When sending money to Venezuela, there are some important things you should know.

Venezuela is currently going through a very difficult period. The country’s economy has been contracting for more than two years, inflation rates are extremely high, and there are shortages of basic goods such as food and medicine. Many people have left the country to escape these conditions, creating a large number of Venezuelan expatriates around the world. If you have friends or family living in Venezuela, you may want to send them some money to help with their expenses. However, this is no easy task because Venezuela has capital controls that make the process more complicated than usual. In this article, we’ll explain how you can send money to Venezuela so you know exactly what to expect before doing so and can avoid any hidden costs.

What are Venezuela’s foreign exchange controls?

To understand how to send money to Venezuela, it is important to understand the country’s foreign exchange controls. Venezuela is a country with a very high inflation rate, which has caused the value of its currency, the bolívar, to plummet. To prevent people from taking their money out of the country and evading taxes, Venezuela has established a foreign exchange control system. These controls affect everyone who travels to another country and anyone who sends money to Venezuela. They require these individuals to exchange a certain amount of bolivars for every foreign currency they bring into the country. The amount depends on the type of currency, the reason for bringing it in, and the length of stay. If you want to send money to someone in Venezuela, you must first convert it to U.S. dollars because the country only accepts that form of payment. This means that if you send 1,000 euros, it will be converted into 1,400 dollars. Since the bolívar is currently worth very little, the recipient will only receive about 150 dollars of that amount.

How to Send Money to Venezuela

If you want to send money to Venezuela through a bank, the first step is to convert your money into U.S. dollars. You can do this at a currency exchange or use an online currency conversion service. Once you have those dollars, you can send them to a bank account in Venezuela belonging to the person you want to receive the money. The most common way to send money to Venezuela is via bank transfer. This process is simple: You send the money to the recipient’s bank account through your own bank’s online platform. However, before doing so, you must make sure the recipient has a bank account in Venezuela and that it is registered in their name. You’ll also need to know the name and address of the bank in Venezuela to complete the transfer correctly. If the recipient doesn’t have an account yet, the bank where they open it will charge a fee of about $40.
Thanks to Money Exchange and its partnerships with Venezuela’s leading money transfer companies and banks, you can now send money directly in bolivars and dollars without having to go through that initial conversion, during which your money will clearly lose value.

Currency Conversion Rates When Sending Money to Venezuela

One important thing to keep in mind when sending money to Venezuela is the currency conversion rate. As we explained earlier regarding banks, you must convert your money into U.S. dollars before sending it to Venezuela. The exchange rate you get when converting will depend on the day you do it. When you convert your money, the exchange rate is locked in. If you send the money to Venezuela the next day, the recipient will still receive the same amount. However, if you convert the money one day and send it the next, the recipient will receive a different amount. This is because the exchange rate changes every day. This means that if you send $1,000 to Venezuela today and the exchange rate is 1.35 the next day, the recipient will only receive $650.
With Money Exchange, this doesn’t happen—you’ll know right away how much your family member will receive, with competitive exchange rates and the option to choose the currency in which you want the payment to be made.

Bank transfer fees when sending money to Venezuela

When sending money to Venezuela, one of the main expenses to consider is the bank transfer fee. Fortunately, most banks do not charge a fee for this type of transfer. However, some banks may require you to have a sufficiently high monthly income or a large amount of savings to allow you to send money without paying a fee. Depending on the bank, you can send money to Venezuela through an online interface or an app. Be sure to check whether the bank has a partnership with Banco de Venezuela, which is one of the leading Venezuelan banks. If it does, accounts registered outside the country can make transfers online. If you use an online bank account to send money to Venezuela, you can track the transfer and see when it is delivered. This way, the recipient will receive the money sooner.
To simplify this complicated banking process, Money Exchange’s online service now lets you sign up and send money at any time, and pay in whatever way is most convenient for you.

Exchange Rate Risk When Sending Money to Venezuela

As we mentioned earlier, with banks, the exchange rate you get when converting your money to U.S. dollars is locked in when you make the transaction. This means that if the exchange rate changes in the days leading up to your transfer, it will be locked in at that rate. This can be beneficial if the exchange rate goes up, but it can also be risky if it goes down. If the exchange rate goes up, you’ll be able to send more money to Venezuela. However, if it goes down, the recipient will receive less money than you expected. Since the exchange rate isn’t fixed, you can never be 100% sure that the rate you get today will be the same as the one you’ll get tomorrow. To avoid this, Money Exchange guarantees at all times exactly how much your family member will receive, with competitive exchange rates and the option to choose the currency in which the payment is made.

Final Thoughts: Sending Money to Venezuela

As we’ve seen, due to the restrictions and controls imposed on Venezuela, it’s become difficult and expensive to send money there. Fortunately, thanks to Money Exchange and its more than 25 years of experience as one of the leaders in remittance services, you can solve this problem and send money affordably, quickly, and easily. And you can be sure that your money will always get one of the most competitive exchange rates on the market. Although Venezuela is going through a difficult period, that doesn’t mean you can’t help your friends or family. Sending them money can help them get by during this time of crisis.