Send money to Venezuela

MoneyGram and Western Union let you transfer funds to Venezuela, but other providers haven't yet followed suit

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European Union Sanctions on Venezuela

European Union sanctions have been in place on Venezuela since 2017. As a result, this means that although you’re legally allowed to send remittances to Venezuela, it’s still up to money transfer companies to support the corridor.

How to send money to Venezuela

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, as of 2 August 2020, MoneyGram and Western Union currently offer transfers to Venezuela from the UK. To send a transfer through MoneyGram or Western Union, you’ll need to:

  1. Register for an account or log in if you already have one.
  2. Select a receiving MoneyGram or Western Union agent location.
  3. Choose how you want to pay.

You can also set up the money transfer online but pay with cash in-store. Bring a valid ID and enough money to cover the transfer if you choose this option.

You will not be able to send money to a Venezuelan bank account through either MoneyGram or Western Union – only to respective agent locations for cash pickup. Our money transfer guides for MoneyGram and Western Union will help you learn more about using each service.

Compare services that send money to Venezuela from the UK

Table: sorted by a combination of service offering and the amount your recipient will receive
In the table below, type in the amount you want to send to Venezuela to see providers most suited to your needs. Compare their exchange rates, fees and speed and pick the one that works best for you

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1 Same day GBP 19.90 1.236 USD
6,153
Send money online to friends and family around the world with Western Union. Show details
GBP 1 Within an hour GBP 210.00 1.235 USD
5,914
Fast cash pick-ups to more than 350,000 agent locations worldwide. Show details

Compare up to 4 providers

Can I send USD to Venezuela?

No. The only supported currencies for transfers are Venezuelan Bolivar Soberano, which replaced the Venezuelan Bolivar Fuerte in 2018. Because of shifting exchange rates, double-check the rate offered at your time of transfer and the type of currency you’ll be transferring to.

Must read: 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 euros 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?

It’s unlikely. Many financial institutions have opted not to allow transfers to Venezuela due to strained political relations between Venezuela and other nations.

Check with your bank to see if there are any transfer options available to you.

Can I send money to Venezuela using PayPal, Bitcoin or as cash through the post?

We do not recommend any of these methods. Not only because you’d have to navigate through many different, possibly unsafe channels, but primarily because you may accidentally break sanction rules. Breaking European Union sanctions may lead to heavy fines or worse, possible jail time – which is why keeping your money transfers through officially regulated channels is the safest option.

Tips for picking up cash in Venezuela

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.

Bottom line

Navigating sanctions can be frustrating and far from easy. Sticking with an official money transfer service and sending money in the officially recognised currencies can help you avoid fees and penalties down the line. Although MoneyGram and Western Union are the only options at this time, more companies may start allowing other options to send money 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.

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