Send Money to Venezuela Cheaply

VenezuelaSince Venezuelan Bolivars are not a commonly traded international currency, you may have to send USD to Venezuela from Canada.

There are only a few companies that allow you to send money to Venezuela from Canada. Due to ongoing political problems, Venezuela has been facing a financial crisis. This may cause problems when trying to send money overseas to the nation. In 2008, Venezuela also introduced the Bolivar Fuerte as a means of revaluing the currency following periods of massive inflation. In recent years, US dollars have appeared on the scene.

If this is your first international money transfer to Venezuela, be sure to read this page first. Here, you can find all of the information you need to find and compare international money transfer services, as well as the steps to follow to send money to Venezuela.

Cash payment services such as Western Union and MoneyGram give a different exchange rate to online foreign exchange companies, and some banks don’t trade Venezuelan bolivars at all. An additional currency conversion fee may apply if you’re sending dollars to Venezuela, since you will likely face a CAD to USD to VEF exchange rate.

Rates last updated July 17th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
Exclusive: OFX (Ozforex) International Money Transfers
USD 150
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Exclusive: World First International Money Transfers
CAD 250
1 day
Online, Phone
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.
XE International Money Transfers
$0
1 day
Online, Phone, Bank Account to Bank Account
Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

Banks versus money transfer companies

We compare the cost of sending an international transfer to Venezuela using a bank and two specialist money transfer companies. One company can send the money online, while the other can have the money available in cash just minutes after the transaction is sent.

Transfer Company 1 – BankTransfer Company 2 – Cash Payment Service Money Transfer Company 3 – Online FX provider
Exchange rate$1 CAD = 7.3201 VEF$1 CAD = 7.9762VEF$1 CAD = 7.8252VEF
Transfer feeCAD$40CAD$50CAD$15
Amount received for $1000 (in Venezuela bolívars)7,320.10 VEF7,976.20 VEF7,825.19 VEF
Transfer timeThree to five daysMinutesTwo days
DeliveryBank depositCash collectionBank deposit
Difference of+151.01 VEF

*Current: 9.30PM 01/18/18

As you can see from the example above, money transfer company 2 can send 151 VEF more, however money transfer company 3 can send the funds much more cheaply. Sometimes it is a better option to settle for a less competitive exchange rate and pay much lower transfer fees, considering 151 VEF is around $18. In this case, it is a better idea to choose money transfer company 3 to send the money, especially if you are not in a hurry for the funds to arrive.

How do I compare money transfer companies?

You should consider the following factors when sending money to Venezuela:

  • Exchange rate. Venezuelan Bolivars are an exotic international currency. Most money transfer companies do not trade this currency. You can find a list of the companies that do in the following section of this article. Compare exchange rates to the fees charged by a company to understand how much money will reach your recipient.
  • Transfer time. How quickly do you need the money to get to Venezuela? If the answer is minutes, then use a provider like Western Union or MoneyGram. If your transfer is not urgent, it can be worth looking for a slower, cheaper option. The transfer time is based on a couple of things including the payment and delivery method.
  • Transfer fee. The cost for carrying out the transfer. The transfer fee can vary greatly between providers. Some companies will completely waive the fee if you send over a certain amount of money. For example, transactions greater than $10,000 generally won’t incur a transfer fee.
  • Delivery method. This is as simple as whether you want the funds to be collected as cash or whether you want to deposit the money in a bank account.
  • Payment method. How can you pay? Some companies let you pay for a transfer using your credit card or debit card. Bank deposit is the preferred payment method for most money transfer companies.
  • Transfer options. Online foreign exchange providers offer more options than banks and cash payment services. As well as spot payments, you can generally request limit orders, forward contracts and more.
  • Customer service. Is there a Canadian based customer service team on hand to take your calls? Find out other details like if and when you can cancel an order and if you will be offered a refund if your recipient is unable to pick up the funds.
  • Transfer limits. How much do you want to send? Different providers have different minimum and maximum limits.

How do I send money to Venezuela from Canada?

Have a look at the following options and steps if you need to know how to send money to Venezuela from Canada.

Banks

Many big Canadian banks will likely allow you to transfer money to Venezuela. Simply log in to your online banking and navigate to the overseas payments menu. If you haven’t already created an overseas recipient, you’ll need to add the Venezuelan payee to your international recipient list. To create a new overseas recipient provide the payee’s:

  • Account name and number / International Bank Account Number (IBAN)
  • SWIFT / Bank Identification Code (BIC)

You can also visit your bank branch in person and send a transfer with the help of a teller.

Online FX companies

These online international payment providers can send money to a bank account in Venezuela.

  • OFX. This company charge a $15 flat fee for transfers under CAD$10,000 and offer competitive exchange rates. OFX can deliver funds to Venezuela in two business days.
  • CurrencyFair. Much like OFX, CurrencyFair can deliver the funds in a couple of days for a relatively low fee. They also provider customers with competitive exchange rates.
  • PayPal. Both the sender and the receiver need to have a PayPal account. PayPal charges a percentage based fee structure. Although PayPal payments can be sent immediately, it takes a few days for the payment to move from a PayPal account to a bank account.

International cash payment service

MoneyGram and Western Union can send cash to Venezuela that can be collected from an agent in minutes.

