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WomPom.ca
» General Information » Money
- the Practical |
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Money - the practical |
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In the urban, particularly the ethnic and remote urban areas, cash is the only currency and
it can be difficult to get change for the Ð100,000 notes in small backwaters, so keep a stack of small bills handy. |
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WomPom finds it advisable to keep all small notes - Ð10,000 and under - in one pocket with
Ð20,000, Ð50,000 and Ð100,000 in another pocket. This makes it more difficult to confuse Ð20,000 and Ð5,000 currency
which have very similar colours. |
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Bare in mind that ten Ð100,000 is a good months pay to many people in Vi那tNam, so discrete
use of larger denominations is advised! Toilets have many uses, including accessing that hidden bankroll! |
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Gold |
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Gold is used extensively, especially for major transactions such as the sale of homes or
cars. If you ask someone how much they paid for their house, they will probably tell you how many taels of gold. |
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The importation or exportation of gold is strictly controlled and almost any amount must be
declared to Customs authorities. |
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Foreign currency |
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All foreign currency exceeding the equivalent of USD$3,000 MUST be declared upon entry into
Vi那tNam. |
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There is no point in cheating; the Vietnamese government is happy for you to improve the
balance of payments but if you don't declare it you can't take it out! |
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The most useful currencies are, in declining preference are: US Dollar, Euro, Sterling
Pound and Australian Dollar. |
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Canadians can leave their depreciated currency behind, as can most other nationals with
their respective currencies. |
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Within Vi那tNam, with few exceptions, the US Dollar is very welcome and the better the
physical condition and the larger the face value the more acceptable it is! |
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Recapping: regardless of currency, make sure all the money you bring with you is not torn,
newest available, clean and has minimal folds as this will enhance the value when exchanged at certain entities.
Ironing has helped the writer! |
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Exchanging foreign currency |
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The official medium to exchange currency is through a ban or other authorised agency, which
include hotels, travel agents and jewellers in smaller centres. |
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Experience has determined that the Vi那tcombank, formally known as the Bank for Foreign
Trade of Vi那tNam, quite honestly offers the best exchange rates of the banking fraternity. They do authorise agents,
who display appropriate signs, charge a small premium over the official Vietcombank rate, but their hours are longer
and can often be found open on Saturdays and Sundays. |
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In smaller centres go for jewellers as your first place to check as they are very current
with the current exchange rates. |
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Travellers cheques - their time has
past |
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A few years ago the use of Travellers Cheques was viable. With Vi那tNam joining
international banking networks credit cards are recommended. |
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If you do use Travellers Cheques you will have to use banks to cash them and the
transactions will be subject to several percentile points by way of charges. |
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Do yourselves a favour - use cash or plastic. |
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Money transmission into Vi那tNam |
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It is possible to transfer money to people travelling in Vi那tNam using a variety of
methods. |
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These include ethnic money transfer schemes (so despised by some idiot called Bush who
alleges they are used to finance terrorism - in Vi那tNam?), regular banks with representation in Vi那tNam and money
transfer systems. |
Ethnic Systems
Expatriate Vietnamese don't use banks to send money to relatives
in Vi那tNam, they use non-banking facilities found in most overseas Vietnamese communities. |
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They are reliable and trustworthy. More importantly, they deliver the same currency as that
paid in for transmission. This is to say that if you send US dollars, US dollars are delivered. |
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The use of the word 'delivered' is no accident; the money is actually delivered to the
destination address in Vi那tNam - you will require to supply a contact telephone number. |
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This system is cheaper than normal, accepted methods and as quick, except to remote areas.
Try it, you'll like it. |
Western banks
Many banks are moving into Vi那tNam - but you have to ensure they
have retail services. Another catch is where are their offices? |
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For instance ANZ of New Zealand has offices in Ha Noi and Ho Chi Minh City/SaiGon - as well
as ATM's whereas HSBC has offices both in Ha Noi and Ho Chi Minh City/SaiGon - except only retail banking and ATM's can
be found in HCMC/SaiGon. |
Money Transfer
There are two official money transfer systems operating in Vi那tNam
- Moneygram and Western Union. |
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A little while ago Western Union ran into a small problem with the Vi那tnamese government,
which caused some services to be unavailable. |
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One such service that is never available is the messaging service; they also only deliver
money transmitted in Vietnamese Ðong at unattractive, even usurious, rates of exchange. |
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Their transmission fees are also high. |
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WomPom recommends a similar operation whose charges are reasonable and use a Vietnamese
banks and the Post Office, thereby avoiding the problem Western Union had - Moneygram. |
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