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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Good things to know about the Venezuelan bolívar
Here are some things you might want to know about the Venezuelan bolívar:
- The Venezuelan bolívar is the official currency of Venezuela. It is represented by the symbol "Bs." and is abbreviated as VEF.
- The bolívar was introduced in 1879, replacing the Venezuelan real. It is divided into 100 céntimos.
- The physical currency consists of coins and banknotes. The coins come in denominations of 1, 5, 10, 12 1/2, 25, and 50 céntimos, and 1 bolívar. The banknotes come in denominations of 2, 5, 10, 20, 50, and 100 bolívares.
- The banknotes feature images of famous Venezuelan historical figures, such as Simón Bolívar and Antonio José de Sucre. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
- The value of the bolívar has fluctuated significantly over time, due to factors such as inflation and economic instability in the country. In recent years, the value of the bolívar has been particularly volatile, due to the country's ongoing political and economic crisis.
For more VEF information check out our selection of Venezuelan bolívar news and guides.
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)*.
*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.
Venezuela: Travel Guide
Traveling to Venezuela requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
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.
Everyday Costs in in Venezuela
How much does it really cost to live, work, or travel in Venezuela? Here's what to expect for daily expenses and expat living.
Currency Guide: Venezuela (ISO Code: VE)
Traveling to Venezuela can be an adventurous experience packed with vibrant culture and breathtaking landscapes. For a one-week mid-range stay, travelers should budget approximately 1,500 to 2,000 USD equivalent in local currency, which is the Bolívar Digital (VES). Daily expenses are quite manageable, offering a good balance between adventure and comfort. Here’s a snapshot of typical daily costs to help plan your budget:
- 🍽️ Meal at a local restaurant: 15,000 VES
- ☕ Coffee: 2,000 VES
- 🚍 Public transport fare: 1,500 VES
- 📱 Prepaid SIM card: 10,000 VES
- 🏨 Budget hotel or Airbnb: 40,000 VES per night
Generally, Venezuela is considerably cheaper to visit compared to the United States and the UK; it's an affordable destination for those looking to explore while on a budget. For instance, evening meals can cost around 40% less in Venezuela compared to similar dining experiences in the US or even in London, giving travelers more bang for their buck.
Expat Financial Insights
For expats considering a long-term move to Venezuela, it’s crucial to understand the typical monthly living costs, which can range from approximately 800 to 1,200 USD depending on lifestyle choices and location. This includes accommodations, groceries, utilities, and leisure expenses. Securing a reliable banking solution is vital. While local banks are obtainable, be wary of high fees; using international bank accounts can sometimes offer a more favorable exchange rate.
When it comes to cash flow, it’s advisable to have both cash and access to digital banking. Cash transactions are common, but for larger expenses, using debit or credit cards can be more convenient. As for currency exchange, expats and travelers often find better rates locally compared to online transfer services like Wise or OFX. However, these services can be beneficial for transferring larger sums internationally, minimizing conversion fees. Balancing cash for daily needs with the strategic use of online banking can lead to significant savings.
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!