What's the most convenient way to pay for travelling to Vietnam?2023 Latest Guide

Overview of the payments environment in Vietnam

As an emerging tourist hotspot in Southeast Asia, Vietnam's payment methods differ significantly from those of China. Cash still dominates in Vietnam, especially in small towns and rural areas. However, with the development of tourism, electronic payments and credit cards are widely accepted in major cities such as Hanoi, Ho Chi Minh City and Da Nang.

According to data from the State Bank of Vietnam (SBV), the proportion of non-cash transactions has reached 30% in 2022, up 15% from the previous year.Most hotels, restaurants and medium and large shops frequented by tourists support international credit cards and mobile payments. However, it is worth noting that the use of cash for small transactions of less than VND500,000 (about RMB150) is still as high as TP3T 701.

Comparative Analysis of Mainstream Payment Methods

1. Cash (VND)

Pros:

• 100% Merchant Acceptance
• No handling fee (to be noted when exchanging)
• Suitable for micro-transactions and market shopping

Drawbacks:

• Unsafe to carry
• Difficulty in making change for large notes
• ATM cash withdrawals may be subject to a high fee (up to 60,000 VND per transaction).

Practical advice:
Upon arrival at the airport, first exchange about 500,000 rupiah for emergency funds (about 150 RMB), the exchange rate of gold shops in the city is usually 3%-5% better than that of the airport.

2. Visa/Mastercard international credit cards

Pros:
-Widely accepted in four and five star hotels and fine dining restaurants

• Widely accepted in large shopping centres, supermarket chains and high-end consumer establishments
• Pay quickly and securely and avoid carrying large amounts of cash

Drawbacks:

• Some merchants may charge a card processing fee of 3%-5% (advance confirmation is required)
• Remote areas or small businesses may not accept credit cards
• DCC Dynamic Currency Conversion Trap (recommended option to settle in VND)

Practical advice:
Give preference to credit cards with no foreign exchange conversion fees (e.g. some full currency cards) and tell the cashier "Please charge in VND". In Vietnam, Visa is slightly more accepted than Mastercard.

3. Mobile payments (local e-wallets such as MoMo, ZaloPay, etc.)

Pros:

• High Convenience: Scan the code to complete the payment, suitable for taxi, takeaway and small purchases
• Promotions: Some merchants offer discounts or cash rebates
• No change required:: Particularly suitable for small transactions (e.g. street cafes, night market stalls)

Drawbacks: