Foreign Exchange Guide to Venezuela
In this guide we review :
- Venezuelan Bolivar info - general info about the Venezuelan Bolivar
- Travelling in Venezuela - currency & money saving tips
- Buying Venezuelan Bolivar cash online - travel money for Venezuela
- Sending money to Venezuela - save on Venezuelan Bolivar bank transfers to Venezuela
- Venezuelan Bolivar exchange rates - latest info & charts.
Venezuelan Bolivar (VEF) general currency information
Venezuela currency and money saving tips
The Bolivarian countries are six Hispanic American countries (Bolivia, Colombia,Ecuador, Panama, Peru and Venezuela) whose republican origin is attributed to the ideals of Simón Bolívar and independence war led by the Venezuelan military in the viceroyalties of New Granada and Peru.
The currency is the Bolivars. Debit and credit cards are widely used in Venezuela and have the advantage of removing the need to carry large amounts of cash. However, international credit cards aren’t always accepted by point of sale machines and you’ll have to enter your passport number. ATMs have extremely low limits for cash withdrawals on international cards and queues at ATMs are frequently targeted by criminals. You shouldn’t rely on ATMs as your main way to access money in Venezuela. Use official currency exchange booths only, which should change money at the higher of the two official rates (DICOM). It’s illegal to change money on the black market. There are no facilities for visitors to change bolivares to US dollars, or any other currency, when leaving Venezuela.
Due to ongoing crime, unrest and instability throughout Venezuela the Foreign and Commonwealth Office (FCO) further advises against all but essential travel to most areas of the country. Regular large political demonstrations in Caracas have led to arrests, injuries and deaths throughout 2017. If you''re in Venezuela, you should remain vigilant and informed, avoid protests and demonstrations – which can turn violent with little warning – and keep your departure options under review.
Venezuela Trip Checklist
Travel money for Venezuela
Save money and time by Ordering your Venezuelan Bolivar online from Travelex, you get better rates and can pick up the VEF cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Venezuelan Bolivar otherwise you may get much worst exchange rates.
Sending money to Venezuela
When sending money to Venezuela it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Venezuelan Bolivar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted VEF amount will be transfered to the recipient account you specify in Venezuela.
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Venezuelan Bolivar deposited into the recipient bank account in Venezuela and less margins and fees kept by the banks!