Money Exchange

Money exchange is one of the curiosities in Venezuela. The official rate for one dollar is 4 bolivars. However, in the black market you can get up to 9 Bolivars for 1 dollar. The reason for this huge exchange rate difference is the currency exchange controls adopted by Hugo Chavez government. In general, people have a limit of US$500 per year to exchange to foreign money. These controls generated the growth of a parallel market to sell and by foreign currency. Concluding, in Venezuela, a traveler has to take cash and not spend money on credit card, otherwise, s/he will spend a lot more.

Travel Tip: Bring cash.

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