Vietnam is a fascinating country full of breathtaking landscapes and vibrant cities. But while you're enjoying the culture, unnoticed fees and currency traps could be quietly draining your travelling budget. An apt comparison describes the problem as a system of "a thousand little leaks": it's not the country that wants to cheat you, but an opaque system of bank charges, poor exchange rates and clever tricks at ATMs.
The good news is that with the right knowledge, you can plug these leaks and ensure that your money - the Vietnamese Dong (VND) - stays where it belongs: in your pocket.
This guide shows you how to avoid the typical money traps in Vietnam with confidence.
The biggest trap at ATMs: Always choose the local currency (VND)
The most expensive mistake that travellers make is the so-called Dynamic currency conversion (DCC). The trick is simple but effective: when you withdraw money, the ATM offers to settle the transaction directly in your home currency (e.g. euros) - often with the tantalising promise of "transparency" and "no surprises".
If you agree to this, you authorise the ATM operator to set its own, usually very unfavourable exchange rate. This exchange rate is significantly less favourable than the one your own bank would offer you.
The golden rule is therefore: Always refuse the conversion at the machine. Always select the debit in the local currency, i.e. Vietnamese Dong (VND). Let your own bank carry out the conversion - this will save you money.
Preparation is everything: how to protect your cards and avoid blocking
Nothing is more frustrating than having your card declined when you urgently need cash. Often the reason is a security block by your bank, which categorises transactions in Vietnam as potential fraud as a precaution.
Before the journey: Be sure to inform your bank of your travel plans and the exact time period. A quick phone call or a note in online banking is enough to prevent your card from being blocked at the crucial moment.
On site in Vietnam: Not every ATM is trustworthy. Watch out for manipulated card slots or keyboards. To be on the safe side, follow these tips:
Use ATMs directly in bank branches, in large shopping centres or at the airport. These are usually well maintained and under video surveillance.
Withdraw money during business hours and during daylight hours. This not only provides better visibility, but also ensures that staff are close by in the event of problems.
Plan your withdrawals to minimise the "triple threat": the local ATM operator's fee, your bank's foreign transaction fee and the cost of a poor exchange rate. Fewer but larger withdrawals are often cheaper.
Strategic handling of cash: Bureaux de change and small notes
You can also save money when travelling away from ATMs.
Change money in the city: Do not exchange cash directly on arrival at the airport. The exchange offices in the cities, often at jewellers or official banks, usually offer much better rates.
Have small notes ready: Always have a selection of small dong notes ready for taxis, street food and small purchases. This makes it easier to pay and prevents vendors from not having enough change.
Keep receipts: Keep receipts from cash withdrawals and larger purchases. They will serve as proof in the event of discrepancies later on.
Conclusion: Keep control of your money
Vietnam is an unforgettable experience. Don't let unnecessary spending spoil your enjoyment. By consistently choosing VND at the ATM, strategically planning your withdrawals and managing cash wisely, you can effectively plug the "thousand little leaks". This will ensure that your money is used for the good things on your trip - and not "eaten" at the ATM.
