Send money to Venezuela

Compare fees and exchange rates to get the best deal on your next money transfer to Venezuela.

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Young smiling girls with Venezuela flag

Finding the best way to send money to Venezuela may not be as simple as it sounds. Because of the country’s economic instability, not all banks and money transfers services support sending money in Venezuelan bolivars. And those that do – such as Moneygram – offer different exchange rates. On top of that, you could end up paying currency conversion fees.

Keep reading to learn more about your money transfer options, so you can find the one that’s right for you. Find out how to send quick emergency transfers, and check out cash pickup locations in major Venezuelan cities.

Venezuela has a new currency

In response to massive inflation, the Venezuelan government introduced the bolivar soberano (VES) in 2018 as the new national currency. VES is worth around 100,000 of the previous national currency – the bolivar fuerte (VEF) – and is meant to replace it in circulation over time.

During the transition period, you may encounter options to transfer money in either VES or VEF. Because VES is more stable and is now the officially recognized currency of Venezuela, you’re likely better off sending in this currency rather than the “old” bolivar.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 15.00 172936.301 VEF
862,087,461
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.
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Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Banks versus money transfer service

Let’s compare 2 hypothetical money transfers to Venezuela – one of which uses a bank wire transfer service, while the other uses an online money transfer service. We’ll assume you can only send to Venezuela in USD, because the bank doesn’t support transfers in VEF or VES.

Bank wire transferOnline money transfer service
Exchange rate1 CAD = 0.7663 USD
  • 1 CAD = 190,299.4108 VEF
  • 1 CAD = 25,636.0643 VES
Transfer fee$50$4.99
Amount received for a $500 CAD money transfer
(less the transfer fee)
$344.84 USD or:

  • Roughly 85,688,478.55 VEF
  • Roughly 11,543,469.00 VES
  • 94,200,111.34 VEF
  • 12,690,108.21 VES
Transfer time2 – 4 business daysMinutes
DeliveryBank depositBank deposit
Difference of
  • 8,511,632.76 VEF less
  • 1,146,639.21 VES less
  • 8,511,632.76 VEF more
  • 1,146,639.21 VES more

In this case, it’s quicker to use the online money transfer service, plus the recipient receives more. This is because the fee is much less expensive, although exact results could vary depending on which service is used.

*Rates and information are current as of January 20, 2020 and are for example purposes only. Actual amounts may vary.

How do I compare money transfer companies?

The main features of a quote to send 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.
  • Transfer time. How quickly do you need the money to get to Venezuela? If the answer is minutes, then go for a provider like Moneygram. If you have time, 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 providers offer fee free thresholds. For example, transactions greater than $10,000 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 request limit orders, forward contracts and more.
  • Customer service. Is there an Canadian-based customer service team on hand to take your calls? Furthermore, when will and won’t the provider issue a refund and when can you cancel an order?
  • Transfer limits. How much do you want to send? Different providers have different minimum and maximum limits. For example, OFX have a minimum order size of 8,600 Bolivars.
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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.

Banks

Your bank offers an overseas telegraphic transfer service you can use to send money to Venezuela. (Although you may have to send in USD or another currency if your bank doesn’t support transfers in VEF or VES. Your recipient would then convert the money to whichever currency he or she wants.) Simply log in to your online banking facility, and navigate to the overseas payments menu. If you haven’t already created an overseas beneficiary, you’ll need to add the Venezuelan payee to your international beneficiary list. To create a new overseas beneficiary provide the payee’s:

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

Online FX companies

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

  • OFX. A $15 flat fee for transfers under $10,000CAD and a bank beating rate. OFX can deliver funds to Venezuela in 2 business days. The minimum transfer amount is 8,600 bolivars.
  • PayPal. Both the sender and the receiver need to have a PayPal account. PayPal charges a percentage based fee structure.

International cash payment service

MoneyGram lets you send cash to Venezuela in minutes for your recipient to collect from an agent.

  • MoneyGram. MoneyGram has fewer cash collection points in Venezuela compared to some services; however, it can be a good option if price is your main concern.

