Tod E Tosser

Of course. But again, the OP is not talking about a normal bid-ask spread. When the perceived value of a controlled currency falls below its official value, locals will either refuse to buy it back, or only buy it at a lower rate. The OP was buying at the higher official rate, and selling at the lower black market rate. So he was paying BOTH a bid-ask spread AND the rate differential.

If you deal exclusively with black market money exchangers you can buy and sell at the lower rate. Then you will be paying only a bid-ask spread, albeit almost certainly wider than normal because of the illegal nature of the transaction.

MrHalliday

Anyone ever had any success
changing VND back to USD after leaving the country?

I ended up with about 2 million extra,
and there was no exchange service at dawn at the airport.

CrazyInteg

Ebay. Craigslist. This forum.

I want to say we exchanged some Dong to Baht in Bangkok. I know I've exchanged a variety of Asian currencies at the Bangkok airport at the stand after immigration.

I've purchased some from Craigslist before.

SaigonCyclo

Dong wouldn't be one of them.

If you have a Vietnamese community in your town, you might be able to get rid of it there. Otherwise as mentioned above, post on Craigslist or find travelers who are headed to Vietnam. Good luck.

dsquared37

Dong can be re-exchanged to Baht in Bangkok at Superich. Google it, they will be your friend. Easily the best exchange rates in Thailand, located in the Ratchaprasong area.

Dong can also be exchanged easily in Phnom Penh in our 'exchange district'. If coming to PNH after Vietnam get in touch and I'll give more info.

MrHalliday

Thanks for those comments !
Wow, 4+ locations close to the Skytrain !

I'll soon be heading back to SIN and CGK, altho maybe not BKK or PNH.
Maybe I should just route thru SGN and have some more pho...

dsquared37

Only the Ratchaprasong location is stated to have the prices listed on their website (and they do change througout the day based upon the market).

You'll need a passport/ID which will initially be photocopied and then signed. Then you'll wait in line for the exchange to be engaged. You'll get a receipt and then they'll call your number to give you Baht etc. For the last step they'll call your number in Thai, but when staff see a confused farang looking at their ticket and no one going to the counter to claim the money all will be well.

We get a better rate here in PNH, but that's my exchange of choice in Thailand.

SFOisHome

Just exchanged VND to THB at Super Rich. Super easy and a decent rate.

hauteboy

I changed my leftover VND to THB in Bangkok at the MBK center.. actually got a 10% better rate than SuperRich at the time.

dpmp

This thread was last commented since 2008. I'm wondering if anyone has any update to share.

I am Vietnamese, living in the US. My last visit to Vietnam was 2000. I don't have much to share at this time as far as where to exchange currency. However, from reading the comments, I agree on the "tourist inflation" and "local inflation". It is not exactly "inflation", but rather "mark up". There is no guideline or law or standards on pricing. If they could spot you being a tourist, the mark-up would be 100% or whatever suits the seller. The barter system is normal and it is up to how much you want to pay for the product, then grieve afterward.

In my last (and only) visit to Vietnam, we stopped by the roadside fruit stand to buy some grapefruit. Knowing us Vietnamese coming from overseas, the seller gave a price way more than typical going price. We started the bartering and the seller gave us a nasty look, began insulting, screaming, yelling as if she didn't want to deal with us. One friend tried to raise the offer for a few minutes but she kept getting insulted. We finally asked her to leave with empty hands. No purchase.

Visiting Vietnam is always a memorable trip, in a negative sense. I won't need to see that crapola again.

imm2b

dpmp - I think what you experienced is just part of travel. It happens all over the world, not unique to Vietnam. Though, I think it has nothing to do with this discussion of currency exchange.

As for bargaining with street side vendors over 10 or 20 cents, IMHO it's totally not worth it. Give the poor vendor a break, they probably make a couple bucks a day. May be it's the principle thing for you?

If you travelled the world, Vietnam is no different for tourists having to pay inflated price or being "cheated", we call it tourist tax. If you haven't been back to VN for over a decade, go and enjoy yourself, it's a much diffenrent place more than 10 years ago.

Tod E Tosser

I think dpmp correctly surmised the reason for the hassle was that they are Viet Kieu (Vietnamese who live overseas). These folks have a huge target on their backs. They often bribe the passport checker to avoid an unpleasant airport experience. Locals expect them to pay up for everything, and police stop them looking for bribes. I expect this problem is diminishing as the country's economic development makes it harder to distinguish Viet Kieu from locals.

And you're correct as well: this has little to do with the thread.

imm2b

Yes. I can sympathize with Viet Kieu having big target. At the same time lots of Viet Kieu came back with gold chains and LV purses....a little discrete would help the cause.

You are right, Vietnam of today is vastly different than a decade ago, young people with latest iPhones and driving around in Porsches is not a rare sight.

BTW, the passport checker bribe is long gone. They valued their plush $2000/month job (seems high, but that's what I was told) more than $5 brides from Viet Kieu. The camera installed above the checkers probably a deterrence as well. Police stopping for bribes is not just Viet Kieu but locals too. As long as you have a helmet on and don't ride more than 2 on motorbikes, they don't hassle you.

Sorry, to continue on off-topic. Mods, please delete or move as appropriate.

BuildingMyBento

A bit OT, but using this concept, I exchanged Lebanese pounds in a NY deli a couple of years ago.

Failing that, if you happen to be near the Mustafa Centre in Singapore or Chungking Mansions in Hong Kong, those have helped me exchange such currencies.

dsquared37

It's not just foreign based Vietnamese but also tourists. Like every other country in SE Asia, and likely the world, get out of the tourist areas and the gouge lessens.

Last year I wandered from the hotel in Hue to find a bottle of vodka. The local seller wanter 70K and I knew from experience that it should be 30-32K. It took a few extra minutes out of my life but I'm happy with that to deny that vendor a sale.

Also in Phnom Penh you can get very good rates. Check out Lee Huor, a well known exchange shop.