Venezuela Money
Venezuela Money
The Venezuelan unit of currency is the Bolívar, popularly referred to as bolos, and abbreviated as "Bs." Paper bills come in denominations of 5, 10, 20, 50 and 100 Bolivares. There are coins of 0.50 and 1 Bolivar. Many taxis, small shops, and restaurants are reluctant (and sometimes unable) to change larger denomination bills, so it's always good to try to keep a few 5 Bs. notes on hand.
Currency & Exchange Rates - When reviewed, the official exchange rate is around 2 Bs to the U.S. dollar. While the black market exchange rate is no longer radically different from the official rate, you will find that the unofficial exchange rate hovers between 4 and 4.5 Bs Bs to the dollar. The most common place to exchange dollars for Bolivares at the black-market rate is the Simón Bolívar International airport. While this is technically illegal, and you should be careful about whom you deal with, it is very common. Note that if you are dealing with a Venezuelan-based tour agency, be sure to ask if they would be willing to buy your dollars at a more favorable rate. Since it is sometimes hard for Venezuelan companies to get dollars, they are usually willing and able to exchange them for you, and this takes some of the risk out of dealing with an unknown entity at the airport.
Prices in this guide are listed at the official exchange rate. Most restaurants, tour agencies, and attractions set their prices in Bolivares. On the other hand, many hotel prices, particularly at the higher-end hotels, as well as tours and car rentals, are quoted in U.S.. dollar.
Many banks do not exchange foreign currencies, and those that do often make the process cumbersome and unpleasant. But there are currency exchange offices in most major cities and tourist destinations, as well as 24-hour exchange offices in both the national and international airport terminals at the Simón Bolívar International Airport. While the official money exchange bureaus at the airport and around Caracas at the official exchange rate, you may find money exchange offices (casa de cambio) in outlying cities and tourist destinations that give a better rate. All credit card purchases and ATM withdrawals are charged at the official exchange rate.
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