The government of Venezuela implemented foreign exchange controls in 2003 including a fixed official rate of exchange against the U.S. dollar. Foreign exchange transactions must take place through exchange houses or commercial banks at the official rate. Unfortunately, it is no longer possible to exchange money at hotels. Currency exchange for tourists can be arranged at "casas de cambio" (exchange houses), located near most major hotels. It is also possible to exchange money at commercial banks; however, tourists should be aware that the exchange will not be immediate. Exchanges through commercial banks must first be approved by the Commission for Administration of Foreign Currencies (CADIVI). This requires a registration process, which delays the exchange. The exchange control mechanisms also require the exchange houses and commercial banks to obtain authorization from CADIVI to trade Bolívares Fuertes (BsF, the local currency) into U.S. dollars or Euros.
It’s likely that travelers will encounter Venezuelans who are willing to exchange Bolívares Fuertes for U.S. dollars or Euros at a rate significantly higher than the official rate of exchange. These "parallel market" currency exchanges are prohibited under the Venezuelan foreign exchange controls. Travelers engaging in such activity may be detained by the Venezuelan authorities if they are discovered. Additionally, in accordance with an October 2005 law, any person who exchanges more than 10,000 U.S. dollars (or its equivalent in other currencies) in the course of a year through unofficial means is subject to a fine of double the amount exchanged. If the amount exceeds 20,000 U.S. dollars the penalty is two to six years imprisonment. Any person who transports more than 10,000 U.S. dollars into or out of Venezuela by any means must declare this amount to customs officials.
Within the "Parallel Market" there are various exchange rates: the tourist, the black market (a bit higher but dangerous and shady), and the bonds brokerage one (high amounts in government bonds, when on sale). That highest one, which appears as reference on certain internet pages, is the government dollar bonds rate, inaccessible unless you buy thousands of dollars in government bonds through a Venezuelan brokerage firm. This last one determines the rate of the black market one and the tourist one. Once you change you cannot change back to euros or dollars. The rates vary around Venezuela and from week to week. The tourist rate rarely varies in time. The tourist rate is 8 to the dollar and it is 10 BsF/euro. Note that these rates are close to double the official rate.
Credit cards are generally accepted at most establishments, but foreign exchange controls have made foreign credit card use less common than in the past, mostly because of the unfavorable official exchange rate. Visa, MasterCard, American Express and Diners Club have representatives in Venezuela. Due to the prevalence of credit card fraud, travelers should exercise caution in using their credit cards and should check statements regularly to ensure that no unauthorized charges have been made. Caracas has ATMs with 24-hour service where users may withdraw local currency, but many of these ATMs may not accept foreign-issued debit cards.
The Most Frequently Asked Travel Questions about Caracas
Where To Stay & Best Hotels in Caracas - updated May 2024
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Caracas Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.
