Vietnam Currency Exchange Scams: Many Travelers Fall Victim

Currency exchange scams are one of the most common issues for travelers to Vietnam.

When I first went to Ho Chi Minh City, I exchanged money at a street exchange office and there was a difference in 10,000 VND units, but I didn't check it on the spot and just took it.
By the time I counted it at the accommodation, it was already too late.

Vietnamese Dong has such large denominations that it's easy to get confused.
500,000 VND (approximately 26,000 KRW) and 20,000 VND (approximately 1,000 KRW) are similar in color.
Many banknotes look so similar that you might think, "Oh, aren't these the same?"
Scammers exploit this confusion.

So, in this article, I've compiled information on common currency exchange scams in Vietnam, safe exchange methods, recommended exchange offices, and what to do if you're scammed.
Reading this for just 10 minutes before your departure can save you a significant amount of money.

📑 Table of Contents

1. Why Vietnamese Currency Exchange is Risky
2. 7 Common Currency Exchange Scams
3. Banknote Types and Confusing Combinations
4. The Most Favorable Exchange Method: Double Exchange
5. Recommended Exchange Offices by City
6. Things to Check When Exchanging Currency
7. How to Use Travel Cards
8. What to Do if You're Scammed
9. Common Mistakes Made Locally
10. Pre-Departure Currency Exchange Checklist

💸 Why Vietnamese Currency Exchange is Risky

There are several reasons why currency exchange in Vietnam carries a higher risk of scams than in other countries.

⚠️ Most Dangerous Banknote Combinations

20,000 VND vs 500,000 VND - Almost the same blue color.
This is the combination scammers use most frequently. There's a 25-fold difference, but it's often confused.

10,000 VND vs 200,000 VND - Both are in the red family.
20-fold difference.

⚠️ Why Exchange Rate Calculation is Confusing

Vietnamese Dong conversion formula: Remove one zero from the end and divide by 2

• 100,000 VND → 10,000 → ÷2 = approx. 5,000 KRW
• 500,000 VND → 50,000 → ÷2 = approx. 25,000 KRW
• 1,000,000 VND → 100,000 → ÷2 = approx. 50,000 KRW

The large denominations are genuinely confusing at first. Sometimes, people mistake one million dong for one thousand dong.

I once tried to bargain for a 250,000 VND (approx. 13,000 KRW) massage, thinking it was 25,000 VND (approx. 1,300 KRW).
Always having a calculator app open is the best solution.

🎭 7 Common Currency Exchange Scams

These are scam methods that frequently occur in Vietnam.

❌ Scam 1. Giving Change with One Zero Missing

The most common method.
- Should receive 500,000 VND but given 50,000
VND - Many accept it unknowingly due to similar blue color
- Must check change immediately upon receipt

❌ Scam 2. Showing Exchange Rate Table but Calculating Themselves

Common at street exchange offices.
- Shows an exchange rate table with good rates
- Pretends to calculate with a calculator
- Actually applies a different exchange rate

❌ Scam 3. Preferring Crisp Banknotes Only

Not exactly a scam, but something to be aware of.
- Wrinkled 100 USD bills get a worse exchange rate
- Bills under 50 USD get an even lower rate
- Only new 100 USD bills get the best rate

❌ Scam 4. Mixing in Counterfeit Bills

Although polymer banknotes are hard to counterfeit, old counterfeit bills might be mixed in.
- Check received banknotes against the light
- Suspect if too thin or too thick
- Be cautious at gold shops and street exchange offices

❌ Scam 5. Group Chat/SNS Exchange Scams

Frequent in KakaoTalk groups and Facebook groups for Koreans residing in Vietnam.
- Messages like "I can offer you a good exchange rate"
- Arranges a meeting and then disappears
- Never engage in personal currency exchange

❌ Scam 6. Approaching on the Street for Exchange Assistance

Common in tourist areas of Ho Chi Minh City and Hanoi.
- Approaches with "I know a place with good exchange rates"
- Following them leads to casinos or suspicious places
- Do not follow strangers' guidance

❌ Scam 7. Change Scams in Taxis/Grab

This isn't a currency exchange scam, but it exploits banknote confusion.
- Claims you gave 10,000 VND when you gave 100,000 VND
- Claims the customer gave 500,000 VND
- State the banknote amount loudly when handing it over and get a receipt

I almost fell victim to this once in a Grab in Ho Chi Minh City. The solution is to state the amount aloud, like "Here's two hundred thousand dong (200,000)," when handing over the bill, and get a receipt.

💴 Banknote Types and Confusing Combinations

There are 9 types of Vietnamese Dong banknotes. Memorizing their colors and denominations accurately will reduce your chances of being scammed by 90%.

