Local Currency and Exchange Information

The official currency of Vietnam is the Vietnamese Dong (VND). As of October 2023, the exchange rate is approximately 1 USD = 24,000 VND, although rates may vary, so it's advisable to check for the latest updates before your trip.

Currency exchange is widely available at banks, exchange kiosks, and in airports. However, it’s recommended to use banks or authorized exchange services to avoid unfavorable rates and potential scams.

Payment Methods and Banking Options

ATMs

ATMs are prevalent in Hanoi, especially in urban areas and tourist spots. They typically accept international cards such as Visa and Mastercard. Be aware of potential withdrawal fees, and it's a good idea to notify your bank before traveling to avoid any card issues.

Credit Cards

Credit cards are accepted in many hotels, restaurants, and shops, particularly in tourist areas. However, it’s advisable to carry cash for smaller vendors, street food, and local markets where cards may not be accepted.

Cash Usage

While electronic payments are growing, cash remains the preferred method for many transactions in Hanoi. Having a variety of denominations will be beneficial for smaller purchases and tips.

Tipping Customs and Payment Etiquette

Tipping is not compulsory in Vietnam, but it is appreciated for good service. Here are some guidelines:

• Restaurants: If a service charge is not included, a tip of 10% of the bill is customary.
• Taxis: Rounding up the fare or adding a small tip is common.
• Hotel Staff: A small tip for bellboys or housekeepers is appreciated, typically around 20,000 to 50,000 VND.

Always hand tips directly to the person who served you, as it reflects personal appreciation.

Cost Considerations and Budgeting Tips

The cost of living in Hanoi is relatively low compared to Western standards. Here’s a rough breakdown of daily expenses:

• Meals: Street food can cost as little as 20,000 VND, while dining in a mid-range restaurant may cost around 200,000 - 400,000 VND.
• Transportation: Local buses are inexpensive (5,000 VND), while taxis start at 15,000 VND plus additional per kilometer.
• Accommodation: Budget hotels start from 300,000 VND per night, while mid-range hotels can range from 800,000 to 1,500,000 VND.

To budget effectively, consider allocating around 1,000,000 VND per day for modest spending, including meals, transportation, and activities.

Practical Financial Advice for Travelers

• Always carry cash: Many establishments do not accept cards, especially in rural areas.
• Use reputable exchange services: Stick to banks or recognized exchange kiosks.
• Monitor your spending: Keep track of your daily expenses to avoid overspending.
• Keep small bills handy: Vendors often have difficulty providing change for large notes.
• Consider travel insurance: It can cover unexpected financial losses due to theft or emergencies.

By following these tips and being aware of local practices, you can manage your finances effectively while enjoying your time in Hanoi.