How to send money to Venezuela | finder.com
City of Valencia at Venezuela

How to send money to Venezuela

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Unless their government changes its current regulations, your options are very limited.

Getting money from your account in the US to someone in Venezuela can be a challenge. While a handful of Venezuelan financial institutions have been authorized to process remittances from Western Union and MoneyGram in the past, that’s no longer the case as of this writing.
That said, government regulations can change frequently, so it’s a good idea to know how the process works and how money transfer companies stack up against each other.

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 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.
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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.

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

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.

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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.

Cash pickup locations in Venezuela

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4 Responses

  1. Default Gravatar
    IgnacioAugust 7, 2018

    I want to send money from the USA to Venezuela.

    • Default Gravatar
      joelmarceloAugust 8, 2018

      Hi Ignacio,

      Thanks for leaving a comment on finder.

      You are already in the correct page in sending money to Venezuela. Your options for sending money to Venezuela from the US would be Online foreign exchange companies like OFX or International cash payment services like Moneygram or Western Union. If you need help with anything further, please send us a message anytime.

      Cheers,
      Joel

  2. 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?

    • Default Gravatar
      joelmarceloApril 14, 2018

      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

US International Money Transfers Offers

Important Information*
XE Money Transfer

Transfer up to $500,000 with no minimums and no fees.

WorldRemit International Money Transfers

Use promo code FINDER to send your first transfer with no fee.
Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First

No maximum limit, no fees and competitive exchange rates for 100+ currencies.

TransferWise

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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