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Where to exchange money in Hanoi ?
One of the essential preparations for traveling abroad is currency exchange. If you’re planning a trip to Hanoi, Vietnam, and looking for the where to exchange money in Hanoi, this guide will help you navigate the process, avoid unnecessary costs, and find the best exchange rates. Exchanging money in Vietnam is not overly complicated, and the tips provided by Vietnam Escape Tours below will assist tourists in obtaining the best value without surprises.So where to exchange money in Hanoi?
Vietnam Currency
The official currency of Vietnam is the Vietnamese đồng, symbolized as VND or đ. It comes in denominations ranging from 10,000 to 500,000 VND and consists of paper bills for smaller amounts and polymer bills for larger amounts (coins are not used). If the number of zeros is confusing, mentally remove three zeros to simplify the amount. To quickly convert VND to USD, remove three zeros and divide the result by 23.
Note that smaller bills are printed on regular paper, while larger bills are printed on polymer. The exchange rate fluctuates over time, so it’s important to check online or through mobile apps for the most accurate information.
Why Exchange Money ?
In Vietnam, it is illegal to make payments with any currency other than VND. Only Vietnamese currency is accepted for transactions. When traveling in Vietnam, it is essential to exchange your cash for VND. While card payments are gaining popularity, cash is still widely preferred by Vietnamese people for most financial transactions. Credit and debit cards are only accepted at certain establishments like restaurants and shopping centers. Carrying cash is the best option as sidewalk shops, which are prevalent throughout the country, do not accept credit cards.
Where to Exchange Money in Hanoi ?
In Vietnam, there are several places where you can exchange popular currencies such as the US dollar, British pound, Japanese yen, Euro, and more.
– Banks: Numerous banks in Vietnam offer currency exchange services, including Vietcombank, Vietinbank, Agribank, Eximbank, and others. Keep in mind that you may need to wait, and a fee of 0.5% to 2% may be applied. If exchanging money at a bank, it’s advisable to carry new notes as damaged or dirty notes may incur an additional charge of 2% of the note’s face value.
– Hotels: Some hotels provide currency exchange services. To find out if your hotel offers this service, inquire at the front desk. Exchanging money at the hotel not only saves time but also ensures the security of your funds. While larger, upscale hotels in Hanoi may offer comparable rates to banks, smaller establishments might have additional costs.
– Airports: Major cities in Vietnam have currency exchange desks at the airports.
– Gold and Jewelry Shops: If you need to exchange money, certain gold and jewelry shops, particularly those in Hanoi’s Old Quarter, offer this service.
By following these guidelines, you can navigate the currency exchange process in Hanoi, Vietnam, with ease, ensuring you get the best rates and avoid unnecessary costs.
1) Money changers in Hanoi Old Quarter
In the Hanoi Old Quarter, you can find money changers who offer foreign exchange services. Many gold dealers and tour guides in this area provide competitive rates compared to banks. You can locate these gold businesses along Ha Trung and Hang Bac alleys. They operate from Monday to Saturday and often specialize in exchanging US dollars.
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: Sunday to Friday, 8 am to 7 pm
When you exchange money at Quoc Trinh Gold Shop on Ha Trung Street, you can expect a favorable rate and efficient service from the professional staff. This shop is undoubtedly one of the best places to exchange money in Hanoi, as their rates often outperform other shops or banks in the city. Many tourists trust and prefer this shop for currency exchange.
Phu Van Jewelry
Address: 25 Luong Ngoc Quyen, Hang Buom, Hoan Kiem District, Hanoi
Contact: +84 4 3926 1764
Working hours: Monday to Saturday, 9 am to 6 pm
Phu Van Jewelry is another excellent option for currency exchange in Hanoi. The shop provides a comfortable environment with amenities like chairs and air conditioning. The staff is friendly and experienced in serving foreign customers, ensuring a smooth transaction. The exchange rates are competitive, and you rarely encounter additional fees. If you’re in the Hang Buom area, Phu Van Jewelry is a recommended choice.
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: Monday to Saturday, 8 am to 6 pm
Kim Linh Jewelry is among the top three places to exchange money in Hanoi, particularly around Hoan Kiem Lake. Conveniently located, it offers competitive rates and helpful staff to meet your currency exchange needs. Thanks to their excellent service, many people immediately think of this shop when it comes to exchanging money in Hanoi.
2 ) Reputable Gold and Jewelry shops in Hanoi:
Beyond the Old Quarter, there are renowned gold dealers who provide high-quality service for currency exchange.
Vang Hoang Tin Gold Shop:
Address: 124 Nguyen Thai Hoc, Ba Dinh District, Hanoi (near Kim Ma station)
Contact: +84 4 3733 7425
Working hours: Monday to Friday, 8 am to 6 pm; Saturday and Sunday, 8:30 am to 6 pm
Bao Tin Minh Chau:
Address: 29 Tran Nhan Tong, Hai Ba Trung District, Hanoi, Vietnam (just a few hundred meters from Bay Mau Lake)
Contact: +84 4 3822 6999
Working hours: Daily, 8 am to 8 pm
Bao Minh Jewelry:
Address: 4B Tran Nhan Tong, Hai Ba Trung District, Hanoi
Contact: +84 4 3944 6934
Working hours: Monday to Saturday, 9 am to 6 pm
These reputable gold and jewelry shops located outside of the Old Quarter also offer reliable currency exchange services. With their quality service and convenient locations, they are trusted options for exchanging money in Hanoi.
