Dealing with Exchange Rates in Venezuela

Changing money is never convenient, but nowhere is it as complicated as in Venezuela. Before the introduction of SIMADI in 2015, the official exchange rate would be five times higher than the real rate. The new system, which is what tourists use on their credit card, brings the official rate down, making Venezuela one of the cheapest countries to visit in South America.

That being said, the SIMADI rate is still artificially high and competes with the country’s “parallel rate” for cash exchange. Using the latter is illegal and can result in jail time. It is even illegal to publish the rate, though you can see it on the website DolarToday, which is critical of the Maduro government. Locals will tell you visitors need a person familiar with the system to safely get a good rate, though keep in mind not all credit card machines are on the SIMADI system, so your dollars might not be getting the full official value either.

Travelers in Venezuela who want the real exchange rate will not be able to find the parallel market themselves. Their best bet will be talking to an airport employee, who can arrange for someone to sell your dollars on the black market. Outside the airport, beware of a higher rate for foreigners and even exchange scams that prey on uninformed tourists.