Vietnamese Dong -buy now?

ironlady2022 · 8 January 2014 at 10:59PM

Hi

I'm booked to go to Vietnam in Sept this year. Looking at the exchange rates the pound can buy about 35000 dong the highest in last 12mths. I'm thinking of buying some early and in increments. Do you think this is way to go? What is the best place for exchange for small amounts -say £50. I say this as I doubt I will need more than £600 to spend for a fortnight.

The alternative is I get my cash out of my halifax clarity out there in Sept in one go but risk it being lower than it is now. What do you advise?

[Deleted User] · 8 January 2014 at 11:32PM

buying £50 at a time will be the most expensive way,you will normally get the best rate for £500,as to currency movements between now and september...who knows is the answer to that

BonkersBonkers · 8 January 2014 at 11:54PM

2 Things to consider - 1 Can you find the currency on sale in UK and 2 What limit does your travel insurance cover you for holiday money?

grumbler · 9 January 2014 at 12:06AM

mayling03 wrote: »

...The alternative is I get my cash out of my halifax clarity out there in Sept in one go but risk it being lower than it is now.

...or higher
Crystal-ball-currency-money-price-business-predict-future.jpg

What do you advise?

It's a pure gambling. Just relax until September and then use your Clarity (don't forget about a backup).

agrinnall · 9 January 2014 at 8:27AM

When I went to Vietnam in 2008 the Dong was not a convertible currency so I used a mixture of Traveller's Cheques and ATM withdrawals. However, I found this article which suggested you can now buy it in the UK, and the Post Office's Travel Money site confirms that it is available.

bigadaj · 9 January 2014 at 10:12AM

You often get a better exchange rate in country in weaker economies, I'd be tempted to take some sterling and possibly dollars in cash as well as a clarity and other cards.

I went there with just dollars but that was in 1997 so things will nave changed a lot.

chattychappy · 9 January 2014 at 4:54PM

I've been here (in Saigon) every year since 1996. My advice is wait. The Dong has been remarkably stable over the last 10 years against the GBP - I think I was getting around 30K in 2001. (Not so good before then - I was getting 15K in 1993).

But, overall, it does tend to drift down against hard currencies. The situation on the ground is worse because of local inflation (nothing you can do about that).

I never hold VND, except a couple of million or so between trips to carry me through the first day or so.

Traditionally the VND strengthens in the run up to lunar new year (end of January) as locals buy VND cash with USD, gold etc. Gaps can open up between street rates and bank rates. Generally after the new year, the VND weakens again.

So I would be surprised if we are not getting >35K come September. Also, if we look at "black swan" type events, I can't see a sudden dramatic appreciation to the pound, but I could see a sudden depreciation if there was some crisis. Ie I wouldn't be amazed if we were getting 38K, but I would be amazed if we were getting 32K. The big risks are one way.

Other factors to consider:
1) You can't beat the rates you get in-country.
2) Change now and you will have store the cash at home and then carry it all here. Change in country and you can use ATMs.
3) What if your trip gets cancelled?

A friend recently came here having bought VND via M&S. The rate wasn't as good as what is available locally, but it wasn't a rip off. No idea about commission/one-off charges.

I wouldn't bring USD at all unless you have some to get rid of or you are using the visa on arrival service when you will need US$45 for a single entry, one month visa. (NB you must still have arranged this in advance - you can do it online.) Any other places that quote USD pricing will accept payment in VND and not cheat you. You simply waste money changing GBP to USD. Since a recent law change, sales are supposed to be processed in VND anyway. If bringing cash, bring £50 or £20 notes which are untorn (even slightly) and unwritten on.

If you've not been here before, it is well worth familiarising yourself with Dong bank notes. (No coins in general use.)

Plastic ones are worth more than a £1, paper ones less than £1.

At the least learn the colour and approximate value of the plastic ones. Ie Blue 500,000 about £15, Green 100,000 about £3 etc. See http://www.vietnamguider.com/uploads/tourism/2012-07-02.09.55.02-vietnamese-currency.jpg

Paper ones run from VND500 (rare, about 1.5p) to VND5000.

NPHammer · 9 January 2014 at 6:06PM

I've heard there are a few places around Kings Cross and Soho where you can pick up some dong at a very reasonable rate...;)

Lily1 · 9 January 2014 at 6:23PM

My son currently lives in Saigon and always says the rates are better over there. When my daughter went for a visit last year she found it to be correct.

grumbler · 9 January 2014 at 9:02PM

Better than UK bureaus of exchange or banks? Hardly a surprise.

zerog · 10 January 2014 at 4:21AM

Thomas Exchange selling at 31500. Definitely better rates available in Asia.

My prediction is that the pound will rise or stay stable over the next 6 months (at around 1.65 to USD), so I wouldn't buy any now. I may be wrong.

Vietnamese Dong -buy now?

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