Venezuela has been known for a long time due to government restriction when it related to international money transfers.
For many years the government of Venezuela has made it difficult for people to send money to this country.
In June 2018 there was breakthrough since MoneyGram began operating in Venezuela.
Comparison: Best Transfer Money to Venezuela
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How can I send money to Venezuela
Sending money to Venezuela is still a big problem since their strict government regulation barred various money transfer providers for providing their services in this county.
Bank transfer to Venezuela is expensive
Venezuela has strict policies when it comes to international money transfers.
Therefore their banks offer very poor exchange rate and there no available alternatives that you can choose from since exchanging using third-party companies is technically illegal in Venezuela. This makes banks transfer to Venezuela very expensive and stressful.
Money transfer provider
As compared to other countries, when you want to transfer money to Venezuela you have limited options. Currently, the only online option of sending money to Venezuela is MoneyGram. Other available money transfer providers are OFX and Ria.
How much does it cost to transfer money to Venezuela
The transfer cost will depend on the company used for the money transfer since each company unique pricing.
- MoneyGram will charge you approximately 31.00 USD for every money transfer made to Venezuela.
- Ria will charge 3.99 USD forever money transfer to Venezuela.
- OFX will offer free money transfer to Venezuela.
Duration of a money transfer to Venezuela
Just like cost, duration taken for the money transfer depends on the choice of money transfer provider used for example:
It will take a few minutes for the cash to be available to your beneficiary in Venezuela.
It will take approximately 24 hours your beneficiary in Venezuela to access the cash.
Its turnaround time is 3-5 days.
Conclusion on the money transfer to Venezuela comparison
As compared to other countries Venezuela has limited options when it comes to money transfer providers that can help in money transfer to this country.
The existing money transfer agencies in Venezuela are also quite expensive and the cheaper options such OFX is difficult to use dues to its high minimum transfer rate that is accepted.