Regulations on Carrying Foreign Currency: If you are exchanging money at the airport for international travel, be aware of Vietnam’s regulations regarding the amount of money you can take out of the country. According to current regulations, if you are carrying more than 120,000,000 VND (approximately 5,000 USD) or equivalent foreign currency, you must declare it to customs. Be aware of this to avoid delays in customs procedures.
• Count Your Money Carefully: Make sure to count your money carefully and avoid paying more than necessary, as new polymer notes can stick together.
Source: https://www.vietcombank.com.vn/KHCN/Cong-cu-tien-ich/Ty-gia