Foreigners and bank accounts

(a)
According to Banco Provincial this is what you need to open an account.  I do not know if there are additional requirements if you are a foreigner (I do not think so)

https://www.provincial.com/tlvz/para_ti … Requisitos

- Copy and original of Passport or Venezuelan ID card
- 1 Personal reference (original)
- 1 Comercial or bank reference (original, except for those opening the account for the first time).
- Copy of an utility bill that includes the address of residency
- 500 BsF

(b)
Getting a credit card in venezuela will be extremely difficult, there are tons of regulations, it will take about 6 months to year using regular/legal means.  That's if you meet the basic criteria. I've met people that have been trying to get a credit card for 2-3 years and it has not been possible

About using the credit card aboard.  Once you have your credit you have to wait ANOTHER 6 months before you can request permission to use up to 400$ a year to buy stuff over the internet.

Also after 6 months from the date it was issued you can request permission to use up to 3000$ a year abroad using your credit card (travelers only), the key here is that you need to have a ticket (2 ways, a one way ticket does not apply I believe, thouh i'm not sure).  You need to be physically present in Venezuela to request authorization.

If you do NOT leave Venezuela and you try to scam the goverment (take advantage of those dollars) you would be doing something ILLEGAL.  Usually if caught the punishment removal of permission to use dollars (basically you won't be able to use your dollars anymore).

note: Worry about getting a bank account and a credit card before you start worrying about the dollars.

(c) By law you can bring into venezuela up to 10,000 USD in foreign currency/travelers check/etc WITHOUT having to declare it.  You can probably bring all the money you want as long as you declare it (and pay the respective fees).  If you don't declare it and you get caught, well you will probably lose a lot of money.  If you ask me I would just open a bank account abroad and use wire transfers when necessary.  You don't need to have 10k USD cash even if you are living in venezuela for 1-2 years.

(d) Worry about getting the card first.  You can withdraw (cash advance) up to 10% of the maximum yearly amount (aka 300 out of 3000 USD) every month.  You won't be able to exceed 3000 USD a year.  Also you will only be able to witchdraw the money during the duration of your trip, because the card will only be activated between the dates stated in your ticket.

(e) There are some fees for dollar transaccions and cash advances (I think it is about 2%-4% at most) and our interest is around 29% a year cuz that's the max allowed by the goverment.  Other than that there are no special or hidden fees.  The ATMs will probably charge you a fee as well, cuz you won't be using the ATM's from the bank in Venezuela to get dollars.

Ok so it's not really doable then. I assume that you can spend the whole 3000$ on a trip abroad so long as you don't take it from an ATM?

Great answer. You took my idea to pieces

well I just went to argentina and chile and spent 2504$ dollars (now I have to do some paperwork because I exceeded the maximum allowance).

BTw we have different allowances depending on the duration and destination of the trip.  For example for the americas you only get 2500 USD per trip (and some places can't exceed 1000$ per trip).

Since I still have 500$ on my yearly allowance I'm planning a weekend trip to Aruba at the end of the year to spend the rest.

These are not free dollars, they just cost the official exchange rate 6.3 BsF.

Hi gunflame

sure, but the point is you bring USD to Venezuela and change it on the street at 42 or so, put the bolivars into the bank and then when you buy stuff abroad the bank gives you an exchange rate of 6.3 to the USD. It would be amazing if you could do it with more than 2500 dollars

hello, being an expat and living here in Venezuela for 6 years now, I've yet to be able to open a bank account here. Under the previous (chavez) and current (maduro) govts, ONLY Venezuelan citizens with valid cedula are able to open a bank account. When I approached several banks (Banesco, Corpbanca, Banco de Venezuela) they are rejected my application because I was a foreigner. Not sure the age of the website for BBVA Provincial you provided - but possible when they mention passport they may mean a Venezuelan passport (thus, Venezuelan citizenship required).

And that's the reason why you are not allowed to spend all the dollars you want.  A horrible system if you ask me they should try to fix the economy instead of stealing all the money.

dpisacreta wrote:

hello, being an expat and living here in Venezuela for 6 years now, I've yet to be able to open a bank account here. Under the previous (chavez) and current (maduro) govts, ONLY Venezuelan citizens with valid cedula are able to open a bank account. When I approached several banks (Banesco, Corpbanca, Banco de Venezuela) they are rejected my application because I was a foreigner. Not sure the age of the website for BBVA Provincial you provided - but possible when they mention passport they may mean a Venezuelan passport (thus, Venezuelan citizenship required).

He knows more than I do.  I know it IS possible to open a bank account without having a Venezuelan ID/passport.  But I do not know if it has to be done with a business reference or something else.  I'm working with Chilians, colombians, argentinians, brazilians and mexicans, all of them have bank accounts in Venezuela and none have a Venezuelan ID/passport/nationality.

Another thing is that you do not need to be Venezuelan to get a Cedula.  You can get one as a foreigner (there are several legals means to acquire it).  I do not know the exact procedure required to do that though.

yes, I believe you are correct in the sense that if its done in a BUSINESS enviroment, then its possible. Of course, this is a complicated issue as one must have legitimate business interests in Venezuela and is able to prove so ........ one can aquire what is called a "business visa" (which allows a bank account for business purposes) and last time I checked, in order to open a proper business in Venezuela the business must be 51% "owned" by a Venezuelan national (meaning majority owned Venezuelan business) - this of course cn only be on paper (to obtain business visa and bank account) BUT would you trust someone who can theoretically take your business and money from the business bank account? I think not.

I know for a fact than many of these guys had a bank account without having a business visa.  They have personal bank accounts not business related.

Again, I do not know the exact procedure and I can't really ask them about it.  If you come by yourself it will be a bit difficult to open a bank account, but if you come sponsored by a company it shouldn't be too hard even if you don't have a work visa

interesting ......... sponsored by a company. hmmmmm .......