Overview
Sights And Activities
Planning Your Trip
Accommodations
Cultural Essentials
Beyond Tourism
Basics
The currency chart below is based on August 2006 exchange rates between Vietnam’s local currency, the Œ·ng, and Australian dollars (AUS$), Canadian dollars (CDN$), European Union euros (EUR€), New Zealand dollars (NZ$), British pounds (UK£), and US dollars (US$). The Œ·ng comes in denominations of 100; 200; 500; 1000; 2000; 5000; 10,000; 20,000; 50,000; 100,000; and 500,000. Coins are in circulation but not widely used. Check websites like www.xe.com or www.bloomberg.com or a large newspaper for the latest exchange rates.
Many establishments in Vietnam take US$ along with (or even instead of) Œ·ng; it’s a good idea to have reserves of both. In this book, we usually list prices in Œ·ng, and use US$ only when they’re preferred or more common. In general, the cheaper the service, the more sense it makes to pay in Œ·ng. US$ are preferable for things like tours, expensive rentals, and upscale hotels. Bear in mind that it’s difficult to exchange Œ·ng for dollars at any currency exchange; once banks have dollars, they are loath to give them up. ATMs tend to be the cheapest, most convenient way of getting money, but they only dispense Œ·ng. Thus, it makes sense to bring enough dollars to last you through most of your trip.
If you do have to convert money, it’s cheaper to do so in Vietnam than at home. If you’re abroad, try to go to banks that have at most a 5% margin between their buy and sell prices. Since you lose money with every transaction, convert large sums (unless the currency is depreciating rapidly), but no more than you’ll need.
If you use traveler’s checks or bills, carry some in small denominations (the equivalent of US$50 or less) for times when you are forced to exchange money at disadvantageous rates, but bring a range of denominations, as charges may be levied per check cashed. Store your money in a variety of forms; ideally, at any given time you will be carrying some cash, some traveler’s checks, and an ATM and/or credit card. Euros can be exchanged in Hà Nÿi and HCMC.
Traveler’s checks are not widely accepted in Vietnam. Many banks and agencies sell them for a small commission. Check issuers provide refunds if the checks are lost or stolen, and many provide additional services, such as toll-free refund hotlines abroad, emergency message services, and stolen credit card assistance. However, the bureaucracy and time involved in exchanging the traveler’s checks for money often renders them a burden rather than an intelligent, protective move. As a general rule, the less paperwork involved in Vietnam, the better. Ask about toll-free refund hotlines and the location of refund centers when purchasing checks, and always carry emergency cash. If you carry traveler’s checks, it is advised to have them in US$ or euros. Some hotels may accept them in Hà Nÿi or HCMC.
ATMs are widespread in Vietnam; your ATM card will prove extremely useful. Depending on the system that your home bank uses, you can most likely access your personal bank account from abroad. ATMs distribute money in Œ·ng. They get the same wholesale exchange rate as credit cards, but there is often a limit on the amount of money you can withdraw per day (usually around US$500). There is typically also a surcharge of US$1-5 per withdrawal.
Where they are accepted, credit cards often offer superior exchange rates—up to 5% better than the retail rate used by banks and other currency exchange establishments. The two major international money networks are Cirrus (US ☎800-424-7787; www.mastercard.com) and Visa/PLUS (US ☎800-843-7587; www.visa.com). Credit cards may also offer services like insurance or emergency help, and they are sometimes required to reserve hotel rooms or rental cars, but they are not widely accepted outside of Hà Nÿi and HCMC. Mastercard and Visa are the most welcome; American Express cards work at a few ATMs, AmEx offices, and major airports. In the North, Visa is by far the most commonly taken. Cash advances on credit cards are not recommended, as they stick you with a high fee.
Debit cards are as convenient as credit cards but have a more immediate impact on your funds. A debit card can be used wherever its associated credit card company (usually Mastercard or Visa) is accepted, but the money is withdrawn directly from the holder’s checking account. Debit cards often also function as ATM cards and can be used to withdraw cash from associated banks and ATMs throughout Vietnam. Ask your local bank about obtaining one.
