Best way to send money to Venezuela | finder.com

How to send money to Venezuela

From cash pickup to online transfers, there are affordable ways to send money to Venezuela.

Getting money from your account in the US to someone in Venezuela might seem difficult at first, but our guide to money transfer services and exchange rates will help you get a good deal when it comes to converting your US dollars to Venezuelan bolívars.
OFX International Money Transfers

OFX International Money Transfers

Exclusive offer: OFX is currently offering exclusive exchange rates to finder.com readers. The exchange rates you're offered will reflect the exclusive rates.
Please note: You must be able to receive a call from an OFX representative to set up your account.

  • $0 transfer fees. Send fee-free transfers to a large selection of countries worldwide.
  • Transfers in 50+ currencies. OFX supports major, minor and exotic currencies.
  • Flexible options. Choose from forward contracts to scheduled transfers for convenience and flexibility.

    Compare money transfer services to Venezuela

    I want to send

    to

    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
    USD 1,000 1 day USD 0.00 58962 VEF 294,810,000 Exclusive exchange rate discounts
    No-maximum limit transfers with competitive exchange rates for 100+ currencies.
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    Compare up to 4 providers


    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
    Transfer fee$45$80$15
    Amount received for $1,000 (in Venezuela bolívars)$9,450 VEF$9,935 VEF$9,852 VEF
    Transfer time2 – 4 business daysMinutes2 business days
    DeliveryBank depositCash collectionBank 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 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, you’ll want to find a service that allows your recipient 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 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? 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.
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    Foreign exchange rates explained

    Exchange 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. As of January 2018, a dollar (USD) was worth about 10.04 bolívar (VEF). This means that for every dollar sent overseas, your recipient would receive a little over 10 bolívars in exchange.

    You can view the most recent USD to VEF exchange rates here

    What are my options for sending money to Venezuela from the US?

    Banks

    Bank-to-bank transfers may cost more than other options, but it is a secure way to send money to Venezuela.

    Online foreign exchange companies

    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.
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    What are the steps to send money to Venezuela?

    1. Pick a money transfer company from our comparison table.
    2. Confirm their offered exchange rate and fees.
    3. Start the application process by clicking the Go to Site button.
    4. Enter your personal and banking information.
    5. Enter the personal and banking information of your recipient.
    6. Pay for the transfer.
    7. Keep the tracking number close until your tracking number is complete.

    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. You should 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.

    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.

    Cash pickup locations in Venezuela

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    2 Responses

    1. Default Gravatar
      orianaApril 13, 2018

      Could you tell me an address of an exchange house or a currency exchange house in New York? If i want to go to the place where I want to send the money instead of doing it online, How can i do it?

      • Staff
        joelmarceloApril 14, 2018Staff

        Hi Oriana,

        Thanks for leaving a question on finder.

        We currently have no comparison of in-store money exchange centers on our website yet. However, I tried searching for money exchange stores in NY using an external search engine and it came up with lots of results around NY. After having your money exchanged you can have your money sent via Western Union branches scattered around NY. Please go to Western Union’s website and enter your zip from their branch locator and it will display nearby branches in your area.

        Hope it helps! :)

        Cheers,
        Joel

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