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vabeckele
Joined: 19 Nov 2010
Posts: 439
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 Posted: Fri Feb 25, 2011 9:30 am Post subject: currency |
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| Could anyone give any advice whether to change euros to dollars here in Europe and then get the dollars changed up into dong in Vietnam. |
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LettersAthruZ
Joined: 25 Apr 2010
Posts: 466
Location: North Viet Nam
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| Posted: Fri Feb 25, 2011 11:47 am Post subject: |
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THAT is probably the best way to do it. IF you bring Euros, banks will exchange them, but you'll get official bank rate. IF you bring dollars in ca$h, you can go to the jewelry and gold shops and get the "black market rate" which currently sits at around 23,500VND = one US Dollar (vs. 20,950VND at the bank rate).
Personally, I suggest not dealing with the hassle of US Dollars in ca$h and I think you should just bring an ATM card of your European bank, 'cause there's a million ATM's around here and besides, carrying cash around is like begging to be thefted (and theft in Viet Nam is rampant)! |
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Kornan DeKobb
Joined: 24 Jan 2010
Posts: 242
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| Posted: Sun Feb 27, 2011 4:19 pm Post subject: |
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| Has anyone tried to buy dollars from the bank since the devaluation? Presumably, they will sell us dollars now at the new official rate, yes? |
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Mattingly
Joined: 03 Jul 2008
Posts: 249
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| Posted: Tue Mar 01, 2011 7:03 am Post subject: |
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| Kornan DeKobb wrote: |
| Has anyone tried to buy dollars from the bank since the devaluation? Presumably, they will sell us dollars now at the new official rate, yes? |
I can only speak for my bank.
About 12-13 days ago I had to do a deposit and I asked if I could buy U$D, that I had a bank account there, and I was told an unequivocal, "No."
The gold shops selling U$D are very busy. They're packed. The banks are holding onto their dollars, right now.
You'll have to go to the black market (gold shops). |
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Kornan DeKobb
Joined: 24 Jan 2010
Posts: 242
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| Posted: Thu Mar 03, 2011 5:25 pm Post subject: |
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| Mattingly wrote: |
| Kornan DeKobb wrote: |
| Has anyone tried to buy dollars from the bank since the devaluation? Presumably, they will sell us dollars now at the new official rate, yes? |
I can only speak for my bank.
About 12-13 days ago I had to do a deposit and I asked if I could buy U$D, that I had a bank account there, and I was told an unequivocal, "No."
The gold shops selling U$D are very busy. They're packed. The banks are holding onto their dollars, right now.
You'll have to go to the black market (gold shops). |
I just happened to be in VP Bank trying to wire money home on the day before the devaluation. I was still looking for dollars at 19,500, but the bank apparently already knew something was up. I didn't, so when they offered to sell me dollars at 20,800 or so, I just figured they were doing the black market thing, so I said I'd go elsewhere to try to buy at 19,500. I thought if we were willing to pay the higher rate, we could by $.
Alas, but not so. The official rate and the BM rate, have now both moved up accordingly. Banks still won't sell $. I got very angry at the bank a few days ago after waiting all these weeks to send money home.
I'd revisited VP, but now they said they could not sell me $ and that I should go to Vietcom because they'd sell me $. I schlepped to one branch only to be told to go to the head office. At the head office, I was told they could only sell me $100 and then ONLY IF I had a plane ticket out of the country. I just happened to be traveling the next day so I showed it to her. She wouldn't accept it because the date had been changed by hand from the 2nd to the 3rd. Note that the destination was still the same foreign destination. So to get the approval, she'd now have to call the airline to confirm that I really had this reservation. She tried to call but couldn't get through.
this was all for a measly $100. For the other $1500 I needed, she said I should go get them on the black market. I said, "I get paid in dong, I must send money home, and I am traveling out of the country. What is the official way for the foreign traveler who needs dollars to get them?" To this day, no one is able to answer that question. I got really mad because here I was in the official state bank of Vietnam being told to go to the illegal black market.
You can imagine how exasperated I was by now, and I started letting her have it. Yes, I got loud. I had spent the entire three and a half hours between my morning and afternoon classes and hadn't gotten anywhere. A manager came over and tried to explain, but I was not having any of it. Then guess what happened. They sold me $1600 at the official rate! But it was not worth the aggravation. And it shows what BS it all is.
