Government regulations in Venezuela have historically made it difficult to send money there, and in the past no providers were able to do so. However, in June of 2018 MoneyGram began operating in Venezuela, and it’s possible to send money online or in person.
Compare money transfer services in Venezuela
At the time of writing (August 2020), the only online option for sending money to Venezuela is MoneyGram. Other transfer providers like Wise and WorldRemit are not currently operating in Venezuela, though that may change in the future.
Inflation in Venezuela
The value of the Venezuelan bolivar has been decreasing at an extreme rate, and inflation reached over 1 million percent in 2018. This means that how many bolivars you get for your Singapore dollars can be dramatically different from one day to the next.
The extreme inflation has also led the Venezuelan government to put strict regulations in place for remittances, which means that the rate you get is likely to be considerably lower than the rate on the black market. This has led to a surge in people using illegal methods to transfer money into the country, which can come with a hefty jail sentence.
Can I send money to Venezuela through my bank?
Yes, you can transfer money to Venezuela from DBS bank. However, most banks in Singapore does not facilitate transfers to Venezuela. Check with your bank to see what are the transfer options available to you.
Tips for picking up cash in Venezuela
The Ministry of Foreign Affairs (MFA) advises travellers to exercise a high degree of caution in Venezuela ‘due to the significant level of violent crime, the unstable political and economic conditions and decline in basic living conditions, including shortages of food staples, water and medication’.
If you’re in Venezuela, it is advisable not to 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.
MoneyGram may be the only option at this time, but more companies may start allowing transfers to Venezuela in the future.
In the meantime, learn about the diverse world of money transfer options to be ready if more companies start servicing Venezuela.Back to top