In an economic environment marked by instability and financial restrictions, Venezuelan companies face the constant challenge of efficiently making international payments in dollars or euros. What is a routine operation in other countries can become a complex process in Venezuela, fraught with regulatory, banking, and operational obstacles.
When a Venezuelan company needs to make international payments in dollars or euros, it often encounters various problems: chains of intermediary banks, crediting deadlines that are rarely met, unfavorable exchange rates, delays, and a lack of information about the flow of funds. Below, we detail the main problems Venezuelan companies face when making international payments in dollars or euros.
Intermediary Bank Chains
International transfers rarely travel directly from the sending bank to the receiving bank, as they usually pass through a chain of intermediaries that serve as “bridges” between the two financial systems. These intermediaries can deduct their own commission from the amount in transit without notifying the sender beforehand.
The real problem is not just the cost of the transaction, but the lack of control over the payment route. The company sending the money does not choose the intermediaries involved in the chain, nor does it know in advance how much each one will deduct. As a result, it is common for the supplier to receive less than the invoiced amount, which generates friction and frustration between the parties. In many cases, the sender is forced to cover the difference with a second transfer, doubling the administrative work, the time invested, and the total cost of the transaction: a clearly counterproductive scenario for any organization.
The sender is forced to cover the difference with a second transfer, which doubles the administrative work, the time invested, and the total cost of the transaction: a clearly counterproductive scenario for any organization.
Unpredictable Payment Processing Times
An international payment from Venezuela can take anywhere from two days to two weeks to be credited, with no reliable way to anticipate which scenario will occur. This variability complicates any financial planning, especially when the shipment of goods or the renewal of a service depends on payment confirmation to proceed within the agreed timeframe.
This level of uncertainty forces finance teams to send payments well in advance, tying up working capital that could be allocated to other business needs. It is important to highlight that many companies that choose to pay international suppliers in digital assets do so because of the predictability of the payment timeframe and the speed of transactions.
Double Conversion When Paying in Euros
When the supplier invoices in euros, the money rarely travels in the same currency. It is usually converted first to US dollars and then to euros, since many international routes pass through correspondent banks that operate in dollars, applying an exchange rate differential at each stage of the process.
This “double markup” silently increases the cost of the transaction, as it doesn’t appear as an explicit commission on the receipt but is instead included within the rate applied to each conversion. Therefore, it’s advisable to confirm the actual currency in which each payment segment is executed and evaluate alternative payment methods, such as using other currencies or direct settlement in fiat currency via stablecoins, to avoid double-checking the foreign exchange market and its associated costs.
Lack of traceability during payments
Once the transfer is sent, the company often loses track of the money’s location. The initial receipt usually confirms that the order originated from the issuing bank, but often doesn’t indicate which institution holds the funds or when they will actually arrive at their final destination. This lack of transparency turns every inquiry into a lengthy process, requiring the finance team to contact their bank, wait for a response (which can take days), and then forward it to the supplier without any guarantee. For this reason, traceability has become a central criterion when evaluating the B2B payment infrastructure of any provider, since a verifiable identifier enables immediate responses to the counterparty and a more transparent process without relying on third parties or on the response times of a traditional bank.
Unexplained Refunds
It’s unusual for a payment to be returned to the sender several days after being sent, especially when it’s accompanied by a generic message that makes it impossible to identify what needs to be corrected for the transaction to go through. When this happens, the company loses time, incurs the costs of the failed transaction, and jeopardizes the commercial agreement with its supplier, with whom a shipping date had already been agreed upon. Given these problems, it’s crucial that the supplier has a dedicated support channel that explains the specific reason for the rejection, so the sender can correct it immediately.
Mistrust of business partners
Many international suppliers associate payments from Venezuela with delays and complications, even without knowing the company’s payment history or actual ability to pay.
This perception translates into less favorable commercial terms, such as requests for advance payment, longer shipping times, demands for additional guarantees, or negotiations that fail to materialize despite the initial interest from both parties. It’s important to note that a verifiable transaction history usually reverses this level of distrust more quickly than any sales pitch, as it allows the provider to verify the status of each payment directly, without intermediaries.
What are your thoughts on this? Are you aware of any other problems Venezuelan companies face when making international payments in dollars or euros?
If your company needs an international payment provider in dollars or euros, you can contact us by visiting the following link.
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