From cash pickup to online transfers, there are affordable ways to send money to Venezuela.
World First International Money Transfers
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- Enjoy competitive exchange rates.
- Spot contracts, forward contracts and limit orders are available.
- Receive weekly updates on market exchange rates.
Compare money transfer services to Venezuela
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 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.
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. 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.
What are my options for sending money to Venezuela from the US?
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.
What are the steps to send money to Venezuela?
- Pick a money transfer company from our comparison table.
- Confirm their offered exchange rate and fees.
- Start the application process by clicking the Go to Site button.
- Enter your personal and banking information.
- Enter the personal and banking information of your recipient.
- Pay for the transfer.
- 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.