Currency Exchange

U.S. currency and American Express Travelers Checks are easily exchanged to Bolivar on Margarita Island at the local cambio usually located in major shopping centers and near areas frequented by tourists. You will need your passport to exchange currency or travelers checks. The current official exchange rate is 4.30 Bolivar to the dollar. Notes come in denominations of BsF100, Bs.F50, Bs.F20, Bs.F10, Bs.F5 and the Bs.F2.

In January 2008, by Presidential decree, three zeros were eliminated from each currency denomination. The official rate of 2.15 Bolivars to the Dollar was established and the new currency was named the “Strong Bolivar” (Bolivar Fuerte), abbreviated as Bs.F. On February 9th 2010, the official exchange rate was changed to 4.30 Bolivar to the dollar.

Parallel Market

You will frequently come into contact with people on Margarita Island who wish to exchange your dollars for Bolivar at or near what is know as the Dolar Paralelo. Some people refer to this as the “Black Market Rate” and it normally hovers around twice or three times that of the official rate. Exchange of your dollars at anything other than the official rate is illegal and could result in a fine and or expulsion from the Country.

The Central Bank of Venezuela (BCV) and its new transaction system for foreign currency denominated securities (SITME) now determines the buy and sell rates of foreign currency bonds and sets requirements for participating institutions. The regulations are summarized in this article.

Changing money on Margarita Island is also used as part of a popular scam on the streets of Porlamar, so be forewarned.

Credit Cards

Most businesses on Margarita Island do accept credit cards, but may add a service charge of 3 to 15 percent. Outside of major cities, few places accept credit cards. Cards generally accepted are Visa, MasterCard, American Express and to a lesser extent Diners. There are some stories recently of servers in popular nightspots taking credit card numbers and making large purchases on the cards.