Setty Venezuela travel guide Part I

Bring cash.

That’s the key thing to know about Venezuela. Currency controls mean that your foreign cash is worth more than a foreign ATM or credit card. And with the way things are going this week, way more.

A foreign credit card or ATM card will give you a constant exchange rate of 4.3 bolivars to the dollar. Today, the bolivar has fallen to almost 7.5 to the dollar for people seeking to buy bolivars, 7.7 for those seeking dollars. So if something costs 4,300 bolivars, that is $1,000 at the official government exchange rate, but only $573 if you can get your bolivars at 7.5

The Gringo Discount, now offering 43% off list price for anyone with access to dollars.

One thought on “Setty Venezuela travel guide Part I

  1. Marcus

    No doubt that the electricity situation is contributing to the sharp deterioration of the parallel rate. If you shut down so much routine domestic production — a lot of that stuff will have to be brought in from abroad. Tightening both the electricity and foreign exchange ration at the same time is a powerful combination.

    If and when the electricity rationing stops, it’s going to be interesting to see if the bolivar rebounds at all.

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