Money
The official currency of Venezuela is the Venezuelan Bolívar Soberano (VES). Due to longstanding economic instability and hyperinflation, the Bolívar Soberano has faced significant devaluation, making it essential for travellers to understand the complex currency environment. While the government issues the official exchange rate, a black-market rate exists and is used for everyday transactions.
Official Currency and Usage
Venezuelan Bolívar Soberano (VES) is the legal tender, but a broad informal dollarization has taken place, with US Dollars widely accepted in many hotels, restaurants, and larger stores, particularly in urban centres like Caracas, Maracaibo, and Valencia. Smaller towns and street-level vendors may only accept VES.
Notes and coins of the Venezuelan Bolivar
Banknotes range from 2 to 200,000 bolívares, with the most commonly used bills being 500, 1,000, 2,000, 5,000, 10,000, and 20,000.
Coins are rarely used in daily transactions because of their negligible value and scarcity but do exist in denominations of 1, 5, 10, 25, and 50 céntimos.
US Dollars
Recently the entire Venezuelan economy has effectively switched to US Dollars. Everything from a taxi, to a local café, your hotel and even supermarkets are accepting US Dollars now as the primary form of payment.
Make sure you bring crisp, small denominations such as $1, $5 and $10 notes. It has become so normal that you shouldn’t have issues with getting change either.
Official Exchange Rate
The government’s official exchange rate, often controlled by the Central Bank of Venezuela (BCV), tends to undervalue the Bolívar drastically compared to market reality. As of late 2025, the official rate is approximately 212 VES per USD. However, due to capital controls and low official availability of dollars, this rate is mainly theoretical and often used for official accounting, government pricing, or regulated import/export transactions rather than practical buying power.
The Black Market Exchange Rate
The black market exchange rate is the rate at which most foreign currency traders, businesses, and locals transact in for US dollars and VES. This rate fluctuates daily and can be 20%-30% more or higher than the official rate, with recent rates coming in at around 250–280 VES per USD, but occasionally spiking higher depending on political or economic developments.
What Is the Black Market?
The black market is an informal, unregulated foreign exchange market operating outside of government controls. It emerged due to Venezuela’s strict currency controls limiting access to foreign currency through official channels. Travelers and locals alike rely on it to convert cash at more realistic rates.
How to Access the Black Market Safely
- Currency exchange "cambistas" (street money changers) operate in major urban centres, offering rates closer to those of the black market, but this does of course carry risks of scams or counterfeit banknotes.
- Trusted exchange can be found through referrals, inside some hotels, or at discreet exchange points - caution and due diligence are essential.
- Online platforms and WhatsApp groups are often used locally to arrange trusted trades.
- Avoid changing money at airports or unofficial open markets with low transparency.
- Always inspect bills carefully for authenticity; Venezuelan bills are often targeted by counterfeiters.
ATMs and Credit Cards
ATM access in Venezuela is limited to large cities and major banks, with daily withdrawal limits often low due to banking infrastructure and currency availability issues. ATMs will also be quite expensive, with fees up to 10% for the privilege of withdrawing your own money.
Credit card acceptance is limited and unreliable, particularly outside major hotels and international establishments so the moral of the story is that you should not rely on electronic payments or credit cards in Venezuela as cash is still king.
