Where is the best place to exchange money in Hanoi?
Exchange at gold shops on Hà Trung street (Hàng Bạc ward) for the best rates — typically within 10–20 VND of the mid-market rate. Banks (Vietcombank, BIDV) offer slightly lower rates but are more regulated. Avoid airport exchange counters: their rates are 3–5% worse. Bring USD in crisp, undamaged bills — torn or old-series notes get rejected or discounted.
The short answer is Hà Trung street. The longer answer depends on how much you’re exchanging and how much effort you want to spend on it.
Hà Trung street — the gold shop rate
Hà Trung (in the Old Quarter, near Hàng Bạc) has a concentration of gold shops that double as informal exchange counters. They post rates on LED boards outside. The rate is typically within 10–20 VND per USD of the mid-market rate — meaning on a 100 USD exchange, you lose less than 1,000 VND (about 4 cents).
The process is straightforward: hand over your USD, they count it, check each bill for tears or stamps (they will reject damaged notes), and hand you VND. No paperwork, no commission line item. Count the money before leaving the counter.
Banks — Vietcombank, BIDV, Techcombank
Bank rates are 80–150 VND per USD below the gold shop rate, which on a 500 USD exchange means losing roughly 15,000–30,000 VND (60 cents to 1.20 USD). Banks require a passport and fill out a form. The process takes 10–15 minutes. If you’re exchanging large amounts (1,000 USD+), the security and paper trail are worth the slightly worse rate.
Vietcombank branches are the most common — there’s one on Trần Hưng Đạo, a 5-minute walk from Hoàn Kiếm Lake.
Where not to exchange
Airport counters at Nội Bài give rates 3–5% below city rates. For a 500 USD exchange, that’s 15–25 USD lost. Hotels sometimes offer exchange but at rates 2–4% below market. Neither is worth it unless the amount is small and convenience matters more than the rate.
Card vs cash
Visa and Mastercard are accepted at mid-range and upscale restaurants, cafés, and shopping malls in District 1 equivalents (Hoàn Kiếm, Ba Đình). Street food, markets, and local restaurants are cash only. Budget roughly 30% card, 70% cash for a typical Hanoi trip.
Bring crisp, undamaged USD bills — series 2009 or newer. Vietnamese exchange counters routinely reject torn, stained, or old-series notes.