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Currently there is no specific forex regulatory guidelines to follow in Vietnam. This has not stopped some top tier brokers from offering Vietnamese versions of their services. However, out of these brokers, very few have actually included the Vietnamese Dong as an account base currency.
Local VND Bank Transfer take a shorter amount of time to process, usually up to 24 hours, while international Wire Transfers might take between 2 to 5 business days, and at times even more.
Local Bank Transfers in VND are by default cheaper than international Wire Transfers. We cannot give you a precise charge for international Bank Transfer because it changes from broker to broker, yet an estimate would be around 5 000₫. And bear in mind that there is always the probability that banks will issue a transaction fee whether for a deposit or a withdrawal.
A number of the international brokers offering version of their website in Vietnamese including but not limited to FXCM, TickMill, and XM, offer free Wire Transfer withdrawals and deposits.
Credit/Debit card payments in VND are instant. Some brokers may attach a fee to them that very rarely surpasses 3% of the entire sum.
95% of brokers offering an account in VND offer Skrill and Neteller as top alternative payment methods. The fee that these brokers charge for using Skrill/Neteller are between 0.5% and 2%. It’s good to note that Skrill and Neteller payments are processed instantly.
The VND is one of the least valued currency in the world. Currently it stands as number three: USD$1 is equal to 23 210₫.
Since 2003 there are no VND coins in circulation. Only paper bills remain.
In 2003 Vietnam replaced all its cotton currency notes with polymer ones.