Job Discussion Forums

Kornan DeKobb · Joined: 24 Jan 2010 Posts: 242

Is there any alternative to paying the outrageous black market rate of 21,000? How do the banks get away with "we don't sell dollars"? If the official rate is 19,500, shouldn't there be some way to obtain them at that rate? The tourist office sells them at 19,500 but then adds a commission for a grand total of - you guessed it - 21,000. So it costs $7.50 just to change $100 - what a rip-off!

What about at the airport? People leaving the country need dollars. What is the rate there?

toiyeuthitmeo · Joined: 21 May 2010 Posts: 213

Airport isn't a good deal. Airport currency changers are for-profit businesses , so the expect the rate to be even less-favorable than black market.

To get USD from the bank, most require you to have USD account. So if your employer pays in dong, you're out of luck.

My local Vietcombank will only give USD if you show proof of permanent (1 way) departure from the country by presenting a paper plane ticket in your name.

Banks here will allow you to buy dollars at the posted rate using your dong account, but won't give you cash. They will transfer the dollars to a foreign account at the posted rate (but then you pay telex fees which probably again render the overall exchange less-favorable than posted rates).

One rather drastic method is to do the above to a foreign account for which you have an ATM card, or to get a vietnamese ATM card with international Maestro / Visa coverage, then take a trip over to Cambodia, where there are ATMs that dispense dollars. And then again, for obvious reasons, you've paid more than the extra 1500 VND / dollar.

Kornan DeKobb · Joined: 24 Jan 2010 Posts: 242

toiyeuthitmeo · Joined: 21 May 2010 Posts: 213

Oops-- see my edits...There are ATMs in Cambodia that dispense dollars is what I meant to say, so you yeah, if you have a Visa ATM card linked to your dong account, or can transfer your dong to a dollar account, you can get them out in Cambodia. There is an ATM fee and an exchange fee for this too though! Hands in the air on this one mate!

Kornan DeKobb · Joined: 24 Jan 2010 Posts: 242

snollygoster · Joined: 04 Jun 2009 Posts: 478

You can buy US$ at gold shops.

toiyeuthitmeo · Joined: 21 May 2010 Posts: 213

Hi, the question is, is there any way to buy USD in Vietnam at the current posted bank rate of 19,500.

And basically, the answer is no.

Sorry Kornan, I've never been to Lao, not sure about ATMs there, but my guess would be that since Lao doesn't have the casino and tourism markets of Cambodia, and is a bit more like VN's little brother, dollars won't be any easier to come by there.

Your Vietcom Visa bankcard should work in Lao and Cambodia, but bring cash for emergency (kind of defeats the purpose , though huh?). This card has a very shaky record. Has worked from some co-workers as far off as England, has failed to work for some as close a holiday in Thailand.

At the gold shop, you're going to get the black market (which is actually the gold shop-market) rate, anywhere from 1000-3000VND more per dollar than the posted rate, depending on how people are speculating/feeling that day. And as Kornan points out, that can get pretty expensive if attempting to buy a fairly large amount of dollars.

A decent gold shop should, however, give you a better exchange rate with the higher amount of dollars you want to buy. If they're selling $100 bills for 2.100.000, for example, I wouldn't buy $400 or more for any more than 2.000.000 VND / $100.

Just a note, I've tried such a negotiation myself a few times, and I had to leave in a huff from several shops til I found one that would be reasonable.

The last time I bought dollars, I had a Vietnamese friend do it for me, and they got the right price first try, no hassle. Imagine that Smile

Kornan DeKobb · Joined: 24 Jan 2010 Posts: 242

Oh My God · Joined: 31 Jan 2010 Posts: 273

UpScope · Joined: 31 Jul 2007 Posts: 82

A general FYI, Singapore money exchnagers change VND for a reasonable rate. Obviously in SG, but if you are in transit.......

Kornan DeKobb · Joined: 24 Jan 2010 Posts: 242

clayrview · Joined: 01 Sep 2009 Posts: 62

I have an HSBC account- is it possible to get another ATM card, sent it home to Canada, and have family there withdraw dollars from there?

Anyone tried this?

I wouldn't be here if I knew getting money home was going to be so ridiculous.

NukeMom · Joined: 08 Nov 2010 Posts: 17

I have a dollar account at ANZ, and I cannot buy dollars or put dong in my dollar account. The bank has said since sometime in November that they cannot sell dollars. To anyone. I think the alternative must be the black market, or a friend who gets paid in dollars.

Good luck.

DNK · Joined: 22 Jan 2007 Posts: 236 Location: the South

Don't you suppose if there was a place to get USD at under the market rate, they'd be swarmed with demand and run out of USD in short order? Basically, providing USD at the exchange rate is handing people free money, what business is going to do that?

just noel · Joined: 17 Jul 2006 Posts: 168

^^ Yes, banks stopped selling USD some time ago. Foreigner or not, have a plane ticket or not. There answer is a firm, "no."

^ Yes, if banks were selling USD (at the bank rate which is lower) people would buy up all of the USD and hoard it at home.

There reason for this dollar hoarding is because of the higher return than the bank rate (via the black market rate) and also, because many locals feel the Dong will further depreciation.

So, forgive my pun, they'll get more Dong for dollar.

The authorities have devalued the Dong 3 times already in two years, and there could be a natural decline in the currency or another planned devaluation.

How knows? But getting USD must be done at the gold shops.