If you’re trying to figure out what is venezuela currency called, you're probably getting a bunch of different answers. Honestly, it’s a bit of a mess. Depending on who you ask or what old news article you’re reading, you might hear "Bolívar Fuerte," "Bolívar Soberano," or even something about the "Digital Bolívar."
But let's cut through the noise.
Right now, in 2026, the official name of the money in Venezuela is simply the Bolívar. Its ISO code is VES. However, the story of how it got here is wild, involving more zeros than a math textbook and a "digital" rebrand that didn't actually involve much tech.
The Many Names of the Bolívar
For over a century, the currency was just the Bolívar (VEB). Then hyperinflation hit like a freight train. To keep things from becoming impossible to type into a calculator, the government started "redenominating"—which is basically just a fancy word for chopping zeros off the end of the bills.
In 2008, they launched the Bolívar Fuerte (VEF). They cut three zeros. People hoped it would be "strong" (that's what fuerte means), but it didn't last. By 2018, prices were so high they had to do it again. This time they called it the Bolívar Soberano (VES) and cut five more zeros.
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Fast forward to October 2021. The Central Bank of Venezuela (BCV) decided to chop another six zeros off. They rebranded it as the Bolívar Digital.
Is it actually digital?
Not really. Despite the name, they still printed physical bills. You’ll see $5, 10, 20, 50, 100,$ and even the newer $200$ and $500$ Bolívar notes. The "digital" part was mostly a marketing move to encourage people to use debit cards and apps instead of carrying backpacks full of cash.
Today, while the legal name is the Bolívar Digital, most people on the street just say "bolívares" or "bolos."
Why What Is Venezuela Currency Called Matters for Travelers
If you’re heading to Caracas, knowing the name is only half the battle. You’ve gotta understand the dual economy. While the bolívar is the official money, the US Dollar (USD) is the unofficial king.
Nearly every price you see in a store or a restaurant will be in dollars. You can pay in greenbacks, and you'll often get change back in a mix of small-denomination dollars and bolívares. It’s kinda confusing at first, but you get used to it.
- The Exchange Rate: This fluctuates constantly. As of early 2026, the rate is roughly $340$ to $350$ VES per $1$ USD, but that can shift in a week.
- The Black Market: There is an official rate set by the BCV and a "parallel" or black market rate. They used to be worlds apart, but they’ve stayed relatively close lately. Still, you should always check a site like Monitor Dolar to see the real-time street value.
The Petro: The Currency That Failed
You might have heard about the Petro (PTR). This was Venezuela’s attempt at a state-backed cryptocurrency, supposedly tied to the country’s oil reserves.
The government tried to make it a thing. They required people to pay for passports in Petro and used it for some state accounting. But honestly? It never caught on with regular people. In early 2024, the government basically pulled the plug on the Petro project after a massive corruption scandal involving the national crypto oversight agency. It’s pretty much a ghost currency now.
Practical Tips for Handling Money in Venezuela
If you’re dealing with the currency today, don’t expect to use your international credit card everywhere. While some high-end places take them, the fees are brutal and they often use the least favorable exchange rate.
- Bring Crisp, New Dollars: If a $20 bill has a tiny tear or a bit of ink on it, many shopkeepers in Venezuela will refuse it. They are incredibly picky about the physical condition of USD.
- Use Zelle: Surprisingly, Zelle is huge in Venezuela. Many business owners have US bank accounts, and it's often the easiest way to pay for a meal or a hotel stay without worrying about bolívares.
- Download a Calculator App: Since the currency has been redenominated so many times, some older people still talk in "old" bolívares (from 2018 or even 2008). If someone says a soda costs "three million," they are usually just using old terminology. They actually mean 3 bolívares.
- Avoid Official Changers at Airports: You'll almost always get a better rate through a trusted local contact or by just using your dollars directly at a shop.
The bolívar is a survivor, even if it has lost most of its value over the decades. It’s now used mostly for small daily expenses like bus fares, parking, and tips. For everything else, the dollar is the real currency of the land.
If you are planning to handle transactions, keep a close eye on the BCV (Banco Central de Venezuela) website for the daily "Tasa de Cambio." This is the official rate that most businesses are legally required to use. If you see a business using a wildly different rate, you’re probably being overcharged. Always confirm the rate before you agree to a price.