In order to open a bank account in Venezuela a person must have an ID card, a reference from their current bank and personal references, a copy of a utility bill which has the current address on it, a completed application form and the minimum deposit required by the bank. The minimum deposit varies from bank to bank, but most will request one. If possible the personal reference should be provided by a Venezuelan. Some banks may allow you to open the most basic account with a minimum of paperwork, but these accounts will not have debit cards or credit facilities and you may be very restricted with the type of transactions that you are able to carry out.

A current account can be used for day to day payments of bills and other financial transactions. Deposits can be made by cheque, cash and bank transfers. Some credit facilities may be available if arranged in advance with the bank. A current account will have a debit card and cheque book issued and as an expat you may be asked for ID when you try to use it. It is a good idea to carry a local ID card or passport when you go shopping. Savings accounts are ideal for those who do not need to access funds on a regular basis. Account holders are issued with passbooks for savings accounts and the requirements for opening the accounts are the same as for a current account.

Unlike most other countries it is only possible to open current and savings accounts in the local currency. This is due to strict controls on the exchange of foreign monies. It also means that monies being transferred from other countries may be subject to stringent checks and charges. These regulations will vary from bank to bank and it is worth checking in advance to find out the policy of each individual bank.

Banks in Venezuela open from 8.30 am to 3.30 pm from Monday to Friday. Those banks which are located in busy shopping areas may extend their opening hours until 9 pm at night and include weekends in their opening hours. Some banks will have a customer service department that may be contactable by telephone after the usual working hours. Some banks have an online banking system which will allow account holders to pay bills and transfer funds at any time of day or night. However, some small local banks may prefer the account holder to use only their own branch for transactions like these, so you will need to ask if these restrictions are in place.

Most current accounts will give holders a card to be used in ATM machines. This gives access to funds 24 hours a day. Some banks may charge if you use the ATM machines of other banks. The machines are located outside most branches of banks and in busy shopping areas. Other charges that may be applicable include charges for some transactions, particularly foreign transactions, charges for unauthorised overdrafts and some administration fees. These charges will vary from bank to bank and it is worth talking to a few different banks prior to opening an account in order to establish which fees you may be charged.

As well as local banks there are several international banks with branches in the country. It may help to have an existing account with one of these banks but it is unlikely you will be allowed to have an account in any other currency. They may be able to help you to set up the account from another location but you will still be subject to the same checks and regulations.

You may also find that choosing an account with a local bank leaves you unable to use your debit card if you are in another country. If you need to travel and access funds in other countries you should make the bank aware of this so that they can ensure that you have the correct type of account.