The best way to send money from Spain to Venezuela

The exchange rate determines the price you’ll pay for Bolivar when sending Euro to Venezuela.

The rate between the Euro and Bolivar is currently 48.4286. Wise offers the best exchange from EUR-VES.

The EUR-VES exchange rate is always moving.

Sometimes, waiting a day or two can help you get more VES for the same amount of Euro. Using a forward contract that also allows you to lock in an agreed exchange rate between Spain and Venezuela.

Sending money via a Bank transfer is the recommended option for sending money from Spain to Venezuela.

The company offering the best bank transfer price is Wise.

This Bank transfer to Venezuela is 0% cheaper than the second-best option in the market.

Spain and Venezuela have different regulations and you should ensure any provider you use to send or receive between the countries is regulated.

Our directory of financial regulators worldwide of key regulatory bodies highlights who can aid in keeping your money safe for money transfers between Spain and Venezuela.

Some services between Spain and Venezuela have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in Venezuela as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Venezuela, use Wise. The combination of rates and fees when sending from Spain to Venezuela is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Spain, or entering Venezuela. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Bolivar in Venezuela. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from Spain to Venezuela will offer every method for incoming Bolivar, so it’s best to check ahead of time.

One of the more common ways to transfer from Spain into Bolivar is directly into a bank account. Wise is the best company for bank transfers between Spain and Venezuela.

And if you need cash right away, check if cash pickup is an option for transfers between Spain and Venezuela.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Wise.

When signing up to and sending Euro to Venezuela, through a money transfer company, you will have to verify your ID.

The precise documents you need will vary and in some cases you will need more than one.

For the most part however, in Spain this will be a government issued ID such as a passport or driver's license. In Venezuela it will be similar, although this should only be needed if you are opening a new account in Venezuela, or collecting in cash. Sending to an existing bank account in Venezuela shouldn’t require any additional ID checks.

Large transactions between Spain and Venezuela, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

One of the reasons Wise has scored so highly for transfers to Venezuela is their easy sign up process in Spain.

When sending large amounts of money between Spain and Venezuela there will potentially be a tax declaration to consider.

Some transfers into Bolivar may need to be reported to tax authorities in Venezuela, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Venezuela based on age, income and a few other elements. When in doubt, please contact a tax professional in Spain or Venezuela to discuss your personal circumstances.