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[joules]

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
30%!!

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?

[donnasmith]

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