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.
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 transfer
Online money transfer service
1 CAD = 0.7663 USD
1 CAD = 190,299.4108 VEF
1 CAD = 25,636.0643 VES
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
2 – 4 business days
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.
Have a look at the following options and steps if you need to know how to send money to Venezuela.
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.
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:
Bank name, Institution (bank) number and account number.
Bank Identification Code (BIC) or bank SWIFT code.
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.
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.
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.
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
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
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
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
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?
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.
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 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.
With 240,000+ locations in 130 countries, Ria is the third-largest provider of international money transfers in the world. It offers great exchange rates, minimal fees and fast, secure transactions when you need to send funds overseas. Read more…
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
Read more on this topic
Review: Ria money transferWith 240,000+ locations in 130 countries, Ria is the third-largest provider of international money transfers in the world. It offers great exchange rates, minimal fees and fast, secure transactions when you need to send funds overseas.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.