The Venezuelan bolivar is not a commonly traded international currency.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Venezuela doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the best deal.
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
Banks versus money transfer companies
|Money Transfer Company 1 – Bank||Money Transfer Company 2 – Cash Payment Service||Money Transfer Company 3 – Online FX provider|
|Exchange rate||$1 USD = $9.45 VEF||$1 USD = $9.935 VEF||$1 USD = $9.952 VEF|
|Amount received for $1,000 (in Venezuela bolívars)||$9,450 VEF||$9,935 VEF||$9,852 VEF|
|Transfer time||2 – 4 business days||Minutes||2 business days|
|Delivery||Bank deposit||Cash collection||Bank deposit|
How do I compare money transfer companies?
- 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 Western Union. 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 waive the fee if you transfer a certain amount. For example, transactions greater than $10,000 might not 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 them to be deposited 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. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments?
- Customer service. Is there a U.S.-based customer service team on hand to take your call?
- Transfer limits. How much do you want to send? Different providers have different minimum and maximum limits.
What are my options for sending money to Venezuela from the U.S.?
Bank-to-bank transfers may cost more than other options, but they are a secure way to send money to Venezuela.
Online foreign exchange companies
These online international payment providers can send money to a bank account or PayPal account in Venezuela.
- OFX. OFX can deliver funds to Venezuela in one business day. The minimum transfer amount is $150 USD.
- WorldFirst. WorldFirst also provides transfers to Venezuela.
- PayPal. Both the sender and the receiver need to have a PayPal account. PayPal charges a percentage based fee structure.
International cash payment services
MoneyGram and Western Union can send cash to Venezuela to collect from an agent in minutes.
- MoneyGram. MoneyGram has fewer cash collection points in Venezuela compared to Western Union.
- Western Union. Western Union has a number of agents across Venezuela.
Emergency cash transfers to Venezuela
There are certain situations when you might need to send a transfer as quickly as possible. When you do need to send an emergency transfer, remember that you will usually have to pay extra in order to get your funds to your beneficiary ASAP. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost.Back to top
Tips for picking up cash in Venezuela.
The U.S. government warns against travel to parts of Venezuela, especially the Venezuelan and Colombian border. 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.
What are the steps to send money to Venezuela?
From your internet banking menu, once you have the payee as an international beneficiary, you can send a payment to Venezuela from the comfort of your home any time of the day.
Once you’ve logged in to your PayPal account, you can search for the recipient’s PayPal account using their email or mobile 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 providing 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 on the status of your money transfer. You may need to upload a copy of your passport and a utility bill to the money transfer provider’s website to complete the registration process.