Venezuelan Banks Only Accept the Bolívar When Opening Accounts

By Julio Herrera Velutini

Introduction

Well-versed in the field of banking, Julio M. Herrera Velutini has used his executive skills to direct the operations of an international bank out of Puerto Rico. Julio Herrera Velutini has also been part of a family that has made banking in Venezuela an important institution for approximately 120 years.

In Venezuela, the Central Bank has the primary duty of formulating the monetary policy for the country’s currency, which is represented by the bolívar.

Banking in Venenzuela

To open a bank account, residents must present an ID, a current bank reference, a copy of a bill from a utility company with a current address, and personal references. The bank’s minimum deposit must be included with the completed application for an account. While some banks do not require this amount of documentation, the accounts at such banks usually do not feature debit cards, and the number of transactions that can be performed is limited as well.

Conclusion

Deposits to bank accounts can be made by bank transfer or by check, or cash can be added to the account. Unlike other countries in the world, savings or checking accounts in Venezuela only permit local currency - bolivars. Because of stringent controls on the money exchange, Venezuelan banks follow this policy.

While some banks feature online banking services, some of the smaller banks in the country only provide banking at the local branch.