The Venezuelan unit of currency is the bolÃvar, popularly referred to as bolos, and abbreviated as "Bs." Paper bills come in denominations of 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000 bolivares. There are coins of 5, 10, 20, 50, 100, and 500 bolivares. There are even coins for céntimos (fractions of a bolÃvar), but the currency has devalued so much in recent years that all coins are virtually meaningless and increasingly rare. Many taxis, small shops, and restaurants are reluctant (and sometimes unable) to change larger denomination bills, so it's always good to try to keep a few 1,000 and 2,000 notes on hand.
Currency Exchange & Rates -- When reviewed, the official exchange rate was 2,147Bs to the U.S. dollar. While the black market exchange rate is no longer radically different from the official rate, you will find that the unofficial exchange rate hovers between 2,300Bs and 2,500Bs to the dollar. The most common place to exchange dollars for bolivares at the black-market rate is the Simón BolÃvar International airport. While this is technically illegal, and you should be careful about whom you deal with, it is very common. Note that if you are dealing with a Venezuelan-based tour agency, be sure to ask if they would be willing to buy your dollars at a more favorable rate. Since it is sometimes hard for Venezuelan companies to get dollars, they are usually willing and able to exchange them for you, and this takes some of the risk out of dealing with an unknown entity at the airport.
Prices in this guide are listed at the official exchange rate. Most restaurants, tour agencies, and attractions set their prices in bolivares. On the other hand, many hotel prices, particularly at the higher-end hotels, as well as tours and car rentals, are quoted in and pegged to the U.S. dollar.
Many banks do not exchange foreign currencies, and those that do often make the process cumbersome and unpleasant. But there are currency exchange offices in most major cities and tourist destinations, as well as 24-hour exchange offices in both the national and international airport terminals at the Simón BolÃvar International Airport. While the official money exchange bureaus at the airport and around Caracas exchange at the official rate, you may find money exchange offices (casa de cambio) in outlying cities and tourist destinations that give a better rate. All credit card purchases and ATM withdrawals are charged at the official exchange rate.
ATMs -- ATMs are readily available in Caracas and most major cities and tourist destinations. Cirrus (tel. 800/424-7787; www.mastercard.com) and PLUS (tel. 800/843-7587; www.visa.com) are the two most popular networks; check the back of your ATM card to see which network your bank belongs to. Use the toll-free numbers to locate ATMs in your destination. It might take a few tries, but you should be able to find one connected to either, or both, the PLUS and Cirrus systems that will allow you to withdraw bolivares against your home bank account. However, these will be sold to you at the official exchange rate.
Traveler's Checks -- In an era of almost universally accepted bank and credit cards, traveler's checks are becoming less and less common Most hotels, restaurants, and shops that cater to foreign tourists will still accept and cash traveler's checks, some will actually change them for you at or near the going black-market exchange rate, but most will only change them at the official exchange rate, and they often exact a surcharge as well. Money-exchange houses will only change traveler's checks at the official rate and usually charge an additional 1% to 5% fee.
Credit Cards -- Credit cards are widely accepted at most hotels, restaurants, shops, and attractions in all but the most remote destinations. American Express, MasterCard, and Visa have the greatest coverage, with a far smaller number of establishments accepting Diners Club. It is currently common practice to have to show a passport or photo ID when making a credit card purchase in Venezuela.
To report lost or stolen credit cards or traveler's checks, call the following numbers: American Express, tel. 0212/206-0222 or 0212/206-0333; Diners Club, tel. 0212/503-2461; MasterCard, tel. 0800/100-2902; and Visa, tel. 0800/100-2167 or 0212/285-2510.