🚨 Most Cautious Combination

20,000 VND ↔ 500,000 VND - Both are blue.
- Size difference: Almost identical
- Shape difference: Almost identical
- Denomination difference: 25 times ⚠️
- The most frequent scam point

💡 Banknote Checking Tip

As soon as you receive banknotes, quickly check the number of digits.
- 20,000 → 5 digits
- 500,000 → 6 digits

Just checking whether it's 5 or 6 digits can help you avoid major scams.

💱 The Most Favorable Exchange Method: Double Exchange

Exchanging Vietnamese Dong directly in Korea is a loss.
Korean banks offer almost no exchange rate benefits for VND (mostly under 30%).

🥇 Standard: Double Exchange (USD → VND)

Step 1. Exchange for new 100 USD bills in Korea (easy to get over 90% preferential rate)
Step 2. Exchange for VND at a local exchange office in Vietnam

This method is 5-10% more favorable than exchanging directly for VND in Korea.

🥈 Precautions for Double Exchange

• Prioritize new 100 USD bills (50 USD and 20 USD have lower rates)
• Wrinkled or torn bills will be rejected
• Request "crisp new bills for use in Vietnam" at Korean banks

🥉 If You Must Exchange for VND in Korea

• If you need money for transportation or a SIM card immediately upon arrival in Vietnam → Only a small amount
• Since there are no preferential rates, exchange only about 50,000 to 100,000 KRW in advance
• Large-amount exchanges should always be done locally

💡 Recommended Exchange Ratio

For a 7-night, 8-day trip:
- Exchange for VND in Korea: Approx. 100,000 KRW (for immediate arrival)
- Exchange for USD in Korea: The rest of your budget (to be exchanged for VND locally)
- Combination of card payment + cash

During my Da Nang trip last year, I exchanged 100% for VND in Korea and regretted it after seeing the local exchange rates.
I could have received about 50,000 KRW more if I had brought new 100 USD bills.

🏪 Recommended Exchange Offices by City

A list of safe exchange offices with good rates in major Vietnamese cities.

🏙️ Ho Chi Minh City

• Ha Tam Exchange (Hà Tâm) - 30 years of operation, top choice for foreigners
• Ha Tami (Hà Tâm) - Located on De Tham Street, popular with backpackers
• Ho Chi Minh District 1 City Banks - Vietcombank, BIDV, etc.

🏙️ Hanoi

• Ha Trung Exchange - Near the Old Quarter, good rates
• Vietcombank - Safe choice
• Bank branches around Hoan Kiem Lake

🏙️ Da Nang

• Exchange offices near Han Market
• Exchange office inside Lotte Mart Da Nang
• Da Nang Airport Exchange Office (expensive rates, only for small amounts)

🏙️ Nha Trang

• Kim Thanh Exchange - Top choice for Korean travelers
• Kim Binh Exchange - Recommended along with Kim Thanh
• Both places have a preferential policy for crisp 100 USD bills

🏙️ Phu Quoc

• Exchange offices near Duong Dong Night Market
• Phu Quoc has few exchange offices, so prepare in advance
• Resort exchange rates are very unfavorable

💡 How to Identify a Good Exchange Office

• ✅ Large sign, clear exchange rate display
• ✅ Shows the exchange rate entered into a calculator
• ✅ Issues a receipt
• ❌ People approaching you on the street
• ❌ Explains rates verbally without a rate board
• ❌ Refuses to issue a receipt

✅ Things to Check When Exchanging Currency

The moment of exchange is crucial. Follow this checklist.

🔍 Before Exchange

• Check today's exchange rate (search "USD to VND" on Google)
• Decide the amount to exchange
• Bring new 100 USD bills
• Have a calculator app open

🔍 During Exchange

• Clearly confirm the exchange rate
• Pre-calculate the VND amount you should receive with a calculator
• Count each banknote received on the spot
• Check the number of digits (especially beware of blue 200,000/500,000 VND)
• Get a receipt

🔍 After Exchange

• Count again before putting it in your wallet
• If you suspect counterfeit money, protest on the spot
• Take a photo of the receipt with your camera

⚠️ Never Do This

• Count after leaving the exchange office (cannot prove once you leave)
• Bargain for exchange rates (fixed rates are safer)
• Exchange a large amount at once (distributed exchange recommended)
• When the exchange staff tries to rush you through counting quickly → Say "Wait, please count again slowly"

I always request them to "count slowly, one by one, and show me" when exchanging currency.
There's a trick where they pretend to count quickly and slip out one or two bills.

💳 How to Use Travel Cards

Nowadays, many people are reducing currency exchange and opting for travel cards.

