During the current crisis, Venezuela launched a second currency, the Venezuelan Sovereign Bolivar (VEF), in order to counter inflation. The Venezuelan Bolivar (VES) has been more or less phased out because it has become effectively useless. The VEF has been pushed forward by the authorities, but the currency situation remains complex and fast-changing. As the Central Bank’s gold reserves continue to empty (they are set to run out before the end of 2019), the situation on the ground will likely grow direr.
The current exchange rate for the Venezuelan Bolivar (VES) is 21.699941 VES per American Dollar (USD). The VES reached a high of 21.6999 VES per USD and a low of 8.7149 VES per USD during the last 90 days. The VES had an average exchange rate of 15.2011 VES per USD for the last 90 days.
The average volatility rate of the VES against the USD was 6.28% over the last 90 days. This rate of volatility is exceptional and unsustainable. You can reasonably expect extreme and wild fluctuations to take place sporadically until the crisis comes to an end.
The fastest way to send money online to Venezuela is through MoneyGram (fast option). Make sure you are using their fast option, however, or you could end up waiting up to five days. With MoneyGram’s fast option, your money should reach its Venezuelan destination in a matter of minutes.
You could also opt to use the faster option offered by Western Union. With Western Union’s fast option, you get more simplicity and security, but at a higher cost.
The cheapest way to send funds to Venezuela is through MoneyGram. While many money transfer services have been scared out of the country, MoneyGram is still clamoring for your business. With MoneyGram, you simply end up paying less. MoneyGram’s upfront stated fees are very low, and their hidden currency conversion fees are also not bad. They also have a faster option for their service available for a reasonable price, should you find yourself in more of a hurry.
The easiest way to transfer money online to Venezuela is through MoneyGram. MoneyGram is not the greatest service on the market, and a quick search for their reviews will help to reveal that. However, MoneyGram is the easiest option for Venezuela at the moment.
It should come as no surprise that MoneyGram is the overall best way to send money online to Venezuela. They are simply the best company that is operating in Venezuela right now, and their competition is very limited. MoneyGram does, however, offer a well-rounded deal for sending money online to Venezuela.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com