  • MoneyGram. MoneyGram have fewer cash collection points in Venezuela compared to Western Union; however, MoneyGram have many locations across Canada, considering they are located at many Canada Post locations.
  • Western Union. Western Union have a number of agents across Venezuela. Lack of customer service is a drawback for the international payment provider, however their fees are sometimes cheaper than MoneyGram’s.

How do I receive money from Venezuela in Canada?

You can send money to Canada from Venezuela in the following ways:

Bank account

For payments being sent to your bank account, you must provide the sender with your personal and financial details so they can locate your account and deposit the funds. The sender needs your:

  • Your bank account number, full name and address.
  • Bank name and transit number.

PayPal

Give your cell phone number or email address to the sender in Venezuela so they can send money to your PayPal account in Canada.

Cash payment service

Collect cash at a Canadian agent by quoting the transaction reference number or unique password and showing your photo identification. You can choose between Western Union and MoneyGram.

Emergency cash transfers to Venezuela

Consider these options if you need to get cash to Venezuela in a hurry.

  • Instant overseas cash wire service. Western Union and MoneyGram are two companies you can use to send cash to someone in Venezuela within just minutes. You can make a payment online or you can pay with cash in person at a local agent, and someone across the otherside of the world can collect the cash in just a couple of minutes.
  • Travel insurance emergency cash benefit. For some covered events, like a medical emergency, you may be eligible to get an emergency cash benefit from your insurer to cover you for immediate expenses. Refer to your product disclosure statement for a full description of your travel insurance coverage.
  • Emergency cash assist. Visa, MasterCard and American Express can give you the money in your account as cash if you don’t have your card. Emergency cash assistance can take about a day to process and you can collect your money from a local business.

Cash pickup locations in Venezuela / Western Union / MoneyGram branches in Venezuela

This list contains the names and locations of different MoneyGram and Western Union agents in major cities across Venezuela. It is a good idea to call ahead to double check the merchant’s opening hours and make sure there’s enough cash on the premises, due to ongoing political and financial problems.

Western Union

Caracas

  • Casa de Cambio – Zoom Parque HUM
    Centro Commercial. Parque Humbold Local 10, Urb Prados Del Este, CaracasOpen Monday to Friday 8.00AM to 6.00PMOpen Saturday 7.00AM to 3.00PM+58 800 226 4876
  • Zoom San Martin
    Avenue San Martin, Entre La 2da Y 3, Los Molinos Edf Komplot Pb, CaracasOpen Monday to Friday 8.00AM to 6.00PMOpen Saturday 7.00AM to 3.00PM+58 800 226 4876

Maracay

  • Casa de Cambio Zoom Pacifico
    Avenue Bolivar Este Centro Comerci Pacifico, Local 5 Pb Entre Calle, MaracayOpen Monday to Friday 8.00AM to 6.00PM+58 800 226 4876
  • Zoom Avenue Miranda
    Av Miranda, Oeste Cruce Calle CN165, MaracayOpen Monday to Friday 8.00AM to 6.00PM+58 800 2264876

MoneyGram

Maracaibo

  • Italcambio Casa de Cambios
    Etapa Piso 1, Sector las Delicias Aenue 15, Local 072, MaracaiboOpen Monday to Saturday 8.30AM to 6.00PM+58 261 7430923
  • Italcambio
    Centro Comercial, Lago Mall, MaracaiboOpen Monday to Friday 8.00AM to 5.00PM+58 619 34013

Valencia

  • Italcambio
    Avenue Aeroporto Arturo Michelena, ValencaOpen Monday to Friday 8.00AM to 5.00PMOpen Saturday 8.00AM 1.00PM+58 241 8329555

Tips for picking up cash in Venezuela

As of May 2018, the Government of Canada do not recommend any travel to Venezuela. This is due to violent crime, unstable political and economic situations and the decline in basic living conditions, including food, money, medication, water and shelter shortages.

If it is absolutely essential that you travel to Venezuela, you should exercise the highest degree of caution, especially when collecting cash from an agent or ATM. If possible, do not travel alone. Local police or your hotel concierge may be able to help arrange an escort if you’re collecting a large amount of cash and you’re concerned about your personal safety. Since money is in demand, along with basic living conditions, you may be considered a target. Do not travel on public transportation and avoid picking money up from overcrowded areas.

What are the steps to send money to Venezuela?

Here you can find information on the steps to send money to Venezuela.

Bank transfer

From your internet banking menu, save the payee as an international recipient, and then you can send a payment from Venezuela to Canada online.

PayPal

Once you’ve logged in to your PayPal account, you can search for the recipient’s PayPal account using their email address or cell phone number. It’s free to create a PayPal account.

Money transfer companies

You’ll need to create a free account first to send money to Venezuela using the non-bank providers listed on this page. This is a straightforward process and can be completed by proving some basic information about yourself such as:

  • Your name
  • Your address
  • Your contact numbers
  • Your identification

After you’ve paid for your transfer, you will be given a tracking or reference number you can use to check up on the status of your money transfer. You may need to upload a copy of your passport and proof of address to the money transfer provider’s website to complete the registration process.


If you have any questions about the products or services we’ve listed on this page, ask us a question using the form at the bottom of the page.

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