Don't Send Money to Vietnam Prior to a Move Without Learning About Your Options

Don't Send Money to Vietnam Prior to a Move Without Learning About Your Options

One good thing about this destination is that most places in Vietnam accept U.S. dollars, unlike some countries. This means that you can take cash with you, but it is still often a good idea to have some of the local currency with you when you arrive in case you encounter a shop that does not accept U.S. dollars. The Vietnamese currency is the Dong, and currently, $1 USD is equal to about 18,100 Dong. It is advised that you exchange money at the airport, a bank, or exchange centers rather than at random shops on the streets.

Before you send money to Vietnam or even unpack, you should know a few things about their banks and money regulations. One of the major changes will likely be their hours, which are not the typical Monday through Friday 9 to 6 hours. Instead, they are typically open weekdays from 8 am until about noon, and then again from 1 to 4 pm. Additionally, note that traveler's checks are not accepted in most places in Vietnam. In general, the rule there is that less paperwork is best, meaning that cash in either U.S. dollars or Dong is the most acceptable form of payment. Don't forget when purchasing items that bargaining is expected in this country, and a great way to save money once you move.

Many people do not like to carry cash, and are wary of waiting until they arrive in Vietnam to exchange their money. If this describes you, it is possible to have a debit card to use before you officially open a bank account in Vietnam. This way, you won't have to open an account and send money to Vietnam before you move. Instead, you could have a prepaid debit card sent to your current address, and load it with money from your bank account or credit card. Since retailers that accept debit and credit cards have become increasingly popular in Vietnam, along with ATMs, you will likely be able to use your prepaid debit card nearly anywhere. Since it can get expensive to send money to Vietnam to a new bank account, this is likely the least expensive option at $5 per transfer of any amount.

Though you can use U.S. dollars at most places, be aware that when you use a prepaid debit card to withdraw money in Vietnam, the money dispensed will be in Dong. For this reason, it might be best to keep some American dollars on you in addition to your debit card in case some retailers do not accept one or the other. Some may have a preference and price their items accordingly, depending on what form of payment you are using. It is important not to limit yourself just one form of payment upon your arrival in Vietnam; having a few options can help make your move a good one.

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