Unless their government changes its current regulations, your options are very limited.
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 bolívars are considered an exotic currency. Because of this, many banks and money transfer companies don’t trade it, but there are some that do. This will be one of the most important parts of your decision.
- 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 and when the ban is lifted. 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. Transfer fees 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. Other providers may waive the fee if you transfer money multiple times, so check if there are deals before you choose a provider.
- Delivery method. If your recipient doesn’t have a bank account, find a service that allows them to pick up cash. Otherwise, one that transfers directly to a bank account should be a safer option.
- Payment method. Some companies let you pay for a transfer using your credit card or debit card, but 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? Does the institution offer limit orders that allow 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? Consider these based on your needs when finding a provider.
- Customer service. Is there a US-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.
Foreign exchange rates explainedExchange rates are how much one country’s currency is worth when converted to the currency of another country. It’s impacted by a number of global issues, including the economy of developed and underdeveloped nations, and can fluctuate daily.
What are my options for sending money to Venezuela from the US?
Due to country regulations at this time, you can send money within Venezuelan borders — but not from the US to there.
International cash payment services
If and when Venezuelan government regulations change to allow money transfers into the country again, your best bests will likely be MoneyGram and Western Union.Back to top
Tips for picking up cash in Venezuela.
The US government warns against travel to parts of Venezuela — especially the Venezuelan and Colombian border — because 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.