Is it better to exchange money in Australia or Vietnam?

Making the Most of Your Money: Where to Exchange Currency for Vietnam

Planning a trip to Vietnam? One crucial aspect to consider is how and where to exchange your currency. Let’s explore the most advantageous options to maximize your purchasing power.

Pre-Trip Exchanges: Not Recommended

Contrary to popular belief, exchanging Australian dollars to Vietnamese dong (VND) before your trip is generally not advisable. VND is primarily used within Vietnam and is not widely accepted outside the country. This means you may end up with excess Vietnamese currency that you may struggle to spend or exchange elsewhere.

Preferred Approach: Exchange in Vietnam

The most favorable option is to convert your Australian dollars (AUD) to US dollars (USD) before departing. Once you arrive in Vietnam, you can exchange your USD for VND. This two-step process often yields a more competitive exchange rate.

Where to Exchange in Vietnam

• Official Banks: Banks are typically reliable and offer reasonable exchange rates. However, do compare rates at different banks to secure the best deal.
• Licensed Money Changers: These establishments are found in major tourist areas and provide quick and convenient currency exchanges.
• Hotels: Some hotels offer currency exchange services, but be prepared for slightly higher rates.

Tips for a Favorable Exchange

• Shop Around: Don’t rush into an exchange without comparing rates at multiple locations.
• Large Notes Get Better Rates: Exchanging large denominations of AUD will often result in a more favorable exchange rate.
• Avoid ATMs: While convenient, ATM withdrawals in Vietnam can incur substantial fees.
• Be Cautious with Unofficial Exchangers: Avoid exchanging currency on the streets or with unlicensed individuals, as this may pose a risk of fraud or unfavorable rates.

Conclusion

For the best exchange rates and convenience, it’s recommended to convert your AUD to USD before traveling to Vietnam and then exchange your USD to VND once you arrive. By following these tips, you can optimize your currency exchanges and enjoy a more rewarding travel experience.