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LettersAthruZ · Joined: 25 Apr 2010 Posts: 466 Location: North Viet Nam

I'm just wondering what is going on now with exchanging USD/EUR/AUD for Viet Nam Dong???

I have not had a reason to stop by Ye Olde Gold Shop in quite some time, and recently, it happened where I came across some American cash. OK, well, off to the Black Market we go! Cool

'Cept that ALL the gold shops were offering me 20,500 VND to the dollar and 2,050,000VND for the Benjamin!

Great. Problem being that www.xe.com and all the banks were offering 20,550VND! Huh????!!??

I remember on the most recent occasion I had for visiting a gold shop (maybe eight months ago??), it was 20,000VND to the U.S. dollar on XE and at the banks, but the gold shops were doling out 21,500 for the USD!

Ever since i had gotten here a few years ago, it has been widely reported to me from Tay and Viet alike that I should AT LEAST expect a 5% increase in foreign currency exchange when I go to a gold shop verses when I change it at a bank! Just like what happened to me eight months ago 20,000VND XE/Bank Rate vs. 21,500VND gold shop.....hell - it's always been that way!

So TODAY, I go to, like five different gold shops - they're all offering me slightly LESS than what is posted on XE and at the banks!!??!! Shocked

A) - Is this sort of thing going on at gold shops in The South?

B) - Does this have anything to do with The Government trying to eliminate the black market and clamp down on the gold shops who exchange foreign currency?

Reeeaaalllly confused......

refugee · Joined: 21 Dec 2009 Posts: 33

Yeah, I've been in Hanoi, Danang, and HCMC in the last couple of weeks and the price seems to hover around 205/207. In fact, a hotel i stayed at last week gave me a better rate for my $ than the local gold shop.

I assume it's more risky for the gold shops and so it's no longer a better deal for the consumer but is just more convenient logistically. I often walk past my local and the old mare inside just pouts and shakes her head.

Also, maybe Vietcom increasing their FX fees in Cambodia for the $ runners may have slackened the spread offered by the gold shops.

I wonder how much they sell $ for now?

just noel · Joined: 17 Jul 2006 Posts: 168

LettersAthruZ · Joined: 25 Apr 2010 Posts: 466 Location: North Viet Nam

Great - thanx sooo much for the info, Noel and Refugee......

...screw it - I'm just gonna take the Yankee Green and deposit it into my local account at Techcom Bank.

Truthfully?? Dunno if it's a GOOD thing, as I myself kinda enjoyed the 5% markup in my favour at the gold shops....but, alas......