Money

The Venezuelan unit of currency is the bolívar, popularly referred to as bolos, and abbreviated as "Bs." Paper bills come in denominations of 5, 10, 20, 50, 100, 500, 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000 bolivares. There are coins of 5, 10, 20, 50, 100, and 500 bolivares. There are even coins for céntimos (fractions of a bolívar), but the currency has devalued so much in recent years that all coins are virtually meaningless and increasingly rare. Many taxis, small shops, and restaurants are reluctant (and sometimes unable) to change larger denomination bills, so it's always good to try to keep a few 1,000 and 2,000 notes on hand.

Here's a general idea of what things cost in Caracas: a taxi from the airport to the center of town, $11 to $18; a double room at a very expensive hotel, $150 to $200; a double room at an expensive hotel, $60 to $100; a double room at a budget hotel, $20 to $40; dinner for one at a moderate restaurant (without wine), $8; a Coca-Cola, 50˘; a roll of 36-exposure color film, $3.50; a movie ticket, $2 to $4.

Currency Exchange & Rates -- In January 2002, the government fixed the official exchange rate at 1600Bs to the U.S. dollar. It also made it virtually impossible for Venezuelan citizens and businesses, as well as tourists, to exchange bolivares for dollars. This has led to a thriving black market, where the real exchange rate hovers around 2500Bs to the dollar as of press time. The most common place to exchange dollars for bolivares at the black market rate is the Simón Bolívar International airport. While this is technically illegal, and you should be careful about whom you deal with, I nevertheless recommend changing dollars at the black market rate, as it will make your dollars go considerably further. Note, if you are dealing with a Venezuelan-based tour agency, be sure to ask if they would be willing to buy your dollars at a more favorable rate. Since it is so hard for Venezuelan companies to get dollars, they are usually willing and able to exchange them for you, and this takes some of the risk out of dealing with an unknown entity at the airport.

Prices in this book are listed at the official exchange rate. Most restaurants, tour agencies, and attractions set their prices in bolivares. On the other hand, many hotel prices, particularly at the higher end hotels, as well as tours and car rentals, are quoted in and pegged to the U.S. dollar. It is always best to inquire in advance if the price you are being quoted is in bolivares or dollars. If it is in bolivares, you will be saving some serious money by exchanging dollars at the black market rate. Given this situation, it is currently recommended to bring cash and plenty of it, as all credit card purchases and ATM withdrawals are charged at the much less favorable official exchange rate.

Most banks do not exchange foreign currencies, and those that do often make the process cumbersome and unpleasant. But there are currency exchange offices in most major cities and tourist destinations, as well as 24-hour exchange offices in both the national and international airport terminals at the Simón Bolívar International Airport; however, they only exchange money at the official rate.

ATMs -- ATMs are readily available in Caracas and most major cities and tourist destinations. Cirrus (tel. 800/424-7787; www.mastercard.com) and PLUS (tel. 800/843-7587; www.visa.com) are the two most popular networks; check the back of your ATM card to see which network your bank belongs to. Use the toll-free numbers to locate ATMs in your destination. It might take a few tries, but you should be able to find one connected to either, or both, the PLUS and Cirrus systems that will allow you to withdraw bolivares against your home bank account. However, these will be sold to you at the official exchange rate.

Traveler's Checks -- In an era of almost universally accepted bank and credit cards, traveler's checks are becoming less and less common. The security they offer will soon not justify the cost and hassle of using them. Most hotels, restaurants, and shops that cater to foreign tourists will still accept and cash traveler's checks, some will actually change them for you at or near the going black market exchange rate, but most will only change them at the official exchange rate, and they often exact a surcharge as well. Money-exchange houses will only change traveler's checks at the official rate and usually charge an additional 1% to 5% fee.

Credit Cards -- Credit cards are widely accepted at most hotels, restaurants, shops, and attractions in all but the most remote destinations. American Express, MasterCard, and Visa have the greatest coverage, with a far smaller number of establishments accepting Diners Club.

To report lost or stolen credit cards or traveler's checks, call the following numbers: American Express, tel. 0212/206-0222 or 0212/206-0333; Diners Club, tel. 0212/503-2461; MasterCard, tel. 0800/100-2902; and Visa, tel. 0800/100-2167 or 0212/285-2510.