VENEZUELA

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MONEY MATTERS.

At the time of writing, things have never been better for the overseas visitor to Venezuela, with the Bolivar at an all time low against the US dollar. The US dollar is in demand so make sure you are armed with a few. You’ll get a much better rate exchanging dollars than going through banks. Here are banking details, approximate currency conversions, uses of credit cards and travellers cheques here in Venezuela.

Currency
Bolivar (Bs)
Notes are in denominations of Bs50,000, 20,000, 10,000, 5000, 2000, 1000, 500, 100, 50, 20, 10 and 5. Coins are in denominations of Bs500, 100, 50, 25, 5.

Currency exchange
Some banks will change travellers cheques and cash, and ‘cambios’ (money changers) will change cash only; as will hotels, although often at a less favourable rate. You can also change US dollars on the street though be careful.

Credit & debit cards
Visa, American Express and MasterCard’s are accepted though not totally reliable. Check with your credit or debit card company for details of merchant acceptability and for other facilities which may be available.

Travellers cheques
Widely accepted although one may be asked to produce a receipt of purchase when changing them in Venezuela. Exchange is more difficult in some places than others. Some kinds of travellers cheques are not accepted; seek advice before travelling. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in US Dollars.

Exchange rates
The following figures are included as a guide to the movements of the Bolivar against the US Dollar and Sterling:

Nov 02 Feb 03 July 03
$1.00 1332.30 1598.00 1598.00
£1.00 2106.89 2544.42 2616.89

Currency restrictions
The import and export of local and foreign currency is unlimited.

Note
The above rates are the official rates for non-commercial transactions. Essential Import and Preferential rates are also used.

Banking hours
Mon-Fri 0830 - 1530

Black Market
There is also a black-market where dollars can be changed for a much higher rate than the bank rates though we advise caution when exchanging money on the street.