How to Send Money to Venezuela | Best Money Transfer Services
Venezuela has strained political relations with many countries, including the United States, which imposed restrictive sanctions on Venezuela. Despite that, some money transfer services allow users to send money to Venezuela from the US and other locations.
Ria Money Transfer, Western Union, and Small World are the top selections to send money to Venezuela. This guide covers international money transfer providers and other methods to send money in this country. It includes all details, including regulations, limits, taxes, and other important features. Here's the crucial info to consider before sending money to Venezuela.
How to Send Money to Venezuela Using a Money Transfer Provider?
The process of sending money to Venezuela by using an online money transfer service is simple. You only need to follow these three steps to send money to Venezuela!
Step 1: Compare Providers to Find the One That Best Fits You
Step 2: Sign Up with the Chosen Provider
Step 3: Transfer the Money
How to Send and Receive Money in Venezuela?
Not much information is available regarding the personal remittance statistics in Venezuela. In 2003, received remittances were roughly 0.2% of GDP, which comes to roughly USD 1.67 billion. That number probably increased in the meantime, especially since more options to send and receive money in Venezuela appeared. Here are the top choices now available to transfer money to this country.
Ways to Send Money to Venezuela
Senders can choose from multiple options when they want to transfer money to Venezuela. The list includes money transfer companies and also old-school ways to send money to Venezuela like bank transfers and wire transactions, PayPal, etc. Here's a complete overview with more information about the available options.
Money Transfer Services
Money transfer services revolutionized sending money to Venezuela. They offer a quick and simple method to send money from a desktop PC or mobile device.
To transfer money, it's necessary to register an account and confirm your basic details. From there, it only takes a few clicks to send money to Venezuela. You have multiple deposit methods available for your convenience.
The fees are usually low, although they depend on the chosen money transfer company. You can use MTSs to transfer small and large sums to Venezuela. These services like Western Union allow users to send money to Venezuela from a huge list of countries and ensure the money arrives in Venezuela as soon as possible.
The number of senders picking wire transfers decreases over time, and with a reason. This method to send money abroad or send money to Venezuela in this case, is slow and takes days. You need to head to the local financial institution to transfer money, which is a hassle. And the fees you pay are often huge
Money transfer platforms beat this method to send money in almost every department. They are faster, more affordable, and easier to use for the sender.
Bank Account Transfers
Traditional interbank transfers are reliable since banks honor strict international finance regulations. Some banks allow sending money online to Venezuela. However, they could charge hefty transaction fees. And the exchange rates are poor when compared to international money transfer companies.
MTSs support bank deposits as a payment method when sending money abroad or sending money to Venezuela. You might get more favorable exchange rates and lower fees. Processing times could also be shorter, making an international money transfer a convenient replacement.
Mobile Apps and Payment Services
Venezuela isn't on the list of countries where specialized mobile payment services, such as Google Android Pay or Apple Pay, are available. It's a cash-dominated society, so mobile payments are highly unpopular.
The good news is that international money transfer platforms like Western Union usually come with a dedicated mobile app. You can use it on any portable device or access the mobile-friendly website as an alternative. Thanks to that, you can send money to Venezuela on the go.
PayPal has impressive worldwide coverage, and it supports online payments to Venezuela. This service is fast since it can transfer money to another PayPal account in minutes. The only thing you need to share with the receiver is your PayPal basic info, such as the email.
But the exchange rates are unfavorable, and the transaction fees are huge. PayPal charges up to 5%, so it's a wise decision to turn to international money transfer companies like Western Union.
Money Transfers to a Pickup Location
This is not a strictly online way of sending money to Venezuela. Some online money transfer providers allow creating an order online and then heading to their agent to send cash in-store.
It's a convenient option to move cash, but the exchange rates offered by agents are often unfavorable. Even the same money transfer company has a better exchange rate online than in the local branch. It's why using web-based services like Western Union ends up being more affordable but also faster and simpler.
What Do You Need to Send Money to Venezuela?
The actual documents depend on the method to send money online you choose, but you'll probably need the following:
ID card with a photo. A personal document issued by the local government containing your photo is necessary to confirm your identity.
Recipient's info. You need to specify their name, phone number, address, and bank account details when sending money to Venezuela.