🎫 Recommended Travel Cards

• Travel Wallet - Free exchange fees, ATM withdrawals possible
• Hana Bank Travelog - Free exchange for 21 currencies
• Shinhan SOL Travel - Similar benefits, good withdrawal limits
• Toss Bank Foreign Currency Account - Good exchange rate benefits

💡 Recommended Travel Card + Cash Combination

• Withdraw VND from local ATMs (using a travel card)
• Vietnam ATM fees: Approx. 22,000~55,000 VND
• Daily withdrawal limit: Usually 2-5 million VND
• Card payments (large supermarkets, cafes, hotels)
• Cash (markets, taxis, local restaurants)

⚠️ Precautions When Using ATMs

• Use ATMs inside banks (street ATMs carry skimming risk)
• Recommend large banks like VietinBank, Vietcombank, BIDV
• Retrieve card immediately after withdrawal (some don't auto-retrieve)
• Cover the ATM screen when entering your PIN

Since last year, I've been using a combination of Travel Wallet + small cash exchange, and it's become much more convenient without worrying about exchange scams.
Withdrawing only what's needed from an ATM instead of large-amount exchanges is the safest method.

🆘 What to Do if You're Scammed

What should you do if you've already been scammed?

🚨 Immediate Actions

1. 1. If discovered before leaving the exchange office → Protest on the
2. spot2. Secure receipts and evidence photos3. Record
3. the exchange office's location and name

📞 Where to Report

• Vietnam Tourist Police: 113 (24 hours)
• Korean Embassy in Vietnam: +84-24-3771-0404 (Hanoi)
• Korean Consulate General in Ho Chi Minh City: +84-28-3822-5757: +84-28-3822-5757
• Korean Consulate General in Da Nang: +84-236-3811-998: +84-236-3811-998

💼 Procedure After Being Scammed

1. Go to the police station and file a report (English interpretation available)
2. Request assistance from the consulate
3. Obtain a report number (needed for insurance claims)
4. If you have travel insurance → You can claim for personal belongings/theft coverage

💡 Prevention is Key

In reality, getting your money back after being scammed is almost impossible.
Prevention is 90% of the battle.
- Use only official exchange offices
- Check on the spot
- Keep your receipts

❌ Common Mistakes Made Locally

❌ Mistake 1. Exchanging Large Amounts at the Airport

Airport exchange offices have 5-10% worse rates than downtown.
👉 Exchange only 100,000-200,000 KRW at the airport, the rest downtown.

❌ Mistake 2. Exchanging at Hotels/Resorts

Fees are more expensive.
👉 Use hotels only in emergencies.

❌ Mistake 3. Carrying Only Large Bills Without Small Change

If you only carry 500,000 VND bills, it's hard to get change.
👉 Carry mainly 100,000 VND and 50,000 VND bills.

❌ Mistake 4. Collecting Coins

Coins are rarely used in Vietnam (banknotes under 10,000 VND).
👉 Many places won't accept coins even if you offer them.

❌ Mistake 5. Returning Home Without Exchanging Leftover Dong

Exchanging VND to KRW in Korea has very unfavorable
👉 rates.Re-exchange for USD or KRW at the airport before departure.

❌ Mistake 6. Looking for Exchange in Group Chats

Many offers in group chats for Vietnamese residents claim "good exchange rates."Personal
👉 currency exchange is 100% prohibited.

📋 Pre-Departure Currency Exchange Checklist

✅ Exchange for new 100 USD bills in Korea (over 90% preferential rate)
✅ Exchange about 100,000 KRW worth of VND in advance for immediate arrival
✅ Get a travel card (Travel Wallet, Hana Travelog, etc.)
✅ Memorize Vietnamese Dong banknote types and colors (especially 200,000/500,000 VND)
✅ Install a currency converter app
✅ Save locations of recommended exchange offices
✅ Save contact numbers for the Korean Consulate and Tourist Police
✅ Get travel insurance (personal belongings/theft coverage)
✅ Envelope for keeping receipts
✅ Dong wallet (for managing large denomination bills)

📚 More Detailed Official Information

Official information related to travel in Vietnam can be found below.

• Ministry of Foreign Affairs Overseas Safety Travel - Vietnam
• Embassy of the Republic of Korea in Vietnam

It includes emergency contact numbers for consulates, safety information, and scam cases, so be sure to check it before departure.

💰 What Matters Most

Vietnamese currency exchange scams are 90% about prevention, 10% about response.

• Exchange Method → Double exchange: USD in Korea → VND locally
• Banknote Awareness → Beware of blue 200,000/500,000 VND
• Moment of Exchange → Check each bill on the spot
• Backup Method → Travel card + small cash combination

After being scammed once on my first trip, I switched to a travel card + small cash exchange combination for subsequent trips.
It was much better as I could focus on the trip itself without worrying about scams.

Please review this article one more time before your next trip to Vietnam.
This way, you'll never let a currency exchange scam ruin your travel memories.