Experts foresee a boom in electronic remittances to Venezuela: "digital wallets will be the big winners"
Remittances from Venezuelans abroad will grow as the disparity between the official exchange rate and the parallel market rate decreases, and the big beneficiaries will be instant digital sending applications, according to a panel of experts on Monday. AFP "Digital wallets will be the big winners here in Venezuela," explained via teleconference Juan Mendoza, general director of the Panama-based company Zinli, during an event organized by the Diálogo Interamericano analysis center. Changes have accelerated since Nicolás Maduro left power, the expert added. Venezuela received around 6 billion dollars in remittances in 2025, according to calculations published by Diálogo Interamericano. "We are seeing that the 'gap' or difference between the official exchange rate and the parallel rate (between the dollar and the bolivar) has reduced from almost 120% to 30% currently," added this expert. "What we are seeing after Maduro's fall is that account deposits are growing enormously," added Gene Nigro, vice president of Remitly, another remittance company. "We predict that the Venezuelan economy will lack dollar bills. Therefore, opportunities will arise with electronic means, with electronic transfers of US dollars within the country at the time of receipt, and with a new exchange rate," Mendoza added. Venezuela went from being a remittance-issuing country for decades, with immigrants living in the country during the oil prosperity era, to becoming a net recipient, due to the large diaspora abroad. Around 8 million Venezuelans live abroad, of which almost half (3.9 million) regularly send money to the family members they left behind, according to Diálogo Interamericano calculations. Due to restrictions from the national government and US sanctions, only 15% of the market passed through traditional channels, via bank transfers or exchange houses. In just three months, remittances from the United States through formal channels grew from 5% to 20%, calculates Manuel Orozco, director of the Migration and Remittances Program at Diálogo Interamericano. The possible rebirth of oil investment in the country, thanks to reforms in the sector, could also provoke an accelerated return of migrants, according to Mendoza, who calculated that up to three million Venezuelans could return in two years. If you want to receive this and other information on your mobile, download Telegram, enter the link https://t.me/albertorodnews and click +Join. https://albertonews.com
TL;DR
- Venezuelan remittances abroad are expected to increase as the gap between official and parallel exchange rates narrows.
- Digital wallet applications are predicted to be the biggest beneficiaries of this remittance growth.
- The difference between the official and parallel exchange rates has shrunk from nearly 120% to 30%.
- Deposits in accounts are growing significantly, indicating a shift towards electronic transactions.
- Venezuela is transitioning from a remittance-issuing country to a net recipient due to its large diaspora.
- Approximately 3.9 million out of 8 million Venezuelans abroad regularly send money back home.
- Only 15% of remittances previously used traditional channels due to restrictions and sanctions.
- Remittances from the US via formal channels have increased from 5% to 20% in three months.
- Reforms in the oil sector could lead to an accelerated return of up to three million Venezuelan migrants.