Currency in Venezuela: VEF Send & Spend FX Guide
Resources for Expats, Travelers and Entrepreneurs Navigating Life and Trade in Venezuela with the Venezuelan bolívar.
What's in this Venezuela currency guide?
What currency is used in Venezuela?
The official currency of Venezuela (country code: VE) is the Venezuelan bolívar, with symbol Bs and currency code VEF.
What is a good Venezuelan bolívar exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Frequently Asked Questions
What currency should I use in Venezuela?
The domestic currency in Venezuela is the Venezuelan bolívar.
What is the Venezuelan bolívar currency code and symbol?
The three letter currency code for the Venezuelan bolívar is VEF — symbol is Bs.
Which countries use the Venezuelan bolívar?
It is the domestic currency in Venezuela.
Is the Venezuelan bolívar a closed currency?
Yes the Venezuelan bolívar is a closed currency. Which means that you may find it difficult to purchase the currency (VEF) before departure and will probably need to buy it upon arrival. If you do manage to buy some of the currency or have some left over from a previous trip, make sure you are aware if you are allowed to bring this closed currency into the country.
For more information and a full list of closed currencies please refer to our guide: What is a closed currency?
What are equivalent amounts of USD and VEF?
Here are some popular conversion amounts for USD to VEF (US dollar to Venezuelan bolívar)*.
| USD | VEF |
|---|
| USD | VEF |
|---|---|
| $ 0.0040 | Bs 1,000 |
| $ 0.0200 | Bs 5,000 |
| $ 0.0800 | Bs 20,000 |
| $ 0.4000 | Bs 100,000 |
More amounts
*Converted at the current USDVEF interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Venezuela
As mentioned above, the Venezuelan bolívar is a closed currency. Which means that you may find it difficult (or be permitted) to purchase the currency (VEF) before departure and will need to buy it upon arrival in Venezuela.
For these types of destinations, using a pre-paid travel card is a good solution. As no travel cards support loading closed currencies like the VEF you will incur currency conversion or foreign transaction fees if you use a travel money card in Venezuela.
However, using a pre-paid travel card is still a good idea as you can avoid ATM fees and also you can avoid using (and losing!) your main bank or debit/credit card.
USD/VEF Market Data
The below interactive chart displays the USD/VEF change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Venezuela - Best Rates
To get a good (and fair) exchange rate when sending money to Venezuela you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers 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 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Venezuelan bolívar 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.
Use the above calculator to compare the exchange 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 bolívar deposited into the recipient bank account and less margins and fees kept by the banks!
