Money Matters

Currency and Exchange

The bolívar was the official unit of currency in Venezuela until the end of 2007. In early 2008 the bolívar fuerte (Bs.F) was introduced, which comes in bills of 2, 5, 10, 20, 50, and 100. Coins come in 1, 5, 10, 12.5, 25, and 50 céntimos (cents) and 1 bolívar denominations. At press time, the exchange rate was a fixed, government-regulated Bs.F2.15 to the U.S. dollar.

In hopes of stemming the flight of dollars from Venezuela, the government has implemented rigid currency controls. Italcambio, the largest of the casas de cambio (exchange houses), is permitted to exchange cash dollars and American Express traveler's checks denominated in dollars for bolívares fuertes, but not vice-versa. (Most banks will not exchange currency, and none will accept traveler's checks.)

You can use your ATM card in some machines to obtain bolívares fuertes, but it is impossible to obtain dollars here. Gauge your cash-spending needs accordingly to avoid being stuck at the end of your trip with local currency that is impossible to change back. There will be no shortage of black-market currency dealers approaching you quietly about changing money in public places, but the so-called mercado negro is officially illegal and a dangerous risk for robbery. That said, it's hard to ignore the fact that you can get over twice the number of bolívares fuertes per dollar through the black market. Therefore it shouldn't come as a surprise that the black market is thriving here.

Pricing

Venezuela can be a relatively inexpensive country, although the prices are greatly inflated in Caracas and on Isla Margarita. Going to the theater can cost from Bs.F.40 to Bs.F.200 for special shows or featured artists. Movies are comparable to prices in the United States, at Bs.F.20. Nightlife ranges greatly in price; some of the best clubs charge upward of Bs.F.18 for a cocktail.

Sample Prices: Cup of coffee, Bs.F2–Bs.F3; bottle of beer, Bs.F6; soft drink, Bs.F2; bottle of wine, Bs.F20 (at a liquor store); sandwich, Bs.F10–Bs.F20; crosstown taxi ride, Bs.F20; city bus ride, Bs.F1; museum entrance, Bs.F2, though the majority of museums in the country are free.

Taxes

Venezuela has a nonrefundable 9% sales tax, known as the IVA, which is added to the price of all articles except basic foodstuffs and medicine. At hotels, foreigners must pay a 10% tourist tax. You will find it added to your bill. The airport departure tax (usually included in your ticket) for international flights leaving Venezuela is $75 or Bs.F161.

Tipping

Restaurants usually add 10% to the bill for service, but you are expected to tip an additional 10%. Tipping hotel porters, hair stylists, and guides up to 10% is customary. Taxi drivers do not expect a tip unless they carry suitcases.