How to Send Money to Venezuela | Finder Canada

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How to send money to Venezuela

MoneyGram is one of the few transfer services that support transfers to Venezuela.

Young smiling girls with Venezuela flag

Canadian Sanctions on Venezuela

The Canadian government has been imposing sanctions on Venezuela since 2017. As a result, this means that although you’re legally allowed to send remittances to Venezuela, it’s still up to money transfer companies to support the corridor.

How to send money to Venezuela

Government regulations in Venezuela have historically made it difficult to send money there, and in the past, no providers were able to do so. However, in June of 2018, MoneyGram began operating agent locations in Venezuela, and it’s possible to send money in person or online using other providers.

As of August 1, 2020, MoneyGram is the only service currently offering transfers to Venezuela from Canada. To send a transfer through MoneyGram, you’ll need to:

  1. Register for an account or log in if you already have one.
  2. Select a receiving MoneyGram agent location.
  3. Choose how you want to pay.

You can also set up the money transfer online but pay with cash in-store. Bring a valid ID and enough money to cover the transfer if you choose this option.

You will not be able to send money to a Venezuelan bank account through either MoneyGram — only to respective agent locations for cash pickup. Our money transfer guide for MoneyGram will help you learn more about using each service.

See what your money transfer could look like with MoneyGram

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Within an hour CAD 8.00 0.77 USD
379
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide. Show details

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

Can I send CAD to Venezuela?

No. The only supported currency for transfers is the Venezuelan Bolivar Soberano (VES), which replaced the Venezuelan Bolivar Fuerte (VEF) in 2018. VES is worth around 100,000 of 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 the officially recognized national currency, you’re likely better off sending in this currency rather than the “old” bolivar.

Because of shifting exchange rates, double-check the exchange rate offered at your time of transfer and the type of currency you’ll be transferring to.

Must read: Inflation in Venezuela

The value of the Venezuelan bolivar has been decreasing at an extreme rate, and inflation reached over 1 million percent in 2018. This means that how many bolivars you get for your euros can be dramatically different from one day to the next.

The extreme inflation has also led the Venezuelan government to put strict regulations in place for remittances, which means that the rate you get is likely to be considerably lower than the rate on the black market. This has led to a surge in people using illegal methods to transfer money into the country, which can come with a hefty jail sentence.

Can I send money to Venezuela through my bank?

It’s unlikely. Many financial institutions have opted not to allow transfers to Venezuela due to strained political relations between Venezuela and other nations, especially the United States.

Check with your bank to see if there are any transfer options available to you.

Can I send money to Venezuela using PayPal, Bitcoin or as cash through the post?

We do not recommend any of these methods. Not only because you’d have to navigate through many different, possibly unsafe channels, but primarily because you may accidentally break sanction rules. Breaking Canadian sanctions may lead to heavy fines or worse, possible jail time — which is why keeping your money transfers through officially regulated channels is the safest option.

Tips for picking up cash in Venezuela

Venezuela has one of the highest crime rates in the world. If you end up transferring money within its borders, exercise a high degree of caution when collecting cash from an agent.

If possible, don’t 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.

Bottom line

Navigating sanctions can be frustrating and far from easy. Sticking with an official money transfer service and sending money in the officially recognized currencies can help you avoid fees and penalties down the line. Although MoneyGram is the only option at this time, more companies may start allowing transfers to Venezuela in the future.

In the meantime, learn about the diverse world of money transfer options to be ready if more companies start servicing Venezuela.

Today’s exchange rate CAD to USD

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