Black Market Currency Exchange Scams
Shortchanged Bolívar Deals
In Venezuela, amid hyperinflation, scammers approach tourists in public squares or near airports, offering to exchange US dollars or euros at black market rates (e.g., 1 USD for 30-50 VES more than official rates). They use sleight of hand to undercount bills or swap in counterfeit VES notes, often in crowded areas like Caracas' Sabana Grande boulevard. Victims realize the shortfall only after the transaction.
- Exchange currency only at official CADIVI-approved bureaus or banks in major cities, where rates are transparent despite being lower.
- Insist on counting bills twice in a well-lit, public spot and photograph the agreed amount before proceeding.
- Avoid street exchanges by using digital apps like TransferWise for approximate rates, considering Venezuela's internet instability.
Fake Banknote Scams
Scammers sell or exchange what they claim are high-denomination VES notes (e.g., 50,000 VES bills) at a discount to tourists needing local cash, but the notes are counterfeit and fail when used for purchases. This occurs in informal markets like those in Valencia or along highways, exploiting the scarcity of real currency.
- Verify notes using UV light apps on your phone or check for security features like watermarks before accepting.
- Stick to ATMs in secure locations, even if withdrawal limits are low (e.g., 10,000 VES per day), to avoid counterfeit risks.
- Report suspicious offers to local police immediately, using phrases like 'Esto es una estafa' to alert nearby vendors.
Distraction Theft in Crowds
Bump-and-Steal Tactics
In busy Venezuelan streets or markets, teams of scammers create distractions—such as spilling a drink or pointing out a fake fight—to steal wallets, phones, or jewelry from tourists. This is prevalent in Caracas' Plaza Bolívar or Maracaibo's street fairs, where crowds provide cover for quick grabs.
- Wear bags across your body and keep valuables in front pockets, especially in high-traffic areas like Caracas metro stations.
- Stay aware of your surroundings and politely decline unsolicited help from strangers offering to 'assist' with directions.
- Travel in groups and avoid isolated alleys after dark, using apps like WhatsApp to coordinate with locals for safe routes.