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Venezuela Bolivar Fuerte
Venezuela uses the Venzuelan bolivar as its official currency, or to give it its full title, the Venezuelan bolivar fuerte. Each bolivar is then further divided into 100 centimos, which are basically cents. The boliva fuerte is abbreviated internally as Bs F and it is issued by the Central Bank of Venezuela. But the 'old' bolivar will be used until 2009, so the situation is a little confusing…..
Centimos are in the form of coins, which come in 1, 5, 10, 12.5, 25 and 50 centimo pieces and then thee is a Bs. F. 1 bolivar piece. Notes are then issued as 2, 5, 10, 20, 50 and 100 bolivars fuertes.
Officially the bolivar is pegged to the US dollar at the rate of US $ 1 to Bs. F. 2.15. However, in practice, this doesn't actually work and unofficially, on the black market, the exchange rate is something like just over 3 bolivars to the dollar. This means that you will get more US dollars if you use a street money exchanger, but they can sometimes rip you off, so be wary and remember that this is not legal, so you shouldn't do it.
Since the new bolivars circulate alongside the old ones travellers have a choice as to whether or not they want to learn both currencies, or just concentrate on the new ones. It is always best to concentrate on the new ones, until 2009, since it is easy to get confused between new notes, old notes and the old notes are only worth 1/1000 of the old notes, so you don't want to get old notes passed to you in change, if you are not familiar enough to know how much change you are being given. The best way is to simply say 'Bolivares fuerte' when you are about to be given change, then there can be no room for error. It simply isn't worth trying to get to grips with two currencies, unless you are spending some time in the country and even then they will be out of circulation in 2009.
History of the Venezuelan Bolivar Fuerte
The bolivar fuerte is a very new currency. It was actually introduced as recently as January 2008. The bolivar prior to this had been introduced in 1879 and it was a currency that had effectively become devalued, since the exchange rate in 2005 was actually a whopping 2150 bolivares to each dollar.
So in 2007, it was announced that the currency would be revalued. Each new bolivar would be worth 1000 old bolivars. The government thought that this devaluation would actually stop the currency from becoming completely worthless. However since then inflation does not seem to have stopped rising and the black market flourishes where US dollars are concerned.
Ironically the bolivar is named the bolivar fuerte, because fuerte means 'strong' and the government wanted to present it as a strong currency which would strengthen the economy.
However, despite Venezuela's rich oil reserves, it does look like there will be no simple solution to its economic problems and the strong bolivar may in fact be little more than window dressing.
Getting Hold of Venezuelan Bolivares
It is relatively easy to get hold of bolivares fuerte because ATM facilities are located all across the country, although at some of the ATM's you will find, after you put in your PIN, the machine then asks you for your ID no, which local people will have, but travellers don't. So you may need to hunt around to find a machine that doesn't ask for your ID number. You may also find Visa debit cards aren't accepted at many places, with the Maestro links being the easiest to use.
Usually, you will be able to use your credit or debit cards in hotels, restaurants and shops, but you will usually be asked to provide your passport to prove ID before the transaction is carried out, so if you are going to pay by credit card make sure that you have your passport with you.
Traveller's cheques can also be used, but these tend to be less popular than using an ATM. Us dollars is the preferred currency for cheques.
Safety Issues
Unfortunately, Venezuela is not all that safe and over recent years the situation has simply got worse, rather than better. It may not be the most dangerous Southern American country, but it does have one of the worst crime rates in the world, so be wary of your surroundings at all times. You run more risk of being mugged than you do being killed, but if you are mugged then do not resist, simply give them what they want and leave the area. Don't even antagonise them by voenting your spleen, these guys are usually armed and they don't really think twice about using their firearm, they will just shoot you if you annoy them, so be extremely co-operative, which is difficult when you are being mugged, but it is possible.
Don't dress up when in Venezuela and if you are lucky enough to have diamond jewellery etc then leave it at home, because the wealthier you look, the more likely you are to be mugged. If at all possible, try to look like you aren't worth mugging, so that they will go and pick on someone who is going to be worth their time and effort.
