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> Currency Exchange in Venezuela, Whats the real rate?
post Nov 29 2006, 01:25 PM
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Ive just spent a few days in Venezuela, and Im getting confused about the currency exchange.

At ItalCambio, and other licensed exchange places, u get about 2,100 bolivares for a US dollar.

However, not one but SEVERAL people (who are friends that I trust) claim that the REAL exchange is about 3,500 and that u can get around 3,000 on the black market quite easily (I havent tried though).

How is this possible? 5 or 10% commision, sure....but not more than

The explanation Ive been given is that ItalCambio is the only exchange authorised by Chaves, and he basically ensures the state gets a nice healthy 30+% slice of all transations......

Does anybody know the real story? If this were true, wouldnt I be able to make a fortune just buying US dollars near the official rate (if thats at all possible), and selling em again on the black market?
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post Jan 17 2013, 08:56 PM
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If I buy bolivars in the black market and I have "Left overs" how do I exchange them back to dolars? Can I just do it through the legal channel (currency exchange kiosk at the airpot) without problem?

Do they ask where did I get the money from?

Thanks guys
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Posts in this topic
joules   Currency Exchange in Venezuela   Nov 29 2006, 01:25 PM
joules   i think I found the answer to my own question........   Nov 29 2006, 01:39 PM
joules   BTW, can anybody tell me which other countries in ...   Nov 29 2006, 01:58 PM
whereshegoes   Hi Joules I can tell you from living in Argentina...   Nov 29 2006, 04:43 PM
Jessica_CDN   Yeah...just got back from Venezuela myself and fou...   Dec 2 2006, 10:06 AM
mikemel   Hi We´re in Venezuela now Official rate is 2,400...   Aug 19 2007, 01:52 PM
Jessica_CDN   Wow - that's a big difference. Is the governm...   Aug 20 2007, 10:58 AM
mikemel   Don´t seem to be. Everyone´s pretty relaxed on th...   Aug 25 2007, 09:39 AM
Jessica_CDN   Weird - you'd think they'd either crack do...   Aug 26 2007, 06:14 AM
luisritz   I am looking to do business in Venezuela but how c...   Jul 19 2009, 11:04 PM
budgetsyria   The official price for Venezuelan Bolivares is 2,1...   Jul 22 2009, 09:23 AM
scubagirlve   The prices have gone down very much because the go...   Sep 29 2009, 03:12 PM
caracas_loco09   I got back from Venezuela 2 days ago and wanted to...   Oct 12 2009, 04:51 PM
caracas_loco09   I got back from Venezuela 2 days ago and wanted to...   Oct 12 2009, 04:54 PM
scarlett007   I have a question for all of you that changed mone...   Nov 27 2009, 01:07 PM
caracas_loco09   I have a question for all of you that changed mon...   Nov 27 2009, 01:51 PM
fjd144   [quote name='joules' date='Nov 29 2006...   May 19 2010, 05:56 PM
scubagirlve   the black market the real price is 5 bs by dollar,...   May 19 2010, 06:24 PM
aniamonkey   Now realising I gotta take all cash to Venezuela f...   Feb 28 2011, 08:43 PM
tips4venezuela   Now realising I gotta take all cash to Venezuela ...   Apr 7 2011, 01:51 AM
another_gringo   It is no problem to get eleven bolivars per dollar...   Nov 3 2012, 06:25 PM

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