Venezuela (VE)
Oil-rich South American nation with dramatic landscapes from the Andes to Angel Falls and the Caribbean coast, experiencing economic recovery after years of crisis, with a warm culture and very low cost of living for dollar-earning expats.
Currency & Money
Practical money tips for living in Venezuela.
Denominations
Notes: Bs. 5, 10, 20, 50, 100, 200, 500. USD is used for most commercial transactions. EUR and BTC/USDT also circulate informally.
Payment Culture
Venezuela operates in a de facto dual-currency economy. USD cash dominates for rent, large purchases, restaurants, and private healthcare. Bs. (bolívares) are used for street food, local transport, and small purchases. Bank cards (Zelle app, local point-of-sale) are widely accepted. Always carry USD cash — it is universally accepted and preferred by vendors. US dollar Zelle transfers are the standard for major payments between individuals.
ATM Tips
ATMs dispense bolívares at official BCV exchange rates. Withdraw frequently in small amounts as machines often run low on cash. USD ATM withdrawals are available at some Banesco and BBVA Provincial branches. International cards (Visa/Mastercard) work at many ATMs in Caracas but fees are high and limits are low. Most expats rely on USD cash brought in or transferred via Zelle.
Exchange Tips
The BCV (Banco Central de Venezuela) publishes a daily official exchange rate. Parallel (black market) rates were eliminated after partial dollarization — the official rate is now close to market rate. Exchange USD at reputable exchange houses (casas de cambio) or directly at banks. Avoid street exchanges. USD bills must be in excellent condition — worn or marked bills are often refused.
Pro tip: Best apps for expats
- • Wise — Send money internationally at near-interbank rates
- • Revolut — Multi-currency account, free ATM withdrawals (limits apply)
- • N26 — German IBAN, free account, good for EU residents