Information about the black market rate of exchange is banned in Venezuela.
As of January 1, 2008, Venezuela has knocked 3 zeros off its money.
The following are previous reports:
How easy is it to change money?. I have been told that it is best to exchange dollars on the black market as there is a better rate of exchange, but always thought this was a bit risky! Also, I do not want to be carrying lots of American dollars. How easy is it to change British pound traveller cheques over there?.
It is easy to exchange money in the black market and it is not as obscure as it sounds, count your money carefully though. Forget traveller checks and especially British pounds, Venezuelans like mostly US dollars or Euros.
The black market is not as obscure as it sounds.
The black market is not as 'black" as it sounds. Carry cash, as most people do.
Last year the National Assembly approved a law to crack down on the black market and they have not arrested the first person yet. Where do you think most importers buy their US dollars?. What do you think exporters do with theirs?. Buying and selling dollars is a big business in Venezuela and many Government officials have gotten rich with it.
I have just come back ( and changing money was super easy and not dangerous at all. It is done in broad daylight in front of everyone. No big deal. Police could not care less. I brought a thousand dollars and just hid it all over. Under shoe insoles, money belt, pockets backpack. No worries, just do not be stupid. 2,600 was best exchange I found. Either way Venezuela is still super cheap. It is worth risking all that money to save a few bucks. Depending on what you are doing. If you are taking lots of tours, pay for them in US money as soon as you get there. Other than that everything is cheap and my 1000 dollars lasted me for a very long time.
I am currently in Venezuela ( 11-25-06 ). 2,600 Bolivares to the American dollar sounds about right on the black market but you will get about 2,200 at the airport. ( They will approach you ). I am managing to change my Euros at 3000 Bolivares with a friend. I think this is about the going rate too. As for finding someone to change them... I am sure a lot of hostel owners will know or run a business on the side.. Just a guess.
Black market rates change everyday; the highest I have ever heard of was 3,200 back in 2003/2004. Anyway, the best bet is to always shop around. Margarita might have higher rates because it is a free port and importers create more demand for dollars than the rest of the country.
Take American dollars.The blackmarket rate is much much better. Banks suck up big time there. I had a lot of trouble using the ATMs. You can get up to a million Bolivars over the counter with your Visa or Mastercard.
I am just leaving Venezuela today ( 12-23-06 ) after traveling around for a little over 3 weeks. I would recommend that you bring all the money you might need in US dollars cash. This includes paying for tours, accommodations, transportation, everything. Whatever exchange rate a tour company or posada will give you, will probably not be as good as the rate you can get yourself on the black market. The easiest place I found to change money was the Caracas Airport, and I found slightly better rates in the domestic Terminal than in the International Terminal. I exchanged most of my money for 3,000 bolivares to the American dollar. I know others exchanged money at 3,200 bolivares while I was here. The going rate seems to fluctuate a bit. I also recommend observing who is actually doing the currency converting in the terminal before discussing a possible conversion with anyone. There are folks running around asking you if you want to change money, but then they bring you to someone else who actually changes your money for you and that person has to give the middleman some cash, thereby cutting into your exchange rate. It is best to go directly to someone who is actually doing the exchange for the best, and do not hesitate to ask around for rate folks will pay.
Take dollars with you. Banks suck in Venezuela and I, for one, had trouble getting money out of ATM's. In addition the black market rate is significantly higher than the official rate.
I recommend to anyone travelling in Venezuela to not use the ATM machines but to enter the bank and see the teller instead. I just had my entire bank account drained though I never lost possesion of my card nor told anyone my number and code, thus some how through cameras or the machine someone was able to access my account and take it all. This happened in a small town and my money was taken from a city that I myself have never been to.This is not uncommon. Though waiting in the bank usually takes some time I think it is much safer. This is not meant to scare anyone as I really love Venezuela and I am living here for the next 5 months.
I got 5,500 Bolivares to the American dollar on November 17, 2007 at the airport.You should not accept the first price from the first person who approaches. Also be very careful of taking a wad of 50,000 notes. Count the money carefully or ask for the money to be counted in front of you before handing over your cash and if the money changer tries to hurry you up or lead you into a lonely corner of the airport, just say no and find somebody else.
One guy who wanted to change agreed on a price of 5500 and then said: "So that is 10 dollars at 5500. OK. So that is 25,000 Bolivares." Even after a 12 hour flight I was bright enough to figure out that was not right.
But if I had been a bit slow or if he would have been a bit pushier I could have got burnt. So be careful.
(January 2008 post) The black market is widespread in Venezuela: you can get up to 3.9 Bolivares per American dollar against 2.15 on the official market and with credit cards - Bring American dollar cash, bigger notes get you a better exchange rate.
Where to change?
I brought all my money in U.S. cash and it seemed to work out fine (just be careful with it). Black market changers can be found hanging around in bus terminals, airports, border crossings, etc. No worries...you will see them and know (the big wad of cash being waved around is one clue). But if you get stuck, then I would advise asking your posada/hotel receptionist where you can find someone who will exchange with you. In Merida, where I stayed most of the time, there were also some travel agencies who would provide this service...not sure about other parts of the country.
Jorge Daniel Barchi.
Buenos Aires.
