Da Nang

Currency Overview

• Currency: The official currency of Vietnam is the Vietnamese Dong (VND).
• Exchange Rate: As of October 2023, the exchange rate is approximately 1 USD = 24,000 VND. However, rates fluctuate, so it’s advisable to check current rates before exchanging.

Where to Exchange Currency

1. Banks:

   • Vietcombank: One of the largest banks in Vietnam, offering reliable exchange services. Locations include:
     • 1 Le Duan Street, Hai Chau District
     • 1 Nguyen Van Troi Street, Thanh Khe District
   • BIDV (Bank for Investment and Development of Vietnam): Another reputable bank with multiple branches.
   • Techcombank: Known for good service and competitive rates.

2. Currency Exchange Offices:

   • International Exchange Services: Located in tourist areas, these offices often provide better rates than banks. Look for:
     • Eximbank: Located at 1 Nguyen Van Troi Street.
     • Hanoi Tourist: Located near My Khe Beach.

3. Hotels:

   • Many hotels offer currency exchange services, but rates may not be as favorable as banks or dedicated exchange offices. Use this option if convenience is a priority.

4. ATMs:

   • ATMs are widely available in Da Nang, and many accept international cards (Visa, MasterCard). They dispense VND, and the exchange rate is usually competitive. However, be aware of potential foreign transaction fees from your home bank.

Typical Exchange Rates and Fees

• Exchange Rates: Rates can vary between banks, exchange offices, and ATMs. Always compare before exchanging.
• Fees:
  • Banks may charge a small fee for currency exchange, typically around 1-2% of the transaction.
  • Exchange offices may have hidden fees, so ask for the total amount you will receive before proceeding.
  • ATMs may charge a withdrawal fee, and your home bank may also impose a foreign transaction fee.

Procedures for Exchanging Money

1. At Banks/Exchange Offices:

   • Present your passport (required for identification).
   • Specify the amount you wish to exchange.
   • Review the exchange rate and any fees before finalizing the transaction.
   • Count your money before leaving the counter.

2. Using ATMs:

   • Insert your card and select your language.
   • Choose the amount you wish to withdraw (in VND).
   • Confirm the transaction and collect your cash and receipt.

Local Tips and Cultural Considerations

• Negotiation: While not common in banks, some exchange offices may allow for negotiation on rates, especially if you are exchanging a large amount.
• Keep Small Denominations: When receiving VND, keep small bills handy for local purchases, as many vendors may not have change for larger notes.
• Be Aware of Scams: Stick to reputable banks and exchange offices. Avoid street vendors offering currency exchange, as they may offer poor rates or counterfeit currency.

Safety and Security Advice

• Be Cautious: When carrying large amounts of cash, be discreet and avoid displaying it in public.
• Use ATMs Wisely: Choose ATMs located in well-lit, busy areas, preferably inside banks or shopping centers.
• Keep Receipts: Retain your exchange receipts in case you need to exchange leftover VND back to your home currency before leaving Vietnam.

Conclusion

Exchanging currency in Da Nang is straightforward if you follow these guidelines. Always compare rates, be aware of fees, and prioritize safety when handling cash. Enjoy your time in Da Nang!