Local Currency
The local currency of Venezuela is the Bolívar (VEF). However, due to hyperinflation, the government has introduced a new currency, the Bolívar Soberano (VES), which was introduced in August 2018. The Bolívar Soberano is denominated in notes of 2, 5, 10, 20, 50, 100, 200, and 500, and coins of 0.5, 1, 2, 5, 10, 20, and 50.
Cost of Living in Venezuela vs. UK and USA
The cost of living in Venezuela is significantly lower than in the UK and the USA. According to Numbeo, the cost of living index for Venezuela is 22.17, while that of the UK is 67.28 and that of the USA is 72.56. This means that Venezuela is around 68-70% cheaper than the UK and the USA.
Breakdown of Costs in Venezuela
Housing
The cost of housing in Venezuela varies depending on the location and size of the property. In Caracas, for example, a one-bedroom apartment in the city center can cost between VES 3,500,000 and VES 7,500,000 per month. A larger three-bedroom apartment can cost between VES 6,000,000 and VES 14,000,000 per month.
Outside of Caracas, the cost of housing is generally lower. A one-bedroom apartment in the suburbs can cost between VES 1,500,000 and VES 4,000,000 per month, while a three-bedroom apartment can cost between VES 4,500,000 and VES 9,500,000 per month.
Food
The cost of food in Venezuela varies depending on the type of food and where it is purchased. A single person can expect to spend around VES 15,000,000 per month on groceries. A couple can expect to spend around VES 25,000,000 per month, while a family of four can expect to spend around VES 40,000,000 per month.
Utilities
The cost of utilities in Venezuela can vary depending on the size of the property and the usage. Electricity, water, and gas bills can cost around VES 5,000,000 per month for a small apartment. Larger homes with more appliances and heating may have higher utility bills, with some homes paying around VES 10,000,000 per month.
Leisure
The cost of leisure activities in Venezuela varies depending on the activity. Movie tickets cost around VES 2,500,000 per person, while a meal at a mid-range restaurant can cost around VES 6,000,000 per person. A gym membership can cost around VES 2,000,000 per month.
Transport
The cost of transportation in Venezuela can vary depending on the mode of transportation. A single fare on the public transportation system costs around VES 20,000. Taxis are also readily available and can cost around VES 100,000 for a short ride. The cost of owning a car in Venezuela can be high due to the cost of fuel, car insurance, and maintenance.
Clothing
The cost of clothing in Venezuela varies depending on the brand and type of clothing. A pair of jeans can cost around VES 6,000,000, while a t-shirt can cost around VES 2,000,000.
Household Goods
The cost of household goods in Venezuela varies depending on the brand and type of item. A washing machine can cost around VES 20,000,000, while a refrigerator can cost around VES 35,000,000.
Payment Methods in Venezuela
The most common forms of payment in Venezuela are cash and debit cards. Due to the economic crisis and hyperinflation, many businesses do not accept credit cards. ATMs are also not widely available, and those that are available often have long queues and withdrawal limits. As a result, it is common for Venezuelans to carry large amounts of cash.
In conclusion, the cost of living in Venezuela is significantly lower than in the UK and the USA. Housing, food, and leisure activities are much cheaper in Venezuela, while clothing and household goods can be more expensive due to shortages and import restrictions. The most common forms of payment in Venezuela are cash and debit cards, and ATMs are not widely available. It is important to note that Venezuela is currently experiencing a severe economic crisis, and living conditions may be challenging for those who are not used to the environment.