How to Compare Money Transfer Companies and Send Money to Venezuela

Information verified correct on January 21st, 2017

VenezuelaThe 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.

Rates last updated January 21st, 2017

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With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

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Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
Payoneer International Money Transfers
Send Mass Payments To Your ... Send Mass Payments To Your Payees Worldwide
USD 20
OnlinePhone
Rates are always
changing, click to check
your price today
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WorldRemit International Money Transfers
An online money transfer service ... An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
USD 1 Within an hour
OnlineCash Transfer
Rates are always
changing, click to check
your price today
Go to site More
World First Foreign Exchange
Exclusive offer: $0 transfer fee ... Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.
USD 500 2 days
OnlinePhone
Rates are always
changing, click to check
your price today
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Transferwise International Money Transfers
Make online transfers in a ... Make online transfers in a range of currencies and enjoy high maximum transfer amounts.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
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HiFX International Money Transfers
Transfer money between 20 currencies ... Transfer money between 20 currencies and enjoy scheduled regular transfers. No fee for transfers over US $5,000.
USD 100 2 days
OnlinePhoneAgent
Rates are always
changing, click to check
your price today
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Currencies Direct International Money Transfers
$0 online transfer fee that ... $0 online transfer fee that you can access 24/7.
USD 100 2 days
OnlinePhone
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changing, click to check
your price today
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OFX International Money Transfers
Exclusive offer: Special exchange rates ... Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com exclusive exchange rates and $0 transfer fee on all transfers.
USD 150 1 day
OnlinePhoneAgentInternational Money Order...
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changing, click to check
your price today
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TorFX International Money Transfers
TorFX guarantee to beat any ... TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply
USD 150 1 day
OnlinePhoneAgent
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changing, click to check
your price today
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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 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.
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Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.

What are my options for sending money to Venezuela from the U.S.?

Banks

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.

Find a money transfer location near you

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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?

Bank transfer

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.

PayPal

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.

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US International Money Transfers Offers

Learn about our information service
WorldRemit International Money Transfers

An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.

OFX International Money Transfers

Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com exclusive exchange rates and $0 transfer fee on all transfers.

World First Foreign Exchange

Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.

Transferwise International Money Transfers

Make online transfers in a range of currencies and enjoy high maximum transfer amounts.

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