How to
11 September 2018
From cash pickup to online transfers, there are affordable ways to send money to Venezuela.
Getting money from your account in the US to someone in Venezuela might seem difficult at first, but our guide to money transfer services and exchange rates will help you get a good deal when it comes to converting your US dollars to Venezuelan bolívars.
Our pick: XE Money Transfer: https://www.xe.com/
How do I compare money transfer companies?
Exchange rate. Venezuelan bolívars are considered an exotic currency. Because of this, many banks and money transfer companies don’t trade it, but there are some that do. This will be one of the most important parts of your decision.
Transfer time. How quickly do you need the money to get to Venezuela? If the answer is minutes, then go for a provider like Western Union. If you have time, it can be worth looking for a slower, cheaper option. The transfer time is based on a couple of things, including the payment and delivery method.
Transfer fee. Transfer fees can vary greatly between providers. Some providers waive the fee if you transfer a certain amount. For example, transactions greater than $10,000 might not incur a transfer fee. Other providers may waive the fee if you transfer money multiple times, so check if there are deals before you choose a provider.
Delivery method. If your recipient doesn’t have a bank account, you’ll want to find a service that allows your recipient to pick up cash. Otherwise, one that transfers directly to a bank account should be a safer option.
Payment method. Some companies let you pay for a transfer using your credit card or debit card, but bank deposit is the preferred payment method for most money transfer companies.
Transfer options. Can you lock in an ideal exchange rate now and transfer the money later? Does the institution offer limit orders that allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments? Consider these based on your needs when finding a provider.
Customer service. Is there a US-based customer service team on hand to take your call?
Transfer limits. How much do you want to send? Different providers have different minimum and maximum limits.
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