Increase in Remittances to Venezuela

In recent years, Venezuela has been marked by a significant demographic trend: migration. This has led the South American country to earn a considerable amount of money through remittances. Average remittances entering the country are expected to total around $22 million by the end of the year.

Of the remittances entering Venezuela, it is estimated that they will reach $22 million per month by the end of the year, after totaling $12 million in June. Twenty-eight percent of these remittances to Venezuela came from the United States and Spain, and the frequency of remittances to Venezuela has increased due to rising inflation, which has meant that the currency received is no longer sufficient to cover the cost of the most basic basket of goods—and we must also factor in the rising cost of living, even in dollars.

In this regard, Money Exchange —thanks to its extensive experience in the international money transfer sector, along with major partnerships and the expansion of payment methods in Venezuela, as well as the significant increase in the number of locations where remittances can be claimed—is establishing itself as one of the leading players in the Spain-Venezuela remittance market.

The average value of goods received via remittances in the country is $150. In fact, twice as many goods enter Venezuela as leave it. Once again, the frequency with which Venezuela has received these remittances has increased in recent months, as we mentioned, due to rising inflation. However, much depends on the country where they live and the job opportunities available there. Venezuelan migrants in the United States and Spain were identified as the main senders of remittances, along with those in Ecuador, Peru, and Chile, although in smaller numbers.

It is estimated that only 25% of Venezuelan households receive remittances, leaving a large portion of the population without this assistance. While remittances are an important source of support, only 1 in 4 households receives them—and this is even taking into account the additional cost of living in U.S. dollars.