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Exchanging currency for a trip to Vietnam can be tricky
Vietnam is a country filled with excitement
Almost everyone who has made a trip to Vietnam wants to return to see other parts of the country. One trip to this magnificent land of opportunity is not enough. Vietnam seems to change by the hour in some ways and in other ways it is still the ancient culture that separated from China over eleven centuries ago. Vietnam is a rich blend of antiquity, traditional cities, lush mountains, mysterious deltas and an incredible coastline. The country is filled with villages that hold the remnants of yesterday and the promises of tomorrow.
No trip to Vietnam is complete without visiting the cultural pulse of the country. Hanoi has been the cultural center of Vietnam for over 1,000 years and continues to grow in quality and grace. The beaches in Vietnam are magnificent and the scenery in the countryside is breathtaking. Ho Chi Minh City is on an energized commercial high; the export business in Vietnam is growing daily and it seems the motorbike population grows right along with the exports. Crossing the street in old Saigon, takes patience and exchanging money takes even more patience, due to the changing economic tide that seems to be swallowing the country.
Tourism is replacing agricultural as the main source of revenue and exports of all kinds are not far behind. The world has discovered a cheap labor market and industries like textiles and shoes are taking advantage of it. The value of Vietnam’s currency is taking a beating against the Dollar for several reasons. Vietnam is still importing more than it exports and there has been a recent gold buying frenzy that has pushed the Dollar value up against the Dong. That scenario presents challenges for tourists who want to stay within their budget. If you wait to exchange currency in Vietnam, it may cost you more money than you expected, especially if you exchange money at the airport. Airport merchants have a high overhead and rely on you to pay it. Exchanging money in a hotel or retail shop is always the most expensive way to exchange money.
When is the best time to exchange currency?
A professional currency exchange broker will save you money when you exchange currency. A professional watches the currency market hourly and will offer you a real time rate every time you exchange money. A broker will help you develop an exchange strategy while you’re planning the trip, so you can offset value surges that are common in Vietnam these days. A currency broker will show you how to average your exchanges which is exchanging small amounts of money at different times before you leave home. When you average, you know exactly what the trip is going to cost in Dong, so you eliminate costly surprises.
Other travel tips
You can carry up to $5,000 cash through customs without declaring it. Any amount over $5,000 must be declared or it will be confiscated. Always carry cash in a leg pouch, money belt or hidden pocket that’s secure and out of sight and use hotel safes when you reach your destination. Follow local security advice and remember that common sense is your best security weapon when you use it.
This article was provided by ForexTraders.com to help you save money when traveling to exciting Vietnam. For additional information and countless free articles on strategies, forex broker reviews and analysis on trading currencies, make sure to visit the site.
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