Caracas

[MisterAli]

There will be some notes that Maduro can show to his "Journalists". But that's about it. Most probably the old notes will stay in circulation until three days after eternity.

Agreed. This seems to be the general consensus as was the case when the last currency change occurred.

[Tequeno]

Any speculation as to whether the government will issue enough paper currency after it drops 5 zeros from the bolivar so that you won't have to jump through hoops to travel in Venezuela any more?

There will be some notes that Maduro can show to his "Journalists". But that's about it. Most probably the old notes will stay in circulation until three days after eternity.

[MaraCucho]

Any speculation as to whether the government will issue enough paper currency after it drops 5 zeros from the bolivar so that you won't have to jump through hoops to travel in Venezuela any more?

That's unlikely. As far as I know none of our banks have received any of the new currency.

[Tiny 12]

Any speculation as to whether the government will issue enough paper currency after it drops 5 zeros from the bolivar so that you won't have to jump through hoops to travel in Venezuela any more?

[MaraCucho]

It isn't just a rumor, google up "operacion manos de papel" to read about it, it's been going on since mid-March. The SEBIN isn't going to be knocking on the door of guys like me, but I could very well have my bank account blocked one of these days.

[Combo]

The Sebin, the Venezuelan Intelligence Service has started to check on bank accounts, they are looking for unusual high amounts of Bolivar that are transferred into bank accounts. For example when a retired person who receives a pension of maybe 5 million Bsf get suddenly 260 Million because her son, who lives in Spain did send her 100 to be changed by the parallel rate, they issue a warrant for illegal currency trade. Nice thought: You are living abroad and find out that you 75 year old mother is in jail because you transferred her some money to buy food.

I think, this risk will affect at least the prices for "renting" a Debit card and a bank account. But time will tell.

I feel bad for the Venezuelan people. They are so getting fucked and it just keeps getting worse.

[Tequeno]

This is really bad news not only for the tourist but more for the locals as you have said. Is this based on a news article or just word on the street / grapevine? When I first landed I was warned by a UN representative to be careful when changing money on the parallel market as it is illegal.

With the change of currency and introduction of the Soberano perhaps cash will become accessible again? Personally I think it will be more hassles for the locals, they need to find a digital solution to the physical cash problem, and no not the Petro!

I wish it would be only word of mouth or some alarming tweets. It's a somebody I actually know in person, he paid bribes to get his mother out of jail. It's an effective business strategy of the Sebin, they are targeting the weak spots of people with some money. Without interfering with the business of the real kingpins.

I really doubt that the Bolivar Soberano will change anything. Rumour says that the Soberano will be introduced in August without having the new notes available. Or just a few to show to the press.

[MisterAli]

The Sebin, the Venezuelan Intelligence Service has started to check on bank accounts, they are looking for unusual high amounts of Bolivar that are transferred into bank accounts. For example when a retired person who receives a pension of maybe 5 million Bsf get suddenly 260 Million because her son, who lives in Spain did send her 100 to be changed by the parallel rate, they issue a warrant for illegal currency trade. Nice thought: You are living abroad and find out that you 75 year old mother is in jail because you transferred her some money to buy food.

I think, this risk will affect at least the prices for "renting" a Debit card and a bank account. But time will tell.

This is really bad news not only for the tourist but more for the locals as you have said. Is this based on a news article or just word on the street / grapevine? When I first landed I was warned by a UN representative to be careful when changing money on the parallel market as it is illegal.

With the change of currency and introduction of the Soberano perhaps cash will become accessible again? Personally I think it will be more hassles for the locals, they need to find a digital solution to the physical cash problem, and no not the Petro!

[Tequeno]

The Sebin, the Venezuelan Intelligence Service has started to check on bank accounts, they are looking for unusual high amounts of Bolivar that are transferred into bank accounts. For example when a retired person who receives a pension of maybe 5 million Bsf get suddenly 260 Million because her son, who lives in Spain did send her 100 to be changed by the parallel rate, they issue a warrant for illegal currency trade. Nice thought: You are living abroad and find out that you 75 year old mother is in jail because you transferred her some money to buy food.

I think, this risk will affect at least the prices for "renting" a Debit card and a bank account. But time will tell.

[MaraCucho]

Basically there are two ways:

1. You give dollars in cash to someone in Venezuela and they put the money in a Venezuelan Bank account.

2. You transfer the money to an account in the US or Europe. And they transfer the Bolivar into your account.

If established, Number 2 is faster and runs smoother. Number 1 gives you the better rate.

Forget about exchanging amounts larger than 10 Dollar into cash Bolivar. You will get a crappy rate, because it is very hard to get so much cash.

There are also plenty who work with criptocurrencies or Paypal.

[Tequeno]

Does it worth to go there with all these troubles?

From me, you get a simple "No" as an answer. It's not worth going there. I would never tell "Go to Caracas, the girls are cheap, everything is cheap, but complicated". I am one of the few remaining expats in Caracas, our life is better than 99% of the Venezuelans, but there are a lot of things that make even our life miserable.

[Kako123]

Does it worth to go there with all these troubles?

Basically there are two ways:

1. You give dollars in cash to someone in Venezuela and they put the money in a Venezuelan Bank account.

2. You transfer the money to an account in the US or Europe. And they transfer the Bolivar into your account.

If established, Number 2 is faster and runs smoother. Number 1 gives you the better rate.

Forget about exchanging amounts larger than 10 Dollar into cash Bolivar. You will get a crappy rate, because it is very hard to get so much cash.

[Tequeno]

This is the confusing part to me. Must I change dollars to Bolivares at the black market rate (find a money changer) and have that deposited into the debit card owner's account? It seems like this gives me the most bang for the buck. Or, should dollars be deposited into the card owner's account for merely the normal exchange rate? That doesn't seem right.

Basically there are two ways:

1. You give dollars in cash to someone in Venezuela and they put the money in a Venezuelan Bank account.

2. You transfer the money to an account in the US or Europe. And they transfer the Bolivar into your account.

If established, Number 2 is faster and runs smoother. Number 1 gives you the better rate.

Forget about exchanging amounts larger than 10 Dollar into cash Bolivar. You will get a crappy rate, because it is very hard to get so much cash.

[MaraCucho]

This is the confusing part to me. Must I change dollars to Bolivares at the black market rate (find a money changer) and have that deposited into the debit card owner's account? It seems like this gives me the most bang for the buck. Or, should dollars be deposited into the card owner's account for merely the normal exchange rate? That doesn't seem right.

If you went for the official exchange rate there would no reason to bother finding person who buys the $$ you would just go to a bank or a exchange place like Italcambio or Zoom and do it legally. The whole point of finding such a person is in order to get the black market rates.

[Rodeo9112]

But it has been said often and it's still valid: You need to get a Debit or Credit Card from a Venezuelan bank account. You change your dollars to this account and pay by transfer or at the Punto de Venta. Everything else will cost you too much, or it simply will not work.

This is the confusing part to me. Must I change dollars to Bolivares at the black market rate (find a money changer) and have that deposited into the debit card owner's account? It seems like this gives me the most bang for the buck. Or, should dollars be deposited into the card owner's account for merely the normal exchange rate? That doesn't seem right.