Proof of source. For large transactions, you'll need to provide proof of how you got the money. It could be your wage statement, a selling contract, or any other relevant document.
What Are the Ways of Receiving Money in Venezuela?
The receivers in Venezuela don't have much choice when it comes to how they'll get the money sent from abroad. Here are more details about receiving money as a remittance in this country!
Direct Bank Deposits
Due to local regulations, cash pickup isn't available. Instead, all international money transfers must be paid to a local bank. Some money transfer companies such as Western Union allow senders to choose from multiple banks in Venezuela. Make sure the person who is going to receive money has a valid account in the chosen bank, as that's the only way to ensure they get the money.
The receiver should get information from their bank when the money is available. It could take a few working days, depending on the financial institutions. Once the funds are in the account, the reci[oent can collect them at the bank. The alternative is using an ATM, but only if they have a debit or credit card. Either way, the receiver can collect all the money at once or gradually.
What Do You Need to Receive Money in Venezuela?
To collect the money successfully, the receiver might need the following:
Valid document with a photo. It's necessary for the receiver to prove their ID when collecting the money.
A bank account. With a bank deposit being the only delivery option in Venezuela, the receiver must have a valid bank account.
Sender's details and transaction info. If the bank asks, the receiver will need to provide the sender's name and extra details, as well as the transaction reference number, expected amount, etc.
Top Money Transfer Providers to Send Money to Venezuela
With only a few international money transfer companies supporting sending money to Venezuela, you don't have many options. However, you can compare money transfer services to use in the table below!
Ria Money Transfer – Best for Sending Money to Venezuela Overall
Ria Money Transfer offers fast transactions to Venezuela, with the money often being available in minutes. Bank transfers are slower but offer flat fees, making them convenient for large amounts. Ria aims to transfer money on the same day, regardless of the deposit method you use to send money online.
It supports VES and USD as the delivery currencies
An extended SSL certificate and other security features
A recent website update
Card fees increase with larger transfers
Only bank deposit is available as the receiving method
3 Steps to Start Using the Provider
Choose Venezuela as the destination country on Ria's website.
Adjust the payment and delivery methods and check the exchange rates.
Finalize the transaction.
Western Union, PayPal, MoneyGram
Western Union – Best for Sending VES
While not the cheapest, Western Union is among the fastest options to send money to Venezuela. But the money transfer company works with local banks, and their processing time will determine the funds' availability. Western Union is convenient for sending large sums since the limit on a single transaction is USD 5,000.
Western Union tend to be the fastest money transfer provider.
Favorable exchange rates
A simple and user-friendly interface
Impressive loyalty program with many benefits
Bank account transfers could take days with Western Union
Fees are high after you use the initial bonus
3 Steps to Start Using the Provider
Check the dedicated page to send money to Venezuela available on Western Union.
Set the amount, delivery, and payment method to send money.
Sign up for an account to complete the transaction.
Small World, MoneyGram, PayPal
Small World– Best for Sending Money on the Go
Small World supports sending money to Venezuela from over 60 countries. Depending on the location, you can use the web platform, mobile app, call center, and in-person payment options. Small World has reliable Android and iOS apps with thousands of positive ratings. They offer a fast and reliable way to send money to Venezuela from any location.
A detailed FAQ section and helpful customer support
Real-time order tracking is available
Clear pricing overview with live rates and fee updates
Not the most favorable exchange rates compared to the competition
The interface could be simpler
3 Steps to Start Using the Provider
Visit Small World's page to send money to Venezuela.
Check different fees, depending on the amount sent.
Register and finalize the transfer.
Ria Money Transfer, Western Union, PayPal
What Are the Fastest Ways to Send Money to Venezuela?
The transfer speed depends on the payment method, but it also varies on the money transfer company used. Some services finalize your orders in minutes, while others take their time to send money to Venezuela. Compare money transfer services listed in the table below and find out the different features they have to send money that will process your transfer almost immediately when sending money to Venezuela!
While it rarely takes more than a minute or two to finalize the transfer, the receiving institution dictates when the money will be available. But if you want it delivered as fast as possible, you can't go wrong with the services mentioned above like Western Union.
What Is the Cheapest Way to Send Money to Venezuela?
