Send Money To Venezuela
It’s not a good time to be a Venezuelan. The country is in
complete shambles as the chickens have finally come home to roost after years
of economic mismanagement. There are shortages of household commodities and
drugs the currency loses its value fast.
The situation is a far cry from the Venezuela that is known
for its diverse natural attractions. Some of its top attractions include Angel
Falls, Los Roques Archipelago, Margarita Island, Morrocoy National Park,
Roraima and the Orinoco Delta.
Venezuela has a population of nearly 32 million people. The
country shares borders with Colombia and Guyana as well as the North Atlantic
Ocean and the Caribbean Sea. The official language is Spanish and most
Venezuelans have a good command of the language. Indigenous languages are also
considered to be official languages.
Popular money transfer services that send to
If you are travelling to Venezuela soon, be prepared to
carry hefty wads of cash when you exchange your hard currency for the local
one. In fact, it could get even more cumbersome as the Venezuelan bolivar
slides further into unchartered territory.
The official currency of Venezuela is the Venezuelan bolivar
(VEF). With the ongoing hyperinflation in the country, it is difficult to
predict what will become of the VEF. So bad is the situation that there are
reports of people turning to stealing to avoid starving.
Just recently, the government released bigger denomination
banknotes in a bid to reduce the burden of citizens having to carry abnormally
large amounts of the previous banknotes. Banks are now issuing denominations as
big as 20,000 bolivar notes.
Currently, one VEF is equivalent to approximately 0.10 US
dollars or 0.078 British pounds, although it’s difficult to give a stable
figure under the current circumstances.
The sharp drop in oil prices is one of the factors that have
been blamed for the Venezuelan bolivar’s woes. Food prices have also
skyrocketed causing further damage to the value of the bolivar. There is an
increasing number of Venezuelans who have to cross the border into Colombia to
find Colombian dollars for purchasing food and medicine.
At this point, it is fair to say that Venezuela’s currency
is virtually worthless.
Send Money with Bank Deposit
Venezuela is one of the countries in South America where the
movement of cocaine is rife. The country’s endemic corruption makes it very
exposed to money laundering or other economic crimes. Most of the laundered
funds come from the thriving drug trade in the region.
This is the main reason why the government maintains strict
money transfer controls. For instance, individuals and private firms are
required to request authorisation from the government’s currency commission
when purchasing hard currency for their imports or other uses.
At the same time, any government ministry spending hard
currency on any public procurement has to request dollars from a central bank
coordinated intra-governmental committee. Private financial institutions are
not allowed to hold any deposits of hard currencies. So anyone trying to
launder dollars has to pass through the government’s formal financial system.
Venezuela’s action plan of 2010 defines all the money
transfer rules and the sanctions for those who contravene.
Using any foreign currency obtained through illegal means
attracts a prison term of between two to six years. In addition to the prison
term, there is also a fine equivalent to twice the amount of money so acquired.
These sanctions also apply to foreign currency obtained through legal
mechanisms but used for other purposes other than the one stipulated in the
Anyone who wants to transfer foreign currency to or from
Venezuela is obligated by law to declare to the authorities if the amount
exceeds the equivalent of $10,000 in any currency.
Send Money Through Cash Pickup
With the current economic and political events in Venezuela,
the climate remains unsuitable for many financial transactions. The Venezuelan
bolivar continues to lose value and even locals are turning to currencies of
neighbouring countries like Colombia to survive.
The hyperinflation is a big challenge for banks which have
to deal with having to constantly adjust their system as financial arithmetic
The best way to send money directly to a recipient’s account
in Venezuela is through a bank deposit. Depending on the specific bank’s
processing times, a Master Card or Visa deposit can take between a few hours
and three days to reflect in the recipient’s bank account.
Money Transfer Regulations
Cash pickups are more important than ever as people in the
diaspora try to send money to assist their struggling relatives in Venezuela.
The quick transaction times and the short time it takes for money to reach the
recipient is a big reason why cash pickups are the choice of many in Venezuela
The charges are also minimal which makes it easy to send
money to multiple recipients without feeling unnecessarily overburdened by