The best, fastest & cheapest ways to send money to Venezuela

Pay attention to VES exchange rates, as it determines how much VES your recipient will receive.

For instance, today’s average USD to VES rate is 50.9218 but the highest rate over the past 3 months was 48.058 VES/USD.

Your aim is to transfer when VES reaches a higher value so waiting a few days could result in a better rate, hence more VES received.

For urgent Bolivar transfers, we recommend Wise. It consistently provided the best VES rates over the past six months.

How you fund your transfer affects the cost, speed, and the amount of Bolivar the recipient will receive.

The cheapest way to fund your transfer to Venezuela is with a Bank transfer via Wise, which is 0% cheaper than the next cheapest service.

Based on our six-month analysis of a $2,000 transfer from to Venezuela, here are the top options:

• Ria Money Transfer (bank transfer): Costs $4 + 2.8% markup on top of the VES mid-market rate.

• Wise (debit card): Costs $12.63 + 0.18% markup.

• Wise (credit card): Costs $27.2 + 0% markup.

Bank transfer is the most expensive deposit method for Bolivar transfers, so we recommend avoiding it to maximize the amount of VES received.

Credit card transfers may result in cash advance fees and higher interest rates when sending money to Venezuela.

For instance, Wise charges $40.28 for credit card deposits, while Ria Money Transfer charges $4 for bank transfers.

Avoid sending VES over the SWIFT network, as it's slower and more expensive. Instead, consider cheaper options like ACH or account balance for VES transfers.

Money transfer companies often have minimum and maximum limits on how much VES you can transfer.

The amount of VES you send can impact the fees and exchange rate. Some services such as Wise may offer a better exchange rate for large VES transfers.

There may also be government-imposed restrictions, commercial limitations, and other factors that may affect how much VES you can send.

To ensure your money transfer to Venezuela goes smoothly, especially if moving large amounts of Bolivar, use our comparison tool to find the service that best fits your needs.

The speed of sending Bolivar to Venezuela depends on factors like the amount of VES sent, the chosen deposit and withdrawal methods, and when you send VES.

As a rule of thumb, faster transfers come with higher fees.

Let’s imagine you want to transfer 2,000 USD to Venezuela, here are your options:

• For the fastest transfers, use MoneyGram - Out of 4 companies serving Venezuela, MoneyGram appeared 229 times in our searches as the fastest service in the past 6 months.

• For bank and card deposits, use MoneyGram - MoneyGram provides fast and affordable VES transfers, with fees around $11.14 for bank account deposits and $12.96 for debit/prepaid card deposits, with a small 2% markup on the ‘real’ VES exchange rate.

• For credit card transfers, use Wise - Wise charges $27.77 for credit card transfers to Venezuela with 0% markup. However, beware of potential cash advance fees and higher interest rates from your credit card company.

• For urgent transfers, use cash transfer services - If you need Bolivar to be delivered urgently, services like Western Union, MoneyGram, or Ria Money will have it ready within minutes for collection in Venezuela.

Avoid using the SWIFT network for VES transfers, as intermediary banks slow the process. Instead, opt for faster and more cost-effective alternatives discussed above.

For VES transfers, you have the following options:

1. Money transfer company - You can transfer money online using an FX broker (managed service) or a self-managed online company like Wise. Based on our 6-month analysis, Wise ranked as the top provider for sending money to Venezuela, appearing in 411 comparisons involving VES.

2. Mobile apps and digital wallets - Many services available in Venezuela offer mobile apps, often giving transfer offers on VES rates.

3. Cash transfers - You can send cash to Venezuela through services like Ria Money, MoneyGram, or Western Union. Cash transfers are typically instant, but the recipient must visit a local agent in Venezuela to collect the Bolivar.

4. Wire transfers - While you can wire money to Venezuela through your bank, we advise against it. Banks can charge up to $60 per transfer to Venezuela and add 5% - 6% to the VES exchange rate. Instead, use bank transfer to deposit money to Wise and send VES from there.

There are several ways to receive money in Venezuela, and choosing the right one will help the recipient get the most VES. Mainly, these are:

• Deposit to bank account - For direct bank deposits in Venezuela, we recommend Ria Money Transfer, which appeared in 76% of VES searches as the cheapest option for bank transfers. VES will arrive directly to the recipient's bank account in Venezuela.

• Deposit to digital or mobile wallet - VES can be sent directly to digital wallets like PayPal, though this option often has more limitations and higher costs compared to services like Wise. Recipients in Venezuela will need to transfer it to their account, which may incur more fees.

• Cash pickup or home delivery - If the recipient needs VES urgently or doesn't have access to a bank account in Venezuela, cash pickup or door-to-door delivery is a good alternative. Be sure to check if these services are available in Venezuela. This will require the recipient to visit a nearby agent in Venezuela.

When making large VES transfers or sending Bolivar for cash pickup, the recipient may need the following:

• Government-Issued ID: This can be a non-expired and valid passport, driver’s license, or national ID of Venezuela.

• Sender’s Details: Full name, address, and other personal information.

• Transfer Details: The amount being received in VES.

• Transfer number: This is given at the time of transfer.

• SWIFT Code / IBAN: This may be required for bank transfers to Venezuela from some countries.

*The exact documents may vary depending on the transfer method and service used.

For bank accounts, debit cards, or wallet deposits, the recipient typically doesn’t need to do anything. Bolivar will arrive without their involvement.

For larger transfers, companies may request additional documents like proof of funds and address verification in compliance with Anti-Money Laundering policies.

We recommend using Wise for transferring large amounts of Bolivar.

There may be tax implications and government-imposed limits on Bolivar transfers.

Some Bolivar transfers may be subject to gift tax, commercial tax, and other types of taxes.

Even if no immediate taxes or limits apply, larger VES transfers may need to be reported to tax authorities in Venezuela or your home country.

To be fully safe, we strongly recommend consulting with a tax professional in either Venezuela or your home country to ensure compliance with relevant regulations and tax laws.