If you run out of money while traveling, the easiest and cheapest solution is to have someone back home make a deposit to your bank account. Failing that, consider one of the following options. The online International Money Transfer Consumer Guide (http://international-money-transfer-consumer-guide.info) may also help.
It is possible to arrange a bank money transfer, which means asking a bank back home to wire money to a bank in Vietnam. This is the cheapest way to transfer cash, but it’s also the slowest, usually taking several days or more. Note that some banks may only release your funds in Œ·ng, potentially sticking you with a poor exchange rate; inquire about this in advance. Banks in Vietnam tend to have unreliable hours, so if you do wire money, try an international bank like the Hong Kong and Shanghai Banking Corporation, which has branches in Hà Nÿi and HCMC. Money transfer services like Western Union are faster and more convenient than bank transfers, but also much pricier. Western Union has many locations all over the country. To find one, visit www.westernunion.com, or in Australia call ☎1800 173 833, in Canada and the US 800-325-6000, and in the UK 0800 833 833. Money transfer services are also available at American Express in Hà Nÿi and HCMC. There is also Vietnamhost (www.vietnamhost.com), where one can pay by credit or debit to have money transferred to Vietnam.
In serious emergencies only, the US State Department will forward money within hours to the nearest consular office, which will then disburse it according to instructions for a US$30 fee. If you wish to use this service, you must contact the Overseas Citizens Service division of the US State Department (☎202-647-5225; toll-free 888-877-8339).
The cost of your trip will vary considerably, depending on where you go, how you travel, and where you stay. The most significant expenses will probably be your round-trip airfare to Vietnam . Before you go, spend some time calculating a reasonable daily budget.
A bare-bones day in Vietnam (sleeping in the cheapest available guesthouses, buying food at supermarkets) would cost about US$6-9 (96,000-144,000); a slightly more comfortable day (sleeping in hostels or guesthouses, eating one meal per day at a restaurant, going out at night) would cost US$10-17 (160,000-270,000); and for a luxurious day, the sky’s the limit. Don’t forget to factor in emergency reserve funds (at least US$200) when planning how much money you’ll need.
Some simple ways to save include searching out opportunities for free entertainment, splitting accommodation and food costs with trustworthy fellow travelers, and buying food in markets and supermarkets rather than eating out. You can also do your laundry in the sink (unless you’re explicitly prohibited from doing so). If you are eligible, consider getting an ISIC or an IYTC; many sights and museums offer reduced admission to students and youth. For getting around quickly, bikes are the most economical option. Renting a bike is cheaper than renting a moped or scooter. Because bargaining is so widespread, it pays to know the lowest accepted prices for bus rides, rooms in guesthouses, and so forth. That said, don’t go overboard. Though staying within your budget is important, don’t do so at the expense of your health or a great travel experience.
Tipping is not generally practiced in Vietnam. Obviously, any gratuity will be greatly appreciated, but do not feel compelled to tip, and if you do, a small amount (such as US$1 or 16,000) will suffice. If you hire a guide, you might want to consider tipping him or her at the end of the trip.
You can bargain for almost anything in Vietnam when a price isn’t posted, and you can even try your luck with hotels that do post prices (see “The Art of the Deal,” above). Accommodations and transportation are more easily bargained down than restaurant food, although the prices of market food and goods prices aren’t set. Ask elsewhere (such as at your hotel) about appropriate prices before bargaining to get a sense of how much things cost. When in the act, be firm, but maintain a pleasant demeanor and smile. Do not get angry—you’ll only end up offending people and feeling like an idiot.
Many international and domestic flights have an additional “airport tax” tacked onto the price of the seat. These are usually listed as extra charges. In other cases when you see a tax added to various services and bills, you are paying the 10% VAT tax , for which you can be refunded when you leave.
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For 52 years, we have published the world’s favorite budget travel guides, written entirely by students and updated every year. With pen and notebook in hand and a few changes of underwear stuffed in our backpacks, we spend months roaming the globe in search of travel bargains.
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