Exchanging USD must comply with the legal regulations, meaning you need to find a legal address with a reasonable conversion rate. To answer the question of where to currency exchange hanoi, where to find reputable foreign exchange locations, please read the article below from Sanhotelseries.
1. How Much is USD Exchanged to VND?
Currently, the exchange rate can be quickly checked and clearly displayed at banks. The following data is based on the exchange rates of banks in Hanoi, Vietnam as of July 2024.
Unit: VND
| Bank | Cash Sale |
|---|---|
| ACB | 25,460 |
| AGRIBANK | 25,450 |
| BIDV | 25,461 |
| HSBC | 27,954 |
| Techcombank | 25,461 |
| VIB | 25,160 |
| VPBank | 25,080 |
| HDBank | 25,461 |
| OCB | 25,478 |
| Eximbank | 25,477 |
| SCB | 25,460 |
2. Understanding Exchange Rates and Methods of Exchanging USD
You should calculate the amount of USD you currently own. Knowing how much USD you need to exchange will help you choose the appropriate exchange location. If the amount is large, banks are the most suitable option.
The exchange rate is crucial; exchanging money when the rate is high will benefit you more. For small amounts, the exchange rate might not be very significant, but for large amounts, even a small difference in rates can greatly affect the value. Therefore, researching the rates in advance to see which banks offer the highest rates is beneficial. Additionally, checking the daily rates helps determine if the rate is favorable or if you should wait, unless urgent.
3. Choosing the Method to Exchange USD to VND
Cash Exchange: This method involves exchanging the physical USD you have into VND cash.
Account Transfer Exchange: Based on the amount of USD in your account, this method means selling the USD to the recipient’s account, and they will transfer the equivalent VND to your account. While exchanging large sums, it’s advisable to transfer the VND to your bank account for ease of use. This method applies to both USD and other foreign currencies.
- According to Circular No. 20/2011/TT-NHNN effective from August 29, 2011, the purchase and sale of foreign currencies in cash by individuals are only allowed at locations within the operational network of credit institutions licensed by the state. Article 3 clearly states that:
Individual foreign currency purchases are conducted at authorized locations within the network of credit institutions permitted to sell foreign currency cash.
Individual foreign currency sales are conducted at authorized locations within the network of credit institutions and currency exchange agents. Credit institutions and exchange agents must notify the State Bank of Vietnam in writing about their foreign currency purchase and sale activities. They must also publish the list of these locations on their websites and notify the State Bank of Vietnam and its branches in provinces and centrally-managed cities.
There are two ways to exchange dollars for Vietnamese currency: cash exchange and bank transfer
4. Top Currency Exchange Hanoi Locations
Where to exchange USD reliably? Banks are the first choice. Exchanging foreign currencies at banks is very common. Both state-owned and private commercial banks are authorized to provide foreign exchange services, including USD. Each bank applies different buying and selling rates, which can be monitored through their websites, transaction counters, or customer service hotlines.
Besides banks, customers can also exchange USD at licensed gold and jewelry shops. The exchange process here is usually quick, simple, and might offer better rates than banks. However, not all gold shops are licensed, so it is crucial to verify their legitimacy to avoid risks.
Another option is using multifunction ATMs of banks authorized to exchange USD. The process involves selecting an ATM at locations like airports, shopping centers, or bank branches, entering your ID number, depositing the USD, and receiving the exchanged VND. Note that these ATMs only exchange denominations of 50 USD or more.
Additionally, USD can be exchanged at airports such as Tan Son Nhat or Noi Bai at transaction counters.
Most banks nationwide have foreign exchange counters, but you should focus on where to get the best rates for USD. The highest buying rate for customers is the lowest selling rate of the banks. Therefore, checking the banks’ selling rates is essential for convenient transactions.
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