3) Bank branches in Hanoi Old Quarter
There are several bank branches located in Hanoi’s Old Quarter, primarily around Hoan Kiem Lake and near Dong Kinh Nghia Thuc Square. If you prioritize safety in your transactions and exchange rates are not your primary concern, banks are a reliable option.
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: Monday to Friday, 8 am to 5 pm
The staff at Vietinbank is known for their polite and professional service. They are proficient in multiple languages, ensuring efficient communication with foreign customers. Vietinbank branches in Hanoi, like the one on Ly Thuong Kiet, are equipped with money counting machines, making the exchange process quick and convenient. However, it’s advisable to exercise caution when carrying large amounts of cash.
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: Monday to Friday, 8 am to 5 pm
Vietcombank is a favored place for currency exchange in Hanoi due to its clean and spacious environment. Many staff members speak English and other languages, making transactions with foreign visitors convenient. If you are looking for a secure place to conduct monetary transactions, Vietcombank at 110 Cau Go is a suitable choice.
Techcombank on Bat Dan:
Address: 34 Bat Dan, Hoan Kiem District, Hanoi (near Hanoi Friendly Hotel)
Contact: +84 4 3923 2932
Working hours: Monday to Friday, 8 am to 5 pm
Techcombank is considered one of the best locations for currency exchange in Hanoi. The bank has young and professional staff members and provides convenient facilities such as seating and air conditioning. If you need a safe place to exchange money, Techcombank is a reliable option. It’s important to note that most banks are closed on Thursdays and Sundays, so plan accordingly.
In addition to the banks mentioned above, VP Bank, Sacombank, and PG Bank are also recommended for currency exchange in Hanoi. These banks have good service and offer competitive exchange rates. They have multiple branches throughout the city, making it convenient for travelers to exchange money.
VP Bank:
VP Bank is one of the earliest established banks in Vietnam and has built a strong foundation for its brand. It has received numerous awards and currently operates nearly 145 branches and trading rooms in various districts of Hanoi. Foreign tourists can conveniently visit these branches to exchange money.
VP Banks address for money exchange in Hanoi:
- VPBank Nguyen Huu Huan
Address: 52 Nguyen Huu Huan Street, Hang Bac, Hoan Kiem District, Hanoi
Open hours: Monday to Friday, 8:00-11:00, 13:00-16:00
Tel: 024.3926 0200
Location on the map: VPBank Nguyen Huu Huan
- VP Bank Thuy Khue
Address: 251 Thuy Khue, Thuy Khue, Tay Ho District, Hanoi
Open hours: Monday to Friday, 8:00-11:00, 13:00-16:00
Tel: 024.372 80931
Location on the map: VP Bank Thuy Khue
Sacombank:
Sacombank is a trusted bank known for its quality and reputation. It is among the top 10 commercial banks in Vietnam and prioritizes customer needs by continuously improving and expanding its support services. Travelers can confidently exchange money at Sacombank in Hanoi.
Sacombank branches for money exchange in Hanoi:
- Sacombank Hoan Kiem
Address: 61A Duong Thanh Street, Cua Dong, Hoan Kiem District, Hanoi
Open hours: Monday to Friday, 8:00-11:00, 13:00-16:00
Tel: 024.3923 2140
Location on the map: Sacombank Hoan Kiem
- Sacombank Ba Dinh
Address: 25A Phan Dinh Phung Street, Quan Thanh, Ba Dinh District, Hanoi
Open hours: Monday to Friday, 8:00-11:00, 13:00-16:00
Tel: 024.3848 9971
Location on the map: Sacombank Ba Dinh
PG Bank: As a leading commercial banking company in Vietnam, PG Bank offers high-quality financial services with enthusiastic and professional staff, supported by a modern technology platform. Travelers can easily exchange money at PG Bank.
4 ) Tips for exchanging money
- Exchange in Vietnam: It’s advisable to wait until you arrive in Vietnam to exchange your money instead of doing it in your home country. By exchanging locally, you are likely to get a better exchange rate.
- Choose exchange locations wisely: While currency exchange services are available throughout Vietnam, not all exchange offices offer the same rates. Airports, banks, and money changers often provide less favorable rates. In Hanoi’s Old Quarter, jewelers are known to offer better rates. Always ensure you will receive a favorable rate before proceeding with the exchange.
- Check the currency rate: Before exchanging money, look up the current currency rate. You can do this through an online search or by using a currency app on your smartphone. This will give you a general idea of the prevailing rate, and the rate you receive should be reasonably close to that figure.
- Obtain a variety of VND notes: When exchanging money, make sure you receive a range of Vietnamese Dong (VND) notes, including smaller denominations. If you only receive 500,000 dong notes, it may be challenging to get change for inexpensive items. It’s more convenient to have a mix of notes, such as 20,000, 50,000, and 100,000 dong, for easier transactions.
- Avoid the black market: It is not recommended to exchange money in the black market, as it is likely to be a scam or an illegal operation.
- Don’t exchange too much cash at once: To avoid carrying excessive amounts of Vietnamese Dong, it’s best not to exchange a large sum of money all at once. This way, you won’t end up needing a suitcase to transport your cash.
- Reject damaged notes: Avoid accepting damaged notes from others, as you may encounter difficulties using them later on.
- Verify authenticity: To ensure you receive authentic notes, check for features such as polymer material, hidden image elements, and embossing. These are security features found on genuine Vietnamese Dong notes.
- Count your money carefully: Polymer notes tend to stick together, so count your money carefully to avoid paying more than intended or receiving incorrect change.
Tư vấn chuyên môn bài viết:
BÁC SĨ DƯƠNG THỊ THÙY NGA
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