Money exchange at gold shops

Hello everyone,do anyone know how much dong you can exchange to australian dollars at gold shops in HCMC - @tait64

Current mid rate at CBA is VND 16640 per AUD so if you get 16000 go for it

Google the current exchange rate, if they offer near it you are good. Else move to the next shop.

The internet is full of reviews and experiences per location.

Ok thank you,  I was more concerned about how much I can convert to aud, I have about 100 million dong I want to exchange

I doubt you are near the limit with that amount, Just ask and be cautious as it is a bigger amount.

Also, in case you are planning to carry it out of Vietnam doublecheck if you need to declare anything.

Ok thank you everyone,  I was more worried taking the money into a gold shop and they didn't  want vnd to exchange to aud.

I know it easy to exchange foreigner money in vietnam,  just the other way around I'm not sure,  I've lived in vietnam 3 years already but never taking out of vietnam.

USING A GOLD SHOP FOR CURRENCY EXCHANGE IS TECHNICALLY ILLEGAL IN VIETNAM (unless it is the rare gold shop certified as an authorized currency exchange shop).

Historically (over the past 7 years I've been active in the forum) threads and posts promoting the use of gold shops for currency exchange have been routinely deleted by admin.

I reported this thread but I'm guessing admin has changed it's policy regarding illegal activity being discussed in the forum.

@OceanBeach92107

Hello,

We (admins) are not located in Vietnam and can not verify information. We rely on members to share info.

Reporting this active thread and requesting to close it is not enough. Members should be  informed of the legality issue, else it is useless, as they will continue to discuss in private and take risks.

So, if you have a source or a link or more info, please share it with members as as warning before the thread is closed.

Thank you

Bhavna

@OceanBeach92107
Hello,
We (admins) are not located in Vietnam and can not verify information. We rely on members to share info.

Reporting this active thread and requesting to close it is not enough. Members should be informed of the legality issue, else it is useless, as they will continue to discuss in private and take risks.

So, if you have a source or a link or more info, please share it with members as as warning before the thread is closed.

Thank you
Bhavna - @Bhavna

unfortunately the new interface of the search engine is proving somewhat useless in finding old posts.

I'm virtually certain that The official information links have been shared previously in the Vietnam forum.

I will do my best to find them again

@OceanBeach92107
Hello,
We (admins) are not located in Vietnam and can not verify information. We rely on members to share info.

Reporting this active thread and requesting to close it is not enough. Members should be informed of the legality issue, else it is useless, as they will continue to discuss in private and take risks.

So, if you have a source or a link or more info, please share it with members as as warning before the thread is closed.

Thank you
Bhavna - @Bhavna
unfortunately the new interface of the search engine is proving somewhat useless in finding old posts.
I'm virtually certain that The official information links have been shared previously in the Vietnam forum.

I will do my best to find them again - @OceanBeach92107

"Decree 88/2019/ND-CP on administrative violations in monetary and banking activities"

https://vietnamlawmagazine.vn/decree-specifies-fines-for-monetary-banking-violations-16947.html

Outlines different levels of penalties that can be assessed depending upon the amount of cash exchanged in the illegal transaction.

not an official government website but these types of law websites frequently translate pertinent regulations for English speaking clients

The trick is to make sure the shop is fully licensed and authorized to perform currency exchange.  After the fiasco of the owner and the customer both got arrested In 2018 over 100 USD, and some monetary losses (shop owner was fined 180 millions VND and the customer was fined 90 millions VND), everyone in VN is on edge bout it. 

The trick is to make sure the shop is fully licensed and authorized to perform currency exchange. After the fiasco of the owner and the customer both got arrested In 2018 over 100 USD, and some monetary losses (shop owner was fined 180 millions VND and the customer was fined 90 millions VND), everyone in VN is on edge bout it. - @yng68bld

The customer's justification in that case was especially specious.

he claimed he felt he had no choice because he was unable to find anywhere that he could do the exchange, ignoring the fact that virtually every city has official banks that will exchange foreign currency at the State Bank of Vietnam official exchange rate (which is of course, always less than the rate that gold shops will provide)

Thread closed due to potential legal risks. We remind all members to exercise due diligence and seek official or legal advice when necessary.

[Topic Closed]