Quick Summary: Accessing Money in Vietnam

If you're moving to Vietnam long-term, accessing your money can feel confusing at first. From my experience living in Hanoi, these are the main options that worked for me:

• Use a Wise account to transfer money from your UK bank and withdraw Vietnamese dong from ATMs.

• Expect ATM fees after the first £200 per month.

• Many shops charge 2–3% extra for card payments.

• Most locals pay using QR codes rather than cards or cash.

• Apps like Moreta allow foreigners to pay using QR codes without needing a Vietnamese bank account.

• Always carry some cash as backup.

In my case, I now use Moreta for about 90% of daily spending and Wise mainly for ATM withdrawals and paying my rent.

Here’s how I made it work for me.

Before moving to Vietnam, I had previously opened both a Monzo account and last year a Wise account. The Wise account quickly became my main financial tool once I arrived.

I had already used Wise successfully on two previous visits to Vietnam, although those were short holidays rather than day-to-day living.

Using Wise for Everyday Money

When I arrived in Hanoi, my Wise card became my main source of spending money.

The process was simple. I transferred money from my UK bank account into my Wise account, sent it across in British pounds, and then converted it into Vietnamese dong within the Wise app whenever I needed it.

I use my Wise card at ATMs across Hanoi to withdraw cash in Vietnamese dong.

I can’t say it worked smoothly all the time. Even though I had told my banks I was abroad, some ATM withdrawals were occasionally blocked as suspected fraud.

Eventually I realised I could unblock the card instantly within the Wise app, even while standing at the ATM. Once I approved the transaction in the app, I could usually complete the withdrawal within a couple of minutes.

ATM Fees

Wise allows two free ATM withdrawals per month up to £200 in total.

Of course, even in a relatively low-cost country like Vietnam, that isn’t enough to live on for a full month. After those free withdrawals, additional ATM withdrawals include small fees.

You can also pay in some shops using your Wise card. However, I often found that shops charged an additional 2–3% fee for paying by card, which quickly adds up.

QR Code Payments – How Locals Pay

One thing I noticed very quickly in Hanoi is that most local people pay using QR codes rather than cash or cards.

You’ll see QR codes everywhere — restaurants, cafés, supermarkets, taxis, and even small street vendors.

The difficulty for foreigners is that, because Vietnam currently does not offer a retirement visa, many long-term visitors remain on tourist visas. As a result, it can be very difficult to open a Vietnamese bank account.

Even if you do manage to open one, there can be other complications. I’ve heard of accounts being temporarily frozen when visas expire, which could become a problem if you need to renew your visa every 90 days. I have also heard that transferring money back out of Vietnam can sometimes be difficult.

For those reasons, I decided not to open a Vietnamese bank account.

Discovering the Moreta App

Last summer I discovered a relatively new app available to use in Vietnam, and across South East Asia, called Moreta.

This turned out to be the solution I had been looking for, the game changer. 

Like Wise, you first top up the app with money. Once funded, the Moreta app allows you to pay by Vietnamese dong using QR codes, just like locals do.

There are small fees associated with the service, but they are generally lower than repeated ATM withdrawal fees or the extra charges for paying by card.

Now I transfer money from my UK bank account into both my Wise account and my Moreta account as needed.

These days I probably use Moreta for about 90% of my daily spending.

Still Carry Some Cash

Even though QR payments are widely accepted, I always keep some Vietnamese dong in my pocket as a backup.

Occasionally a shop’s QR code isn’t compatible with the Moreta system. When that happens, I usually just ask if they have another QR code option, and often they do.

But if all else fails, cash still works everywhere.

What I Use Wise For Now

These days I mainly use Wise for two things:

• Withdrawing cash from ATMs, when needed

• Paying my rent to my landlord by bank transfer

The Wise app makes it easy to convert pounds into Vietnamese dong and transfer the money directly.

A Small Credit Card Problem

One small issue I have experienced is with one of my UK credit cards.

Despite informing the bank that I live abroad, their automated fraud system repeatedly blocks transactions when I try to use the card in Vietnam — both in shops and online for things like booking flights.

I’ve spoken to the bank several times and they have even paid compensation for the inconvenience, but the problem still persists, so I can't really use it here.

Because of that experience, I would strongly recommend having more than one payment option available when living abroad.

Fortunately, I have another credit card from a different UK bank which has worked perfectly whenever I’ve needed it.

My Current Setup

After living in Hanoi for nearly 11 months, I still haven’t needed to open a Vietnamese bank account.

My current system works well for me:

• UK bank account for income and savings

• Wise account for currency conversion and cash withdrawals

• Moreta app for most daily payments

• UK credit card as a backup

Recently my Vietnamese girlfriend has also helped occasionally. She sometimes collects tips in Vietnamese dong at work in her busy bar, so she gives me the cash while I transfer the equivalent amount to her bank account. That conveniently saves me an ATM withdrawal fee and helps her transfer money online to her daughter.

Final Thoughts

This system has worked very well for me so far.

However, everyone’s situation will be slightly different depending on visas, income sources and personal preferences.

If you’re planning to retire or live long-term in Vietnam, it’s worth taking a little time to experiment and find the setup that works best for you.