    How do I receive money from Venezuela in Canada?

    The following provides an outline of the steps to receive money to Venezuela.

    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:

    • Name
    • Bank name, Institution (bank) number and account number.
    • Bank Identification Code (BIC) or bank SWIFT code.

    PayPal

    Give you mobile number or email address to the sender in Venezuela, so he or she 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 (provided to whoever sent the transfer) and by showing government-issued photo identification such as a drivers license or passport.

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    Emergency cash transfers to Venezuela

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

    • Instant overseas cash wire service. You can use MoneyGram to send cash to someone in Venezuela in minutes. You can make a payment online or pay with cash in person at a local agent, and your recipient can collect it in cash within a few 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 you product disclosure statement for a full description of your travel insurance coverage.
    • Emergency cash advance or cardless transactions. Visa and Mastercard can put money in your account as cash if you don’t have your credit card handy. Emergency cash assistance can take about a day to process the request and you can collect your money from a local business.
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    MoneyGram locations for cash pickup in Venezuela

    This list contains the names and locations of different MoneyGram agents in several major cities across Venezuela. It can be a good idea to call ahead to double check the merchant’s opening hours and make sure there’s enough cash on the premises.

    Caracas

    • Italcambio
      Av Urdaneta Edif Camoruco Pis01 Caracas, 1060. Open Monday to Saturday 8.00AM to 10.00PM, closed Sunday. Phone: +585629555
    • Italcambio – Centro Comercial Tamanaco
      Torre de Nivel Lobby Municipio Chacao Caracas, 1060. Open Monday to Saturday 7.30AM to 5.30PM, closed Sunday. Phone: 02127008088

    Maracay

    • Munditur – #701 – Maracay
      Av. Bolivar A.C. Galerias Plaza PB local 13 Maracay, 2101. Open Monday to Friday 7.30AM to 7.00PM, closed Saturday and Sunday. Phone: +582432461476
    • Italcambio
      CC Maracay Plaza Maracay, 2102. Open Monday to Friday 7.30AM to 5.30PM. Phone: 2432358542

    Maracaibo

    • Italcambio Casa de Cambios
      Etapa Piso 1, Sector las Delicias Avenue 15, Local 072, Maracaibo. Open Monday to Saturday 8.30AM to 6.00PM, closed Sunday. Phone: +582617430923
    • Italcambio
      Centro Comercial, Lago Mall, Maracaibo, 4002. Open Monday to Friday 8.00AM to 5.00PM, closed Saturday and Sunday. Phone: +5861934013

    Valencia

    • Italcambio
      Avenue Aeroporto Arturo Michelena, Valenca, 2011. Open Monday to Friday 8.00AM to 5.00PM, Saturday 8.00AM to 1.00PM, closed Sunday. Phone: +582418329555
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    Tips for picking up cash in Venezuela.

    The Government of Canada warns against travelling to Venezuela due to a high level of violent crime, unstable political and economic situations and a decline in basic living conditions. Venezuela has one of the highest crime rates in the world. Murder, robbery, theft and assault are common across Venezuela. Exercise a high degree of caution when collecting cash from an agent. If possible, do not travel alone, 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.

    How do I send money to Venezuela?

    Bank transfer

    If your bank offers a service like MoneyGram to its customers through online banking, simply login to your online bank portal and send a money transfer from the comfort of your home any time of day. Otherwise, visit a local bank branch to send a wire transfer.

    PayPal

    Once you’ve logged in to your PayPal account (which is free to create), search for your recipient’s PayPal account using their email or mobile phone number.

    Money transfer companies

    You’ll need to create an account 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 government-issued identification (such as a driver’s license or passport)
    • A copy of a recent utility bill, bank statement or similar document to verify your residential address

    You may be asked to securely upload scanned copies of your ID and other required documents to the company’s website for a company representative to review and file away. After you’ve paid for your transfer, you will be given a tracking or reference number that can be used to check up on the status of your money transfer.

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