This is a foreign exchange guide to Venezuela, the Venezuelan bolívar currency plus sending VEF transfers and travel tips.
In this Venezuela currency guide we take a look at :
- Venezuelan bolívar info - general info about the Venezuelan bolívar
- Venezuelan bolívar in the markets - recent VEF moves and predictions from the FX markets
- Travelling in Venezuela - currency & money saving tips
- Buying Venezuelan bolívar cash online - travel money for Venezuela
- Sending money to Venezuela - save on Venezuelan bolívar bank transfers to Venezuela
- Venezuelan bolívar exchange rates - latest & historic exchange rates.
Venezuelan bolívar (VEF) general currency information
What is the Venezuelan bolívar currency code and symbol?
The three letter currency code for the Venezuelan bolívar is VEF and the symbol is Bs.
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?
Which countries use the Venezuelan bolívar?
It is the domestic currency in Venezuela.
Venezuelan bolívar (VEF) in the markets
The interactive chart below shows the USD to VEF exchange rate and trend for the previous 3 months:
Travel, Currency and Money saving tips for Venezuela
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.
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 Trip Checklist
Sending money to Venezuela
When searching around for information on how to get a good exchange rate when sending money to Venezuela you need to start with finding out the latest Venezuelan bolívar foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
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 our Send to VEF 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!