It's a common practice for money transfer services to offer free initial transfers as a benefit to new users. Let's check the cheapest MTSs for sending money abroad to Venezuela for one-time and frequent customers!
Transfer fees depend on the sum and the payment method you choose to send money to Venezuela. Many platforms charge more when using debit and credit cards. Some services charge more for larger sums, while others stimulate sending larger amounts by giving up on their fees. The above-mentioned platforms are generally the most affordable, especially since they offer tempting exchange rates when sending money to Venezuela.
What Is the Safest Way to Send Money to Venezuela?
At Moneyzine, all services must have valid licenses to end up among the recommended options to send money internationally. Users also appreciate additional security features, so here are the safest choices to transfer money to Venezuela!
Most money transfer platforms like Western Union use secure Transport Layer Security (TLS) and other safe connections. They have world-class security experts ensuring your sensitive info remains protected. Encrypting transactions and not keeping payment info on the platform's servers are other ways to boost the service's security.
What Are the Best Apps to Send Money to Venezuela?
Most mobile devices, such as smartphones and tablets, use Android and iOS operating systems. It's why international money transfer services have dedicated apps for these two OS versions. Here's a top selection of MTSs offering free apps to send money to Venezuela on the go!
Apps offer the same features as when using the platform's website. You can use the same credentials if you already have a verified account. The apps listed above work flawlessly and take up minimal room in your storage. They have fast loading times, ensuring the entire sending process goes smoothly.
Things to Consider When Sending Money to Venezuela
Although the Venezuelan bolivar is the country's official currency, some platforms support sending US dollars to Venezuela. Regardless of the selected currency, pay attention to the following things when using an international money transfer service!
The crucial Venezuelan financial bodies include the following:
Superintendency of Banks. SB is the financial regulator of all banks doing business in Venezuela.
Central Bank of Venezuela. It's in charge of financial services but also regulates maximum interest rates, reserve requirements, foreign exchange transactions, etc.
Since the government wants tight control over the financial markets, you can only send money to the receiver's bank account in Venezuela.
How Much You Are Sending Abroad
Once you figure out the way to send money to Venezuela, you don't have to worry about the limits. The local government doesn't have restrictions, although large transactions are likely to attract the attention of the authorities. But as long as you do everything by the book, there shouldn't be any problem.
International money transfer services often have transaction limits or daily and monthly restrictions. You need to stay within those ranges, although some platforms are willing to increase the limits after additional verifications.
The Cost of Money International Money Transfers
Money transfer platforms have different pricing plans. Some services charge more when sending large sums, especially for debit and credit cards used as payment methods. But you'll find MTSs encouraging you to send big amounts by ensuring flat fees or even not charging anything.
Transfer costs will also depend on the exchange rate. VES is a volatile currency, and exchange rates offered at money transaction platforms vary. They are always below the mid-market level to ensure the platform can earn something in the process. But the exchange rate can vary up to 10-20%, depending on the MTS, so choose the best option at that given moment.
Payment Type and Reason for the Transfer
Venezuelans living abroad often send money to their home country to help their families. Gifts are another common reason that makes people transfer money to Venezuela or other countries, as well as send money for education and housing purposes.
And the majority of remittances received in this country are of personal character. While business money transfers to Venezuela could be possible, it's even harder to find a platform offering this option. And even if you do, it will probably only be available in limited locations. Business transactions require registering a separate account and following complex international regulations.
Safety and Security of the Provider
International money transfer platforms employ the latest security protocols. They encrypt transactions, protect their servers, and apply industry standards to keep users' personal and financial data safe. From safeguarded client accounts to fraud monitoring, you can rest assured money transfer services are reliable.
Moneyzine always checks that the services recommended have valid licenses. Many MTSs obtain licenses from multiple financial authorities, such as the FCA from the United Kingdom. These certificates show compliance with the latest laws and regulations.
Tax Regulations in Venezuela
As the sender, you don't have to worry about paying taxes to the Venezuelan government. But before sending money to Venezuela, check local regulations. For example, the United States imposed sanctions on this country, so it's necessary to be careful to avoid breaking the law when you transfer money.
The receivers are subject to personal income tax, which they pay on an annual level. It varies from 6% to 34%, although non-residents are subject to the flat 34% tax on all services performed in Venezuela.