Traveler's Guide To Currency Exchange In Hoi An: Cash, ATMs And Avoiding Scams

Hoi An’s charming Old Town runs primarily on the Vietnamese Dong (VND). While large hotels and some restaurants accept cards, you will need VND for street food, market shopping, tailoring, and entry tickets. Knowing where and how to exchange your money safely and efficiently is crucial for a stress-free visit. Here is Vietnam Story’s definitive guide for Indian travelers to currency exchange in Hoi An.

Looking for where to exchange money in Hoi An Vietnam with peace of mind?

Understanding Vietnam currency and the basics of exchange

Before you start exchanging, let’s get you familiar with our money and a few essential basics. A little bit of knowledge about the Vietnamese Dong and the timing of your exchange can save you a lot of money and confusion. Here is what you need to know.

Vietnamese Dong (VND) essentials

The official code for our currency is VND. The first thing you will notice is that our banknotes have a lot of zeroes! We have notes like 10,000 VND, 100,000 VND, and 500,000 VND. When you are counting and handling large sums of money, please be very careful, as it’s quite easy for a tired traveler to mistake a 100,000 VND note for a 10,000 VND note. Always double-check!

Before you go to exchange your money, always check the current mid-market exchange rate (which is the true interbank rate) on a reliable app on your phone, like Google or XE Currency. This rate is your baseline. No exchange service will give you this exact rate, but it will help you instantly know if the rate you are being offered is a good and fair deal.

While the US Dollar (USD) is the most popular and will generally give you the best exchange rate, major currencies like the Australian Dollar (AUD), Euro (EUR), British Pound (GBP), and Japanese Yen (JPY) are also commonly exchanged in Hoi An.

READ MORE: Vietnam Money & Currency Guide for Indian Tourists: VND, Payments & Tips

When to exchange?

Vietnamstory.in highly recommends that you only exchange a very small amount of money before you leave India or when you first land at the Da Nang Airport. An amount like $50 USD or its equivalent is more than enough to cover your immediate costs, like paying for your taxi to the hotel and buying a bottle of water.

You should plan to exchange the bulk of your money once you are in Hoi An at a licensed establishment like a bank or a reputable gold shop. The rates you will get in the town are significantly better than the rates offered at airports or in your home country.

Where to get the best exchange rates in Hoi An?

The best and most competitive rates for exchanging your foreign currency are typically found right within Hoi An’s beautiful Old Town. You have a few excellent and safe options to choose from. Let’s compare them.

Gold shops and Jewelry stores (For the best rates)

This might be a surprise, but reputable and licensed gold shops, which you will often find on streets like Phan Chu Trinh or Trần Phú in the Old Town, generally offer the most competitive exchange rates. They have lower overheads than the large banks, so they can often give you a slightly better rate.

Recommendation: Look for well-established, busy gold shops that have a digital board clearly displaying their “buy” and “sell” rates. Their rate will usually be a little bit better than the official “cash buying” rate that you see at the banks.

Banks (The most secure option)

As one of Vietnam’s largest state-owned banks, BIDV is a top choice for secure transactions.

Banks like Vietcombank, BIDV, or ACB offer highly reliable, secure, and government-regulated currency exchange services. This is the safest and most official way to exchange money.

Be prepared for a more formal process. You will need to present your original passport, and there might be a slightly longer wait time, especially if the bank is busy.

This is the best option if you are exchanging a large sum of money and your primary concern is security and having an official receipt for the transaction.

Places you should AVOID (For their poor rates)

Airport Exchange Booths (Da Nang/Hanoi): While they are very convenient for your immediate needs upon arrival, the exchange booths at the airport are known to offer noticeably poor rates and sometimes higher fees.
Your hotel or resort: Your hotel will almost certainly offer a currency exchange service for its guests. However, the rates they offer are typically very poor. I only recommend using this service if you are in an urgent situation and need a very small amount of cash outside of normal banking hours.

READ MORE: Your Essential Guide to International Airports in Vietnam for Indian Traveller

Using ATMs and Digital alternatives

Using an ATM is another reliable and convenient option, but you must be strategic to minimize the fees. ATMs are a great way to get cash directly, but a few simple tricks can save you a lot of money on fees and bad exchange rates.

Key ATM advice (How to avoid unnecessary fees)

Avoid dynamic currency conversion (DCC): This is a very important tip! When the ATM screen gives you a choice, ALWAYS choose to be charged in the local currency (VND), not in your home currency (INR). If you choose your home currency, the Vietnamese ATM sets its own unfavorable exchange rate. By choosing VND, you ensure that your own bank in India (which knows the rate best) handles the conversion, which is almost always a much better rate.
Withdrawal limits & fees: Most Vietnamese ATMs have a withdrawal limit of 2,000,000 VND to 3,000,000 VND per transaction. On top of this, they will charge a fixed transaction fee (often around 50,000 VND or more).
Plan strategically: To minimize the impact of these fixed fees, it is smarter to make fewer, larger withdrawals rather than many small ones.
Location: For your security, it is always best to stick to using ATMs that are located inside or directly outside major bank branches or inside the lobbies of major hotels.

Digital alternatives (For cost-rffective exchange)

Travel debit cards: If you have a specialized international travel debit card (like Wise, Niyo, or a specific travel card from your Indian bank), using it at a Vietnamese ATM will often give you the absolute best exchange rate, very close to the mid-market rate.
Credit cards: It is a great idea to use your credit cards for large purchases, such as paying for your hotel, high-end restaurant meals, or tours. This helps you avoid carrying excessive amounts of cash. When you pay, always ensure the machine charges you in VND.

Safety and scam Ppevention when exchange currency in Hoi An

While exploring, you'll find that the best place to exchange money in Hoi An is often a small,unassuming shop that has been trusted by locals for generations. — While exploring, you’ll find that the best place to exchange money in Hoi An is often a small,
unassuming shop that has been trusted by locals for generations.

Hoi An is a very safe town, but a little bit of vigilance when handling cash is always necessary. A few simple precautions will ensure every transaction is a safe one.

The “Zero fee” scam: Be very wary of any currency exchange service that advertises “Zero Commission” or “0% Fee.” This is usually a trick. They simply make up their profit by giving you a much worse exchange rate. A good rate is always better than a “zero fee” promise.
Count your money: Because of the high number of zeroes on our VND notes, it is very important to always count your money slowly and carefully before you leave the counter, especially for large transactions.
Authenticity: To minimize the extremely rare risk of receiving counterfeit notes, only use reputable banks or well-known, busy gold shops.

Conclusion

In the end, please do not feel overwhelmed by the details of currency exchange. The most important thing to remember is that Hoi An is an incredibly friendly and welcoming town, and the process of getting local currency is very straightforward and safe, as long as you stick to the reputable options. This guide is simply here to give you the confidence and the local knowledge to ensure you get the best value and have a completely worry-free experience from the moment you arrive.

Let Vietnam Story provide that same sense of confidence and peace of mind for your entire trip. We handle all the logistics, from your hotels and private transfers to your guided tours, so you can simply relax and immerse yourself in the magic of Hoi An. Get in touch with us to plan your trip, and discover just how easy and enjoyable a holiday in our beautiful country can be.