Digital currencies such as USDT, also called stablecoins, have become the key haven for Venezuelans who want to combat inflation.
Having several alternatives for shielding yourself is crucial. For example, El Dorado is a platform that allows you to exchange bolivars for electronic dollars in an easy and secure way.
Below are more details about the keys for Save dollars in Venezuela, taking into account the main platforms for doing so:
Why is it important to save in dollars in Venezuela?
It serves as a financial haven to protect yourself financially and ensure access to basic goods or international services. This is because the dollar is a stable currency.
Economic reality and devaluation of the Bolivar
The acquisition of USDT is a good financial strategy to combat inflation and the constant devaluation of the bolivar.
In particular, in 2023, the bolivar lost more than 60% of its value against the dollar in informal markets and the purchasing power of every holder of bolivars deteriorated.
This trend has continued ever since, forcing Venezuelans to seek new alternatives to maintain the purchasing power of their savings.
The dollar as a financial haven
The dollar is a stable global currency. Therefore, saving in dollars will protect yourself against inflation and preserve the value of your income in the long term.
Saving in dollars in Venezuela is possible by buying digital dollars, such as USDT, a currency whose value is fixed to have a 1:1 relationship with the dollar.
For this reason, they don't fluctuate like other cryptocurrencies and they remain more stable.
How profitable and recommended is it to save in dollars?
Saving in dollars in Venezuela will protect your money from the loss of value of the bolivar. While the local currency depreciates day by day, the digital dollar remains more stable and allows you to purchase goods and services that are quoted in this currency.
Whether it's for the purchase of technology to properties, and even private education and health services, investing in the dollar is more advisable today.
Of course, there are also risks, since the exchange rate in the unofficial market can vary, and handling cash always involves a security risk.
On the other hand, digital platforms must be secure, so users must read references to avoid being victims of fraud.
To reduce these risks, diversify your portfolio by buying USDT. This way, you don't depend on a single medium and you better protect your savings.
Advantages compared to saving in local currency
- Stability: After seeing how the bolivar loses value day after day, it is best to opt for the digital dollar, since it offers you the peace of mind of maintaining your purchasing power.
- Access to goods and services: Many of the products you need or want in Venezuela, such as electronics or real estate, are priced in dollars, so exchanging USDT to bolivars will maintain their purchasing power compared to the traditional dollar.
- International support: If at any time you need to make transactions outside the country or even think about moving in the future, having digital dollars will make things much easier for you.
Risks and How to Minimize Them
- Exchange risk: You should be careful with the unofficial exchange rate. For example, imagine that today you need 25 bolivars for every dollar and in a week they ask you for 30 bolivars, these market fluctuations can affect your savings.
- Mitigation: To avoid being affected by changes in the value of the dollar, consider having your dollars in different forms, some in bank accounts, others in USDT on platforms such as El Dorado and others.
- Physical security: Storing notes at home can be dangerous, there's always a risk of them stealing them, so it's best to keep them in an electronic exchange.
- Mitigation: A safer way to manage your dollars is to use reliable digital platforms such as El Dorado or to open accounts with banks outside of Venezuela.
Is it good to have a dollar account in Venezuela?
It's recommended that you use digital platforms to manage your dollars. Well, with these accounts you will have instant access to your funds, you save the costs of changing bolivars to dollars every time and, on some occasions, you can even earn interest.
You can do this both in Venezuelan banks and in fintech alternatives that stand out for their ease of use and adaptation to save in dollars in Venezuela.
Available account types
- National banks: You can open dollar accounts here in Venezuela, but keep in mind that sometimes they set limits for withdrawing cash when you need it.
- International banks: If you're not a resident, banks from another country are a practically impossible option.
- Fintech platforms: There are options like El Dorado that allow you to open a dollar account completely online, without so many complicated requirements.
Benefits for Venezuelan savers
- Immediate access to funds in dollars: With these platforms, you can have your digital dollars when you need them, without having to wait like in traditional banks.
- Possibility to generate interest: In some of these options, your money in digital dollars can even grow over time, generating interest.
- Reduced costs due to frequent conversions: You forget that you are changing bolivars to dollars every time, which saves you money in commissions.
How to open a dollar account in Venezuela?
To open a dollar account in Venezuela, you should generally go to a bank that offers this service. Common requirements include a copy of your current identity card or passport, the Tax Information Record (RIF), and a recent public service receipt in your name or proof of residence.
Some banks may need to be a previous customer or to have an active account in bolivars. The process can be started online through the bank's platform or directly at one of its offices, where they will tell you the specific steps and additional documentation that they may request depending on your profile and the bank's policy.
