Currency and Prices
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The currency of Margarita is the Venezuelan Bolivar. Dollars, euros, sterling or other currencies are no longer accepted in stores, hotels, or casinos, so you will need to convert on arrival. No problem! We are here to help and can give you valuable advice to maximize your purchasing power. The good news is the dollar is still very strong here, and euros even stronger!
The Official Conversion Rate
In 2007, the official rate was 2,150 bolivares (Bs) per dollar. This year, the government has converted to Bolivares Fuerte, with a conversion rate of 2.150 per dollar. They have simply divided the old currency by 1000, so you don't have to carry around a wheelbarrow full of bills. Many people still quote prices in the old currency, and both will be accepted for at least 6 months. After the 6 month period, only Bolivares Fuerte will be accepted. Credit cards are accepted many places, but there is often a stiff surcharge. We advise against planning to use your credit card extensively while in the island.
The Parallel Market
There is a strong parallel market, in which dollars trade way above the official rate. In February of 2008, typical black market rates in Margarita were around 3800 bolivares per dollar, or nearly twice the official rate. While we are not advocating exchanging at other than official rates, many tourists do it, as it can save them 40% or more on the cost of their vacation. Drop us an e-mail or give us a call, and we can give you an idea of current rates and how to avoid counterfeiters or outright thieves. Our primary interest is in helping you have a great vacation and come back often to the island we love. Remember, our advice is always free!
Call or Email us today!
Email: advice@guidetomargarita.com
From the U.S. or the U.K. Call (011)-58-412-795-8748 "Call or Email us today!"
Margarita Travel Services