If you are out and about at night, then always travel in an official taxi: don't walk, it just isn't worth it.
Out and About in Venezuela
Despite the fact that Venezuela has oil it is still country that is actually quite poor and in May 2008, its government threatened to pull out of supplying oil to the US over a diplomatic 'spat', showing that it does have muscles it can flex. Yet for all this many of its people live in poverty and at first it seems strange and you can't help but wonder where all the money goes. Petrol is, however, dirt cheap, since it is usually the lowest priced in the world, but the rest seems to just have disappeared.
The country as a whole is diverse and it has many different slants to it, with a culture and history that are both long and rich. Caracas, as the capital is probably the best known of the Venezuelan cities and it is a good place to stop off for a couple of days, although most travellers tend to head off for the Andes or the Falls and ignore Caracas, but in some ways this makes it a great place to visit, because you aren't part of the tourist trail, but rather just a traveller discovering the delights of this Southern American capital!
Thee are various museums, art galleries and statues to be seen, but most people find that a couple of days in Caracas is enough and they want to venture on to pastures new after that.
Without a doubt, most people who come to Venezuela want to see the Andes and they are indeed spectacular. The Andes people are very different to others in Venezuela and it is fair to say that they are much more welcoming of tourists than they are in the main cities. Merida is a city in the Andes that is the main starting out point for people who are going out trekking or walking or even climbing in the Andes. As such, you will find that it can, at peak times, simply feel as if it is full of travellers and that the locals are only there to feed, water and accommodate travellers, so it all can feel a little artificial.
However, it is also home to a cable car system that is the longest and highest in the world. If you are prone to vertigo, then forget it, but if not, you will enjoy some truly awesome views and it is a really fantastic experience.
Another 'must see' in Venezuela is the Angel Falls, which are actually the highest waterfall in the world, so forget about Niagara, this is where it all happens. The water falls for almost 1000 metres, with it being continuous for just over 800 metres. Wow, it really is some sight and it can literally take your breath away and your hearing, since all you hear is the roar and it is literally a roar, of the water.
You will travel by canoe to the Falls, so you need to be able to get in or out of the boat with ease and you also need to be able to walk the 30 minutes or so, up to the Falls themselves, often over uneven ground.
The Falls are situated in the Canaima National Park and there is lots to see and do in the park besides the Falls, so it is well worth a trip. You can even go jungle trekking! The wildlife here is amazing with sloths (very aptly named, once you have seen them, you will understand why) and there are jaguars as well as pumas and then tiny, cute little monkeys and some bigger ones too.
Overview
Venezuela has a spirit and an atmosphere that is pretty unique and it even has little islands dotted around the Caribbean, so it is a real mix of different cultures and peoples. It is very close to Trinidad and Tobago so it can offer the same kind of temperate weather, with hot, balmy days and beautiful warm evenings and it feels very hospitable generally. However, some of the people have real Latino temperaments and yet somehow this just makes Venezuela even more vibrant!
The whole air of Venezuela is that it is a country that somehow is comfortable with itself and the people also ooze this kind of relaxed attitude towards life and they often seem very generous in spirit. Perhaps it is something to do with having a very long Caribbean coastline, who knows?
Comment
This is a really intriguing article! It’s funny how many countries we hear about that you simply don’t have a clue about in any depth. Venezuela must surely be one of those countries everyone knows of, but I didn’t know any of the background or history that has appeared here.
There are obviously some sights that are worth travelling there for, but you should be careful about travelling there, as with any foreign country. I’m not sure I like the idea of not being able to walk anywhere safely, although if I did go I’d certainly stick to taxis! It’s a shame though.
— Allison · Aug 19, 02:01 PM · #
I have a 500 Quintos Bolivares money. Can I still use it?
-Ccl
— car · Sep 17, 07:03 AM · #
I have no idea whether old currencies can still be used or not. Even if the currency is still legal tender you might find it doesn’t amount to enough to make it worth transferring into another currency. I would research it a bit online to see if you can find out anything more. Perhaps ask at your local currency exchange to see if they have any information that might help you? Worth a try.
— Ben · Jun 28, 09:14 PM · #