How do you handle money in Vietnam?

Navigating the Monetary Landscape of Vietnam

Vietnam’s economy is largely cash-based, with small bills being the preferred form of currency. This is particularly prevalent in local markets and for small transactions. When making purchases, negotiating prices and bargaining is a common practice, especially at street vendors and tourist attractions.

Cash is King

Vietnam relies heavily on cash for everyday transactions. Credit cards and mobile payment systems are gradually becoming more prevalent, but cash remains the dominant mode of payment. It’s advisable to carry a substantial amount of small bills, such as 10,000 VND, 20,000 VND, and 50,000 VND notes.

ATM Availability

ATMs are widely available in major cities and tourist areas. However, it’s important to be aware of withdrawal limits, which can vary depending on the bank. Withdrawal limits may be lower for international cards, so it’s advisable to inform your bank prior to traveling.

Local Currency Advantage

When possible, utilizing the local currency (Vietnamese Dong) can yield better deals, especially at local markets and small businesses. This is because vendors often offer discounts for cash payments or local currency transactions.

Tips for Handling Money in Vietnam

• Carry a mix of small bills to facilitate cash transactions.
• Negotiate prices politely, but be prepared to walk away if a deal is unsatisfactory.
• Use ATMs sparingly and be aware of withdrawal limits.
• Inform your bank about your travel plans to avoid issues with card usage.
• Be cautious of counterfeit bills, especially when exchanging currency on the street.
• Keep your cash secure and avoid carrying large amounts on your person.