Every freakin' thing in this country, or at least Hanoi, is so freakin' complicated and frustrating and aggravating. I gotta get out of here. It is not healthy for me. |
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Ramen
Joined: 13 Apr 2008
Posts: 74
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| Posted: Fri Mar 04, 2011 12:49 am Post subject: |
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| Kornan DeKobb wrote: |
| Mattingly wrote: |
| Kornan DeKobb wrote: |
| Has anyone tried to buy dollars from the bank since the devaluation? Presumably, they will sell us dollars now at the new official rate, yes? |
I can only speak for my bank.
About 12-13 days ago I had to do a deposit and I asked if I could buy U$D, that I had a bank account there, and I was told an unequivocal, "No."
The gold shops selling U$D are very busy. They're packed. The banks are holding onto their dollars, right now.
You'll have to go to the black market (gold shops). |
I just happened to be in VP Bank trying to wire money home on the day before the devaluation. I was still looking for dollars at 19,500, but the bank apparently already knew something was up. I didn't, so when they offered to sell me dollars at 20,800 or so, I just figured they were doing the black market thing, so I said I'd go elsewhere to try to buy at 19,500. I thought if we were willing to pay the higher rate, we could by $.
Alas, but not so. The official rate and the BM rate, have now both moved up accordingly. Banks still won't sell $. I got very angry at the bank a few days ago after waiting all these weeks to send money home.
I'd revisited VP, but now they said they could not sell me $ and that I should go to Vietcom because they'd sell me $. I schlepped to one branch only to be told to go to the head office. At the head office, I was told they could only sell me $100 and then ONLY IF I had a plane ticket out of the country. I just happened to be traveling the next day so I showed it to her. She wouldn't accept it because the date had been changed by hand from the 2nd to the 3rd. Note that the destination was still the same foreign destination. So to get the approval, she'd now have to call the airline to confirm that I really had this reservation. She tried to call but couldn't get through.
this was all for a measly $100. For the other $1500 I needed, she said I should go get them on the black market. I said, "I get paid in dong, I must send money home, and I am traveling out of the country. What is the official way for the foreign traveler who needs dollars to get them?" To this day, no one is able to answer that question. I got really mad because here I was in the official state bank of Vietnam being told to go to the illegal black market.
You can imagine how exasperated I was by now, and I started letting her have it. Yes, I got loud. I had spent the entire three and a half hours between my morning and afternoon classes and hadn't gotten anywhere. A manager came over and tried to explain, but I was not having any of it. Then guess what happened. They sold me $1600 at the official rate! But it was not worth the aggravation. And it shows what BS it all is.
Every freakin' thing in this country, or at least Hanoi, is so freakin' complicated and frustrating and aggravating. I gotta get out of here. It is not healthy for me. |
WTO should know about VN's bank practices.  |
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Mattingly
Joined: 03 Jul 2008
Posts: 249
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| Posted: Fri Mar 04, 2011 3:53 pm Post subject: |
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^^ To clarify,
You cannot even get USD out of the bank, even with a plane ticket?
Have to go to the black market?
I'll have to check what the spread is between the BM and "official" rate. |
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vabeckele
Joined: 19 Nov 2010
Posts: 439
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| Posted: Fri Mar 04, 2011 4:32 pm Post subject: |
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I just got here and the landlord wants dollars. So I try to change Euro inti dollars. They won't do it in the banks!? So I have to go into the old town and find a gold/jewelry shop; I couldn't find one, well, Ive only been here a day. It peed me off to go running around looking for dollars. Later, I have to do a free 'demo' lesson. Its on the other side of town. It ended up that I payed to teach. Back and forth it cost me 160000 vnd in taxis.
Come to Asia, experience the adventure! |
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vabeckele
Joined: 19 Nov 2010
Posts: 439
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| Posted: Fri Mar 04, 2011 4:40 pm Post subject: |
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I just got here and the landlord wants dollars. So I try to change Euro inti dollars. They won't do it in the banks!? So I have to go into the old town and find a gold/jewelry shop; I couldn't find one, well, Ive only been here a day. It peed me off to go running around looking for dollars. Later, I have to do a free 'demo' lesson. Its on the other side of town. It ended up that I payed to teach. Back and forth it cost me 170000 vnd in taxis.
