We noticed that you're using an unsupported browser. The TripAdvisor website may not display properly.We support the following browsers:
Windows: Internet Explorer, Mozilla Firefox, Google Chrome. Mac: Safari.

Currency changes in Venezuela this month delayed till 20 Aug

London, United...
Level Contributor
19 posts
6 reviews
Currency changes in Venezuela this month delayed till 20 Aug

Venezuela is delaying its planned currency redenomination by two weeks to Aug. 20, lopping five zeroes off the refurbished bolivar (instead of three) and linking it to the country's Petro cryptocurrency. It comes in response to Venezuela's hyperinflation, which the IMF has said will soar to 1,000,000% this year, throwing the OPEC nation's already battered economy into a deeper tailspin.

18 replies to this topic
London, United...
Level Contributor
19 posts
6 reviews
1. Re: Currency changes in Venezuela this month delayed till 20 Aug

today the rate from google is $$ 100 usd is 11990000.00 BsF Bolivar so i assume from 20 august it be 119

the dolartoday rate is showing BsF. 3.524.330,15 Parallel Dollar Price in Venezuela."

i must admit i am confused i soon see for myself in few weeks it cannot be as confusing as when i arrived in Iran by car @ TABRIZ

Edited: 27 July 2018, 19:05
Margarita Island
Destination Expert
for Margarita Island
Level Contributor
2,375 posts
4 reviews
2. Re: Currency changes in Venezuela this month delayed till 20 Aug

For anyone sending money to Venezuelans through legal exchange houses the rate is now Bs.2.900.000 to US$1.

The official DICOM rate for foreign credit / debit cards is now Bs.172.800 to US$1.

Vancouver, Canada
Level Contributor
21 posts
3. Re: Currency changes in Venezuela this month delayed till 20 Aug

I have a couple of questions. Does anybody have any idea what will be the value of the old bolivars bills (effectivo) when the new bills are issued. I was thinking either the bank will take them in at the official rate and credit the persons acct. or maybe with a very good luck they could be exchanged for new bills of equivalent value, or lastly maybe they will continue to circulate for some time, but at maybe a lower preferential rate. At the moment I am having no problem exchanging money through transferencia and getting it credited to a friends acct that I have a debit card for, but asking to trade dollars in effectivo for bolivars in effectivo the rate seems very low. If anyone has any further info regarding this situation, or what the going rate might be, please advise. My one friend told me she trades bs in effectivo at 250%- 300% the rate of transfer. The other person I asked had an even lower rate...

Margarita Island
Destination Expert
for Margarita Island
Level Contributor
2,375 posts
4 reviews
4. Re: Currency changes in Venezuela this month delayed till 20 Aug

No one knows what this incompetent government will end up doing.

No rules have yet been announced.

Going rates for Bs. cash range between 300% to 500%.

If anyone thinks things will improve after Aug. 20 doesn't live in today's Venezuela.

Also economists are suggesting to the government that they wait until mid-September.

Vancouver, Canada
Level Contributor
21 posts
5. Re: Currency changes in Venezuela this month delayed till 20 Aug

Yes, pretty much what I thought, thanks for the info.. S.

Seattle, Washington
1 post
6. Re: Currency changes in Venezuela this month delayed till 20 Aug

I believe that they are removing 5 zeros from the currency rate of .00000834 which means the currency will increase 10,000 ( 10 K) it's value..... today the rate 8.34 USD to 1,000,000 VEF...... so at the end of the exchange 1 VEF will be 1,15 USD .... On the net a million VEF are selling for $ 35.99 USD.... or more

Margarita Island
Destination Expert
for Margarita Island
Level Contributor
2,375 posts
4 reviews
7. Re: Currency changes in Venezuela this month delayed till 20 Aug

When I do the math the real exchange rate of Bs.1 is US$0.00000028

US$1 = Bs.3.600.000 currently (DolarToday)

When they take off 5 0s BsS.1 will be approx. US$0.03 if the exchange rate stays the same (which it won't).

Subic, Zambales...
Level Contributor
9 posts
16 reviews
8. Re: Currency changes in Venezuela this month delayed till 20 Aug

first deduct 5 zeros,, Black rates about 4.3 Taxi honest recommended was 3,5 Hotel 3.8,, u dont want Bolivar cash every Venezuelan i c using VISA or MasterCard 4get Cash u need lots USD small notes one fives tens

.. I am not using Card i got cash agree rate with recommended taxi driver he pays 4 everything and i settle at days close plus nice TIP

I do not speak any Spanish I use Google Translate ... U need WIFI ( get taxi set up hot spot in his phone)

Edited: 15 August 2018, 20:40
Sao Paulo, SP
Level Contributor
17 posts
29 reviews
9. Re: Currency changes in Venezuela this month delayed till 20 Aug

How is the “new” currency doing? Is it stable? Are people (and tourists) using the new paper cash?

Margarita Island
Destination Expert
for Margarita Island
Level Contributor
2,375 posts
4 reviews
10. Re: Currency changes in Venezuela this month delayed till 20 Aug

Still demonstrations in some parts of the country because the banks do not have sufficient cash.

It is certainly NOT stable. It has lost around 50% of it's value on the black market in the last 2 weeks.

There are very few foreign tourists so I can't answer whether there is sufficient currency here in Margarita to supply them.

The new rate for sending money to Venezuelans through Western Union and Zoom is BsS.60,25. I would assume this is the new rate as well for foreign debit / credit cards.

Reply to: Currency changes in Venezuela this month delayed till 20 Aug
Get notified by e-mail when a reply is posted
Get answers to your questions about Caracas