Sending money abroad is a top priority for the Latino community in the United States. It allows many to help their families, friends, and loved ones back home. Given the recent increase in Venezuelan immigration to the U.S., sending money has become an extremely important and relevant issue.
We put together a comprehensive guide explaining how to send money to Venezuela safely and easily. From banking and money transfer options to regulations and requirements, keep reading to learn more about your options for sending money to Venezuela from the United States.
Requirements to Send Money From the U.S. to Venezuela
To send money to Venezuela from the United States, first you need to verify both your and the recipient’s identity. These requirements may vary depending on the service you choose. The following are some of the basic criteria for sending money abroad:
- Proof of identity. You can use a document issued by the U.S. government or your foreign passport if you’re still in the process of adjusting your immigration status.
- Be at least 18 years old
- The recipient’s personal information
- If you’re sending through a traditional money transfer company, you must provide:
- The recipient’s full name and ID number
- The recipient’s address
- A telephone number
- If the transfer is sent through a bank, you must provide:
- The recipient's full name
- Your account number
- Your identification
- Additional information as required by your bank
Venezuelan immigration to the United States has increased exponentially in recent years, resulting in a surge of money transfer services available. These options are specifically tailored to the country’s economic situation and differ in their features, requirements, and fees. The following are the most common:
Traditional financial institutions
Certains banks have established ways to help Venezuelan immigrants who need to send money back home. Some of these institutions operate only within Venezuela, while others operate all over the world and let you open an account using your passport.
Note that some of these banks let you send money from the U.S. to banks in Venezuela, but not the other way around. In Venezuela, you can't withdraw cash from an ATM. Money that comes into the country can only be spent using debit cards issued by specific banks in Venezuela.
You can send money from your U.S. account to the following banks:
Keep in mind: It’s difficult to send money directly to Venezuela from the U.S. because some banks have been placed on sanction lists by the Office of Foreign Assets Control (OFAC) due to political tensions between the two countries.
Money Transfer Agencies
Traditional transfer agencies allow Venezuelans to withdraw funds sent from the United States in-person at branch locations around the country. Some companies will also deposit funds in local currency directly into recipients’ bank accounts. This is an efficient way to ensure the money you send is delivered safely and securely by companies that specialize in this type of service.
Some companies that send money to Venezuela are:
Keep in mind: Some companies place limits on how much money you can send per day. For example, Western Union’s daily limit is $600, while Papaya has a maximum of $500.
Finance apps and other options
Mobile apps have become a preferred means of receiving money in Venezuela, as they allow people greater ease and flexibility. In order to receive money through an app, both the sender and the recipient must create and verify an account. After that, to send funds, you’ll just need to link your credit or debit card and make the transfer directly through the app using your email address, phone number, or account username.
The most common apps used for sending money to Venezuela are:
- Zelle (you must have a U.S. account)
- Pipol Pay (you must have a U.S. or Facebank account)
What Are the Fees and Taxes for Sending Money from the United States to Venezuela?
Typically, there are always fees for sending money abroad, though they vary depending on the service you use, the amount of dollars you send, or the existing taxes for operating within the U.S. banking system. The costs for sending transfers from the United States to Venezuela are as follows:
Transaction fees are fairly common among U.S. banks. They’re generally set by the receiving bank and the amount of money you send. Transfers to foreign banks from the United States usually impose a transaction tax fee between $40 and $70. Mobile app fees are usually lower, between $0.30 and $2 for each money transfer made.
Percentage applied to the exchange rate
When sending money overseas, you should always take into account the exchange rate for dollars to the local currency, the bolivar. In Venezuela, the exchange rate is established by the Venezuelan Central Bank, the institution that regulates the country's economic and financial affairs. There is no set fee across all of these services, but in general a 1% to 2% fee is charged on the total amount of money sent.
What’s the Fastest Way to Send Money from the U.S. to Venezuela?
Delivery time is one of the most important factors when choosing a method to send money abroad. Traditional money transfer services like Western Union tend to be the fastest, as do mobile apps like PayPal or Zelle. Money sent through these services is typically processed and available immediately.
Some traditional companies, like MoneyGram or SmallWorld, can process transactions within the same business day.
How Long Does it Take to Send a Wire Transfer from the U.S. to Venezuela?
Wire transfers have a somewhat longer waiting period compared to traditional remittance agencies and mobile apps. Transfers from the U.S. to Venezuela usually go through within 48 hours. Depending on the bank, however, it can take up to five days.
What’s the Maximum Amount of Money You Can Send to Venezuela?
In Venezuela, the government hasn’t established a maximum monthly limit. Typically, every agency imposes daily and monthly limits depending on their terms and conditions. The monthly limit with Western Union, for example, is $4,000, whereas SmallWorld has a maximum monthly limit of $10,000.
Send Money Quickly and Safely!
We know how much our community values providing financial support to family back home. Hopefully this guide has provided solutions and options for you and your loved ones living abroad. Don’t forget to check out SABEResPODER’s rewards program, which can help you earn money quickly and easily!