When exchanging foreign currency to Vietnamese Dong, exchange rate for the transaction is one of the biggest factors that should be considered. A favorable exchange rate can provide one more value for their money. On the other hand, an unfavorable exchange rate might lead to significant losses.
Here are the top guides that one should keep in mind when exchanging foreign currency to Vietnamese Dong:
1. Monitor and research exchange rates
It's crucial to keep an eye on the currency exchange rate between the currency one wants to exchange and the Vietnamese Dong. Keep track of the exchange rate using reliable sources like official currency exchange platforms, banks, and financial websites. It can also be a good idea to set up alerts when the exchange rates reach a specific number.
By regularly monitoring the exchange rate, one can find the right time to exchange currency.
2. Compare different exchange places
Avoid exchanging currency at the first place available. Instead, compare different banks, exchange bureaus, and gold shops that allow exchanging currency. Consider their exchange rates and other fees that they charge to convert to VND.
Remember that just because a place advertises that they provide the most favourable exchange rates does not mean they will provide the most value for VND conversions. Exchange places can entice customers by advertising lower exchange rates, but then charge higher fees for currency conversion.
3. Avoid exchanging at the airports
Exchanging foreign currency to Vietnamese Dong at the airport can seem like an incredibly convenient option for new travelers wanting to explore the country, but it's better to avoid it.
Exchange counters at the airport take advantage of little to no competition and charge a higher conversion rate along with high fees.
Instead, it's better to avoid currency exchange at the airport and instead consider alternate options like banks and licensed exchange bureaus in the city to get the most favourable exchange rates and reduced transaction fees.
4. Research forex brokers in Vietnam
For traders that are looking to exchange foreign currency to trade the forex market, it's necessary to research all the forex brokers providing services in Vietnam in order to find the most favourable exchange rates possible
Forex trading involves financial transactions which is why it's important to find a reliable forex broker that is licensed and regulated by the required authorities. Consider going with a forex broker that converts currency according to real-time conversion rates.
5. Avoid exchanging money at hotels
Just like airports, hotels are also preferred by many new travelers to exchange currency all because of the convenience they provide. Travelers don’t have to go anywhere or research anything to quickly convert their currency at the hotel they are staying at.
But hotels also take advantage of this convenience to charge a higher exchange rate. Moreover, most hotels aren't even authorized to exchange currencies.
Therefore, it's preferred to avoid exchanging foreign currency at hotels unless it's an emergency. Instead, travelers should take time to do their research and find a better local currency exchange centers.
6. Find a platforms for digitally transferring currency
There are many online currency exchange platforms which offer competitive exchange rates. But when using these platforms to digitally exchange or transfer money, it's necessary to consider any overhead, transaction, and conversion fees that they may charge.
To verify there are no hidden fees, look at the final amount of VND you will receive and calculate it using the conversion rate.. At the same time, research about the platform to ensure its reliability.
7. Plan your conversions
Timing is key when it comes to finding the most favourable exchange rate for currency conversion. Pay attention to the current market trends and exchange your currency when the rates seem the most favourable.
Although, don’t wait for too long hoping the rates would get even better. The forex market is always fluctuating and there can be sudden fluctuations anytime. The goal should be to monitor rates to get the greatest deal instead of continuously obsessing over the conversion rates.
8. Consider the currency conversion fees as well
When one currency is exchanged into another, there is a cost involved called the currency conversion fees. These fees can vary from one currency exchange place to another. One should check how much these fees would be before they go ahead with the currency exchange because the currency conversion fees can have a big impact on the total amount of VND received.
Some exchange places may even charge a low exchange rate and a high hidden currency conversion fee to confuse customers. Therefore, it's very important to read through all the terms and conditions in advance, and also actively inquire about any additional costs involved. If the currency exchanger is not being upfront about their fees, they may not be reliable and it's better to find another place to exchange currency.
There’s more to the exchange rate
Just finding the most favourable rates exchange rate is not enough reason to go with a currency exchange bureau. Reliability and trust are also two very important factors to consider. Paying a bit extra is better than the possibility of getting scammed by unlicensed currency exchangers.
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Disclaimer:
- All material published on our website is intended for informational purposes only and should not be considered personal advice or recommendation. Traders should carefully consider their objectives, financial situation, needs, and level of experience before entering into any margined transactions.
