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Converting VND to US$ - best rates? - Hanoi Answers

Converting VND to US$ - best rates?

Related to maliusmaximus' recent post, yet different- where should I currently go to get the best rate on converting VND into US$?

I just closed down my Vietcombank account, and they would not give me US$, no matter what: the bank had issued a decree (decision number 19/QD-NHNT.HDQT) that from 3pm May 28 they will not sell USD until further notice. I assume other banks currently have something similar in effect.

I want out of VND - suspect rates on the black market are going to really suck though.

Any advice in the next day or so appreciated.

Khumbu posted about 13 months ago to Help!. Viewed 61 times. Answered 8 times.

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Answers

answered about 13 months ago by loominpapa

The reliable place I normally go to is on Hang Bac St, next to Victory DVD shop. The rate was around 18600 this weekend, I think.

answered about 13 months ago by jimbo

Sorry, I don't have an answer except to agree with l'papa; but I do have a question for you. Was your VietC account a "USD" account, or was it opened with vnd? If it was USD and they're refusing to let you withdraw it, that's quite disturbing. Thanks.

answered about 13 months ago by Khumbu

I checked - it was actually a VND account, opened with USD.

When I showed them my plane ticket & said I was leaving the country so I wanted USD when I closed the account, they gave me a sheet of paper that said the following:
"Hanoi, 27 May 2008
NOTICE
Re: USD Selling limit of Vietcombank
-Based on USD supply-demand current situation inside and outside Vietnam.
- Based on the decision numbered 19/QD-NHNT.HDQT dated May 26th 2008 of the Chairman of Vietcombank.
Please be informed by Bank for Foreign Trade of Vietnam, Operations Centre that we stop selling USD to resident & non-resident individuals (foreigners) and stop converting foreign currencies into USD TEMPORARILY.
This notice comes into effect from 3pm May 28 until further notice.
Thank you for your banking with us. We would highly appreciate your co-operation!
For bank for Foreign Trade of Vietnam
Director of Operations Centre
(signed and stamped) [sic]
Nguyen Danh Luong"

So good luck in getting USD out, if you bank with them. I have no idea if the other banks are any better, however I suspect probably not.
They did offer me euros and Australian dollars though - if I was willing to return after their two hour lunch break that I had just encroached into.


answered about 13 months ago by Stosskraft

Hello,

Vietcom bank has always been one of the worse banks around to deal with. I have closed 2 accounts with them because of their draconian and racist policies...last time I tried to deposit money that I had withdrawn from the SAME teller the day before, after a motorbike deal fell through...and they said it was illegal to deposit money with out proof where the money comes from. Even through I had a withdrawl slip dated the day before for the same amount.

Sorry to go off on a rant...back to the point, it seems that other banks are much easier to deal with and it may help to search around. I have a VND and USD account at agricultural bank and it is much easier to deal with them.

Here is a link with some info regarding banking: http://www.saigonesl.com/forum/viewtopic.php?t=756

answered about 13 months ago by LOFThanoi

The rate i got from the ba trieu goldsmith just around the road where we are offered 18k to a dollar this afternoon.

Banks in Hanoi is refusing to budge and exchange rates as of this morning was at 16, 235 to a dollar.

Heard rumors saying that the government is clamping down on the black market trading so you better do it fast.

Cheers
Kay

answered about 13 months ago by loominpapa

Yeah - I'd got that impression too. I was initially refused at the gold shop, but they agreed to do it because it was a small amount. They seemed to be checking to see who was watching though...

answered about 13 months ago by Khumbu

I couldn't buy USD (or AUD) on the street this afternoon, and the rates I was quoted for VND into both USD & AUD were as per bank's (theoretically, as even the ANZ wouldn't give me USD either - but at least they didn't close down for two hours in the middle of the day). Having said that, I know of a Vn person who exchanged a large amount of $ at a rate of 18,900 today...
In the end, gasping in horror at the exchange rate, I decided to go on a spending spree in VND instead.



answered about 13 months ago by loominpapa

The government devalued the currency today, not by much though. The official rate is now 16,461.

http://online.wsj.com/article/SB121309913423660417.html?mod=googlenews_wsj

I've also heard that Vietcombank is refusing to transfer $US abroad, converting to $CND for bank transfers.

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