An exchange office was the most common way to receive international transfers either from a multinational financial services company or those companies that are associated with a courier or parcel transfer organization (packages, documents, merchandise).
These exchange offices allow Venezuelans or residents of the country to receive money from abroad that can be processed in minutes or can take between 1 and 2 business days.
However, P2P payments or transfers are available in the electronic market. They allow international transactions without the need for intermediaries, making it easy to send money between different countries quickly, which is ideal for urgent operations.
These online platforms or mobile applications accept a variety of local payment methods, expanding the possibilities for users who don't have access to conventional banking services.
It is a payment system that benefits both individuals and companies because they have no geographical restrictions and transactions are processed in minutes or even seconds.
All you need is an internet connection to carry out these operations, anytime, anywhere and with the added bonus of being immediate.
How to receive international transfers in dollars in Venezuela?
The customer interested in receiving a transfer in dollars in Venezuela from abroad must:
- Register or update your personal information at the brokerage agent's physical or virtual offices.
- For this registration, you need an identity card, a correct and active telephone number and a current bank account whose holder is the same beneficiary of the transaction and any other requirement considered by the exchange agent.
- You must know and submit the transaction number assigned to the transfer (MTCN).
- This transfer service can be enjoyed by both Venezuelans and legal residents of the country.
- The beneficiary can indicate the way in which they want to receive the money: payment in cash, transfer to a bank account or mobile payment.
The shipments arrive in dollars, but are immediately changed to bolivars at the current rate, according to information from the Central Bank of Venezuela.
For delivery, the beneficiary has the option of withdrawing in dollars or in a transfer operation to their associated bank account. If it is in dollars, it is necessary to convert them back to dollars at the corresponding rate of the day.
The process for receiving these international transfers can be as simple as it is cumbersome.
Another issue that can slow down the process is waiting for the delivery of currency, when the customer requests it. If the middleman doesn't have cash available, wait for a customer to ship.
The most innovative option for transfers is P2P payments and the easiest, fastest and most secure. It requires internet and an electronic platform where you must be registered with an associated bank account.
How to receive international transfers in dollars in Venezuela through the El Dorado app?
Follow these steps:
- Download the El Dorado app: It's available for iOS and Android devices. Register and verify your account using the KYC (Know Your Customer) process, which guarantees the security of transactions.
- Access the P2P market: The platform allows you to buy and sell stable cryptocurrencies such as USDT, which are backed by the US dollar. You can use a variety of local payment methods, making it easy to receive international remittances or payments.
- Exchange the funds received: Once you receive the USDT, you can exchange it to bolivars or keep it in your digital wallet. The P2P system includes an escrow to protect both parties to the transaction, ensuring that funds are released only when the buyer confirms payment.
This offers a safe, fast and low-cost alternative for managing dollars in Venezuela, without the need for international bank accounts
How to exchange bolivars for dollars in Venezuela with El Dorado?
To buy dollars with your bolivars, El Dorado, offers you the opportunity to do so securely, with the payment method at your disposal, in simple and concrete steps:
- Create an El Dorado account: you can do this through its website or through its application (on iOS and Android).
- Verify your account: before accessing the P2P market, users complete the identity verification (KYC) process, a process that does not last more than 5 minutes.
- Create your wallet; the dollars you buy will be stored there, by clicking on “+” in the “accounts” tab and selecting “dollar accounts”.
- Access the P2P market: with your created wallet, locate the “change” tab where you will find the offers available to buy USDT by paying in bolivars. Select the offer you like the most, enter the amount in USDT you want to buy and make the payment to the counterparty.
- Done: you already bought USDT using bolivars.
- Already in the P2P market, go to the “exchange” tab and under “I have” indicate the currency you have to offer, in this case, bolivars (VES), and in the “I want” tab, mark USDT.
- The available offers are displayed there. You can use filters as needed to specify the payment method and the exact amount you want to change.
- When you get the offer adapted to your needs, press “change”.
- To continue, there are 2 options to indicate only one; the amount of bolivars to be exchanged or the USDT you want to receive in your account. Also select the payment method you are going to use and press “change ___ to ___”.
- Accept the terms and conditions if you agree.
- Pay from your bank's app or from your wallet.
- After the payment is made, press “payment made” and send the receipt to your counterparty.
- When you confirm your payment, in a couple of minutes, you get the USDT in your wallet.
Which banks receive transfers from El Dorado in Venezuela?
The national banks that are already listed in the P2P wallet are:
- Bank of Venezuela.
- Provincial Bank.
- Mercantile Bank.
- Banesco.
- National Credit Bank.
- Bancamiga.
- Bank and Caribbean.
- Plaza Bank.
To make payments using P2P applications, you are required to create an account in the application (registration) and then link a bank account, debit or credit card or a cash recharge, to serve as a source of funding.
This way you can send or receive money. To send it, the sender enters the recipient's contact details and the amount to send. The application then transfers the specified amount from the sender's account to the recipient's account.
Mobile platforms allow users to send and receive money electronically without the need for traditional banking procedures.
The El Dorado commission for merchants on all transactions is 0.25% of the total amount of each completed order.
And the commission for users breaks down like this:
Amount (USDT)
% of commission
1-39.99
$0.49
40-99.99
1.23%
100-999.99
0.99%
1000-9,999.99
0.39%
More than 10,000
0.24%
Start receiving transfers at the bank of your choice with El Dorado.
Transfers are the fastest mechanism because their processing occurs in real time. Speed becomes the biggest strength of transfers. In a single day they can be completed and the money can be made available.
To get started in El Dorado, you just need to go to our website or download the app, available for both iOS and Android.
The safety of our community is a priority. Therefore, before accessing the P2P market, it is essential to complete the verification or KYC process. It's fast and you can do it in a few minutes.
Another advantage to highlight is that the sender has full control over the start of the transfer. You may only receive transfers when someone sends you money through El Dorado.
With another approach, earning with El Dorado it is possible to create offers to buy and sell cryptocurrency through advertisements.
When considering offers, users evaluate options to protect their money from inflation. When creating this offer, the merchant or explorer adds a profit percentage to the offer price.
Thus, when you complete a transaction, you can receive payment at the bank of your choice, from the comfort of your home or office. Just manage and understand the step by step of each movement within the El Dorado page or application.
Buy USDT in seconds! Download the app of El Dorado and secure your transactions with the most reliable stablecoin.
