Cheap car hire in Venezuela - Currency Restrictions

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Currency Restrictions

CURRENCY RESTRICTIONS: The government of Venezuela implemented rigid foreign exchange controls in the beginning of 2003, including a fixed official rate of exchange. Foreign exchange transactions must take place through commercial banks or exchange houses at the official rate. Hotels and banks often restrict transactions to their clients only. Money exchange by tourists can be arranged at "casas de cambio" (exchange houses). However, due to the rigid exchange control mechanisms put into place by the Venezuelan Government at the beginning of 2003, travelers should be aware that these exchange houses may change U.S. dollars into Bolivares (the local currency) at the official rate, but are unlikely to trade Bolivares back into U.S. dollars. The Embassy cannot provide foreign currency exchange services.

Travelers likely will encounter individuals in Venezuela who are willing to exchange Bolivares for U.S. dollars at a rate significantly higher than the official rate of exchange. These "parallel market" currency exchanges are technically prohibited under the Venezuelan foreign exchange controls. Currently there appear to be no penalties in place for such currency transactions, but travelers engaging in such activity are advised that they may find themselves in difficulties with the Venezuelan authorities. Credit cards are generally accepted at most upscale tourist establishments, but foreign exchange controls have made credit card acceptance less common than in the past. Visa, MasterCard and American Express have representatives in Venezuela.