National and international banking options
- Local banks: Banco BBVA Provincial, Banesco Banco Universal, Bancaribe and Banco Mercantil are available. Also, Bancamiga, Banco Universal, Banplus, Banco Nacional de Crédito, Banco de Venezuela, Banco Exterior, Banco Digital de los Trabajadores, Banco del Tesoro, Banco Plaza and Banco Fondo Común.
- Foreign banks: Mercantil Panama (Mony), after all, is very difficult due to international sanctions and strict requirements.
Digital alternatives: wallets and fintech platforms
- Wallets: El Dorado, Binance (P2P and Wallet), Reserve (App), AirTM, Uphold, Zinli, PayPal, Reserve and Valiu, are alternatives with which you can manage digital dollars.
Where is it best to keep dollars safely?
Digital platforms offer you several advantages, for example, your information is protected with a level of security such as that of banks.
In addition, you can access your money whenever you want from your cell phone and you even have the option of withdrawing cash at partner locations in major cities.
Advantages of digital platforms such as El Dorado
- Security: Your money is protected with encryption systems as secure as those of a bank, and it also offers you double verification so that no one else can access your account.
- 24/7 access: You can transfer or exchange your digital dollars (USDT) to bolivars whenever you want and from wherever you are, you only need a mobile device connected to the internet.
- No hidden fees: You won't find surprise charges that debit you part of your dollars, since it's a transparent platform.
Security, Access and Ease of Use
- Physical dollars: If you keep your cash notes, you run the risk of having them stolen or lost due to carelessness.
- Traditional banks: If you use the usual banks, you may notice that transfers take time to become effective and that the interest they give you on your savings is quite low.
- Electronic dollars: They are the best option, platforms such as El Dorado P2P allow free buying and selling and is compatible with all banks in Venezuela.
Practical strategies for saving in dollars in Venezuela
Programmed savings on digital platforms
You can set up automatic transfers from your bolivar account directly to your dollar account on El Dorado P2P.
Smart conversion from bolivars
You can search for and buy dollars at a good price on apps like AirTM or Binance.
Check pages like Dollar Monitor to find out when it's best for you to make your purchases.
If you don't like the above options, El Dorado sends you notifications to know when to buy your stablecoins. This way, if you are inexperienced, you will have a reliable advisor at all times.
Diversification with stablecoins
There are platforms where you can convert part of your bolivars to USDT or DAI to take advantage of DeFi returns (up to 8% per year).
Why choose El Dorado to save in dollars from Venezuela?
El Dorado P2p is designed just right for buying digital dollars when you need it, since the platform doesn't ask you for a minimum amount of money.
In addition, it is in Spanish so that you understand it perfectly and if you have any questions, you can communicate via WhatsApp or Telegram, without the complicated paperwork of ordinary banks.
If you wish, you can withdraw cash at key points in the country and pay directly for services in dollars, which gives you security and at the same time you are still shielded against inflation.
Exclusive benefits for Venezuelan users
- It allows you to buy crypto dollar to combat inflation.
- The application is in Spanish and designed to be easy to use here in Venezuela.
- It is compatible with all Venezuelan banks, allowing the exchange of their bolivars for digital dollars.
Easy to open and use
- You can change your bolivars to dollars instantly, when you need it, 24 hours a day.
- You have the option of withdrawing your dollars in cash through partner stores or selling them for bolivars.
Testimonials: Venezuelans who are already saving in dollars
In Venezuela, thousands of people have found saving in dollars a lifesaver in the face of the economic crisis.
Users highlight the ease of exchanging bolivars to dollars (USDT) and vice versa, which implicitly suggests its use to safeguard value in digital dollars.
Some mention the convenience of receiving payments in dollars and keeping them on the platform, avoiding the devaluation of the bolivar. El Dorado is a useful application for managing currencies and potentially saving in digital dollars within Venezuela.
Real experiences
In the context of the Venezuelan economy, where the volatility of the local currency is a constant concern, platforms such as El Dorado have emerged as alternatives for citizens to protect their savings. Learn about Jonaiker's experience in this video.
Saving in dollars as a tool for stability
In the face of volatile economies such as Venezuela, saving in dollars is a key mechanism to protect your wealth. This currency, being global and stable, mitigates the risks of devaluation and inflation that have affected the bolivar in the last decade.
Save in dollars easily and safely with El Dorado
El Dorado is presented as a very useful tool for saving in dollars in Venezuela, which is why many highlight its adaptability to our needs. With this platform you can convert your bolivars to dollars safely and easily.
Protect your money from inflation and start saving in dollars today with El Dorado! , Easy, fast and 100% digital!
