The Best Money Exchange Hanoi Old Quarter For Vietnam Travel
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The best money exchange shop in Hanoi Old Quarter is Quang Huy Gemstone. It is open daily from 8:00 a.m. to 9:30 p.m. and is located near the intersection of P. Hang Dao and P Hang Bac.
It offers the best rate for VND to USD and other Asian currencies including Yen and Korean Won. Because of its convenience and good rate, over 70% of its customers are there for exchange (although it’s a jewelry shop selling gold). As per my last visit, to Hanoi, they offered 25.1k VND for every 1 USD, meaning 2.51m VND for every 100 USD exchanged.
I compared the rates of Quang Huy to other money exchangers (i.e. Giang Son Gemstone Jewelry) on the same street (P Hang Bac). Quang’s rate is the best among all, although other shops also offer very competitive rates.
Surprisingly, unlike Ho Chi Minh the exchange rate in Airports or local banks is not far from the Jewelry shops. For example, on the same visit, I exchanged VND at Quang at 25.1k per USD while on the same day, the rate at Hanoi airport was 24.6k. So it is only around 2% worse off.
I suppose Old Quarter is on everyone‘s itinerary in Hanoi, so I would still recommend you exchange in the city center instead of the airport.
One point to be aware of for exchange in Vietnam is you should always bring a brand new 100 USD note to secure the best rate. The rate would be ~ 2 % worse off if you use small notes like 50/ 20 / 10 USD and 5% worse for a 5 / 1 USD note.
The shop’s location is here.
Below is supplementary information on the topics of money exchange in Hanoi based on my experience.
How much to exchange
You will need VND in cash for most of your transactions in Hanoi, especially in the Old Quarter. For price level locally, a French Snail is around 200k VND, a pho is around 80k VND, a foot massage is around 200k VND and a French fine dining is around 500k VND. For more details about street food, feel free to check out our Hanoi street food review or cafe review for Hanoi Train Street.
Of course, how much cash in your pocket would make you safe, depends on your personal preference and itinerary. I would recommend you first exchange 200 USD (~ 5m VND) at Quang Huy on your first day at Hanoi. If you include a day trip to Hang Long Bay, you may want to have another 100 USD equivalent VND just in case.
Then after that, you can top up based on your spending needs to top up. After all, the shop is located at the center of the Old Quarter and you can have access to it easily.
Money exchange at the airport or local banks
Exchanging at the airport or local banks is less preferred. As I mentioned, the airport rate is around 2% worse off compared to Old Quarter Hanoi. Unless you need cash for the bus to the Old Quarter (which is 9kVND per person).
When I travel to Hanoi, I just use Grab (which is paid by credit card) to travel to Hoan Kiem Lake from the airport. Then I would exchange in the Old Quarter. The same goes for the advice on pre-trip. There is no need to exchange VND before going to Hanoi or Vietnam. By using Grab, your transit to the city center should be cashless.
Unless you plan to take the airport bus (the bus ride is ~ 50 minutes excluding waiting time) that would at least double your journey time and is not recommended. For local banks, unless there are no other options at the city center, I would not use them.
Hanoi Versus Ho Chi Minh VND Rate
As I mentioned, in my experience of money exchange in Ho Chi Minh. If you are traveling in Hanoi and Ho Chi Minh at the same time, Hanoi has better rate.