Come to Asia, experience the adventure! |
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vabeckele
Joined: 19 Nov 2010
Posts: 439
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| Posted: Fri Mar 04, 2011 4:50 pm Post subject: |
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I just got here and the landlord wants dollars. So I try to change Euro inti dollars. They won't do it in the banks!? So I have to go into the old town and find a gold/jewelry shop; I couldn't find one, well, Ive only been here a day. It peed me off to go running around looking for dollars. Later, I have to do a free 'demo' lesson. Its on the other side of town. It ended up that I payed to teach. Back and forth it cost me 170000 vnd in taxis.
Come to Asia, experience the adventure! |
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Mattingly
Joined: 03 Jul 2008
Posts: 249
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| Posted: Fri Mar 04, 2011 11:50 pm Post subject: |
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| vabeckele wrote: |
| I just got here and the landlord wants dollars. So I try to change Euro inti dollars. They won't do it in the banks!? So I have to go into the old town and find a gold/jewelry shop; I couldn't find one, well, Ive only been here a day. It peed me off to go running around looking for dollars. Later, I have to do a free 'demo' lesson. Its on the other side of town. It ended up that I payed to teach. Back and forth it cost me 170000 vnd in taxis. |
No.
It's illegal to pay in USD for rent.
Your landlord is being cheap and greedy.
If he wants USD, then he should take your VND payment and go to the gold shops himself.
He's asking you to do this - and waste your time and money - because he's trying to get 6-10% more out of you.
Selfish, illegal, and greedy. |
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roym
Joined: 17 Nov 2008
Posts: 42
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| Posted: Sat Mar 05, 2011 3:11 am Post subject: |
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Selfish, illegal, and greedy.
That's putting it mildly....I detest the lowlife, scamming , scheming, thieving attitudes there... |
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sigmoid
Joined: 21 Jan 2003
Posts: 1276
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| Posted: Sat Mar 05, 2011 4:26 am Post subject: |
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| Quote: |
| I just got here and the landlord wants dollars. So I try to change Euro inti dollars. They won't do it in the banks!? So I have to go into the old town and find a gold/jewelry shop; I couldn't find one |
Not sure why everyone keeps talking about "gold shops". There are a number of currency exchange places in D. 1 that will change most any major currency to another, although they have to change to VND first, so of course you lose a bit. anyway it's possible. There's a nice fellow right on De Tham street in district 1. Another one is right across from the opera house (or used to be).
Oh wait, are you in Ha Noi or Saigon? |
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Jbhughes
Joined: 01 Jul 2010
Posts: 254
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| Posted: Sat Mar 05, 2011 6:04 am Post subject: |
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@Sigmoid
In January, the prices were better in the gold shops compared to the 'FX' places. I didn't even go looking for the best gold shop either, just wandered down to the market at the end of PGL. No idea what it's like now.
Either way, we've all said it now, the currency situation is ridiculous.
Raman mentioned the WTO. IS VN a member of any organisations that have rules about this sort of thing?
Does anyone know anyone from any departments or ministries of bla bla who can actually comment on the situation or provide the 'official' line on how a foreigner legitimately uses their ill-gotten gains in another country?
Has anyone even been able to use any 'contacts' to get what we want?
Are our companies able to buy dollars for us? (yeah, I realise that's a bit counter-productive for them as they like to pay us in VND, but you never know.)
@Corn on the Cob:
That sounds like a nightmare!
Back in 2008, when I first came here as a tourist, I wanted to buy some dollars to pay for the Cambodian Visa as that was my next destination. I went to the big Vietcombank near the river in district 1 (I believe this is the main HCMC branch, but I stand to be corrected).
I had GBP (�) travellers cheques, which I had been changing over the previous week into VND for general use. I specified as clearly as possible that I wanted to change my � for $ for the Cambodian Visa. 'OK OK OK' (I think I even heard a dreaded 'khong sao,' which at that time wouldn't have set any alarm bells ringing) was the response. What did they do? Change into VND and send me upstairs, where they refused to change it into USD. Despite explaining that the only reason I even WENT to the bank was to obtain dollars and that downstairs they had said this ok, nothing changed - at least you got yours in the end!
I also had to take a couple of taxis rides across town like poor Vabeckele. |
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Charvo
Joined: 02 Feb 2010
Posts: 37
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| Posted: Sat Mar 05, 2011 11:46 pm Post subject: |
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| If you ever want to change foreign money into VND, you should go to a gold shop that does heavy volume. They give you better prices. Any of the larger ones near the Ben Thanh Market would suffice. |
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