When you need to exchange money for travel, banks are legal places with the best exchange rates, especially for currencies like the Euro or USD. The buying and selling rates at banks for these currencies are usually the most favorable. However, when going to a bank to exchange foreign currency, you will have to undergo strict document verification before the bank confirms the sale. Bank employees will require you to present a visa, passport, and plane tickets as proof. They will then review each case to decide the amount of foreign currency you are allowed to purchase.
When traveling, you can exchange money at Vietnamese airports like Tan Son Nhat, Noi Bai, etc. However, the exchange rates here are often the lowest and not as favorable compared to other places. While exchanging money at the airport can be convenient, it is advisable to only exchange a sufficient amount for initial expenses upon arrival, then find places with better rates to exchange more.
Besides exchanging money at the airport, you can exchange foreign currency at money exchange agents, banks, or reputable large gold shops. Generally, exchange rates at these agents and banks are better than at the airport. However, when exchanging money at small gold shops or agents, you need to be careful and check thoroughly to avoid risks like counterfeit money or unclear exchange rates.
If you are traveling on a tour, you can ask the tour guides or at the ticket counter where you bought the tour about exchanging money. However, the exchange rates through tour guides or travel companies are usually not very favorable. They often charge a service fee, and the rates may be lower than if you exchange at agents or banks yourself. However, exchanging money through a tour guide can provide convenience and peace of mind since you don't have to worry about finding a place to exchange money.
You can go to markets to exchange foreign currency, as these places offer various services for you to choose from. However, note that these are not licensed by the State Bank of Vietnam, and the rates are often considered "free market" and not listed according to regulations.
While exchanging money here can be quick, you should also be fully aware of the risks. There could be counterfeit money, scams, and higher costs. Furthermore, exchanging money here could also lead to legal issues.
This is one of the places where you can exchange money quickly and conveniently. However, this comes with significant risks, which you need to pay special attention to when using their services. For gold shops that are not licensed by the State Bank of Vietnam, exchanging money here could involve legal violations. Penalties can range from warnings to heavy administrative fines.
On the other hand, large gold shops that are licensed by the State Bank of Vietnam are reputable places where you can safely exchange money. Here, you are assured of quick and convenient services, with costs not much higher compared to the market price differences.
Where to Exchange Foreign Currency for Travel?
Both Vietnamese citizens and foreigners wishing to exchange or buy foreign currency can do so directly at places that offer exchange services as regulated by the State Bank of Vietnam. However, ensure that the money used for exchange is legal and has a clear origin.
Currency exchange must comply with Vietnamese state regulations, ensuring that the exchange rates do not differ too much from the global exchange rates at the time of the transaction, to avoid economic losses.
The procedure for exchanging foreign currency is very simple. You just need to find a suitable exchange location, bring the amount of money to be exchanged along with related documents such as passports, visas, plane tickets, ID cards, or work assignment decisions. Contact the exchange service in advance to ensure you have all the necessary documents.
Some important points to note when exchanging foreign currency:
Regulations on Currency Exchange for Travel
When preparing for a trip or business abroad, exchanging foreign currency is crucial to ensure you have enough cash to spend at your destination. Ho Chi Minh City, being a major economic center of Vietnam, offers many reputable currency exchange locations with competitive rates. Here are some of the best currency exchange locations in Ho Chi Minh City:
Minh Thư Money Exchange: One of the top places to buy and sell USD in Ho Chi Minh City is Minh Thư money exchange. Known for its reputation and reasonable rates, customers can exchange various currencies like USD, Thai Baht, Japanese Yen, British Pound, Euro, etc. Minh Thư is a top choice for many customers due to its dedicated customer service, quick and professional transactions, and time-saving procedures.
Address: 22 Nguyen Thai Binh, District 1, Ho Chi Minh City Phone: 090 829 24 82
Eximbank 59 Money Exchange: Another reputable option is Eximbank 59 money exchange. Located in District 1, it is well-known for buying and selling USD and other currencies like Euro, British Pound, Chinese Yuan, etc. This reliable place offers quality service.
Address: 135 Dong Khoi, Ben Nghe, District 1, Ho Chi Minh City Phone: 028 3823 1316
Saigon Jewelry Company (SJC): SJC is another place you can exchange foreign currency in Ho Chi Minh City. They offer competitive rates for various currencies.
Address: 418-420 Nguyen Thi Minh Khai, District 3, Ho Chi Minh City Phone: 028 3929 3366
Hà Tâm Gold Shop: Located near Ben Thanh Market, Hà Tâm gold shop is well-known for its reputable currency exchange service and high rates. Both international and local customers frequently visit this place when they need to exchange money.
Address: 2 Nguyen An Ninh, Ben Thanh, District 1, Ho Chi Minh City Phone: 028 3823 7243
Each location has its own advantages and disadvantages, as well as differences in exchange rates, so compare to choose the best place for you when you need to exchange foreign currency in Hanoi.
Quoc Trinh Gold and Silver Company: When it comes to Ha Trung Street in Hanoi, people immediately think of the numerous gold shops and currency exchange points. Although this street is only about 200 meters long, there are many shops for you to choose from. One of the well-known places for high exchange rates is the famous Quoc Trinh gold shop. Address: 27 Ha Trung, Hoan Kiem, Hanoi
My Nghe Gold and Silver Ha Trung: Another location on Ha Trung Street with high exchange rates is the currency exchange at 31 Ha Trung. Compared to Quoc Trinh, the rates here are not much different, and you won't have to wait or queue too long. In addition to popular currencies like USD and Euro, you can also exchange Thai Baht here at good rates. Address: 31 Ha Trung, Hoan Kiem, Hanoi
Thinh Quang Gold and Silver Company: Another suggestion for high exchange rates in Hanoi is Thinh Quang Gold and Silver Company. Located on Ha Trung Street, with high competition, you can easily find a place with good rates. Exchanging money at Thinh Quang is quick and convenient, without having to queue for long. Besides exchanging VND to foreign currency, Thinh Quang is also a place to buy USD at good rates. Address: 43 Ha Trung, Hoan Kiem, Hanoi
Chien Minh Gold and Silver Shop: Besides Ha Trung Street, Cau Giay Street is also a reputable currency exchange location known by many. Chien Minh Gold and Silver Shop specializes in exchanging various foreign currencies at high rates. If you are wondering where to exchange Chinese Yuan at the best rate, Chien Minh shop is a perfect choice. The rates for USD, Korean Won, and other foreign currencies here are also very high. If you are looking for a place to exchange Korean Won or Chinese Yuan in Hanoi, visit Chien Minh Gold and Silver Shop. Address: 119 Cau Giay, Hanoi, and 05 Ho Tung Mau, Hanoi
Banks:
3.3 Foreign exchange locations in Da Nang
Da Nang, with its majestic natural beauty and diverse cultural development, is an ideal destination for travelers from all over. If you are planning to visit Da Nang and need to exchange foreign currency, you can consider the reputable locations here to prepare for your trip.
In addition, Da Nang has several licensed foreign currency exchange agents authorized by the State Bank of Vietnam. These agents are usually located in central areas, convenient for tourists and residents. The exchange rates at these agents are usually higher than those of commercial banks. Here are some reputable foreign currency exchange agents in Da Nang:
Currency Exchange Locations in Hanoi, Da Nang, and Ho Chi Minh City
Below is detailed information about currency exchange locations in major cities in Vietnam. We hope the above information has helped you answer your questions about where to exchange US dollars. Let Asia Best Trip support and accompany you on your trip!
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