Venezuela Money

Money

Venezuela uses the "Bolivar", abbreviated "Bs" as its currency. It is typically not easy to obtain Bolivar cash in one's country of origin. Instead, it is much easier to bring US dollars, and exchange them in Venezuela for local currency. Exchanging Bolivars back to other currencies is typically not possible due to strict foreign exchange controls. Inflation in Venezuela makes the exchange rate quite variable. Currently, banks and official money exchangers give 2150 Bs per US dollar. Be cautious when exchanging currency since in some cases thieves can be around these shops and prey on tourists to steal their money. In addition, some other places (including hotels and corner stores) may exchange money, although this is less common since a law was passed in 2006 making the practice illegal. Currently (June 2006) these black market vendors offer around 2500 Bs per US dollar (although this is obviously subject to change). ATMs exist all over the country. They hand out only Bolivars. Visa Debit Cards are often not accepted, and some ATMs also ask for the last two digits of Venezuelans' ID numbers as an added security precaution, causing problems for foreigners with no ID number tied to their bank account. Be aware of people around you when you use ATMs and when you enter your pin. Many merchants (including bus drivers and taxis) do not like making change. It is best to have many small denominations of local currency, rather than large bills. Tipping taxi drivers is not usual and even looks very strange. Be a little wary of cab drivers. There have been reports of cab drivers exploiting riders.