The skim is on. Venezuela "allows" remittances at fraction of real world rate

[GatoGordo]

Zoom started operations with remittances at Bs. 1,303,270 per dollar

Translated from Spanish

After the announcement made by the Government that authorizes three private exchange houses to carry out transactions with remittances entering the country, the Zoom and Italcambio companies began to carry out the transaction at a rate of Bs. 1,303,270 bolivars per dollar.



"When you do the transfer you have to bring the code generated by the system, a copy of the ID card , a copy of the RIF and a personal account support," an employee of the Zoom office based in La California Norte, Caracas , confirmed to Sumarium .

He noted that the transfers are made through Wester Union "only to receive money from abroad," and it takes a period between 48 and 72 hours to be effective in the account in bolivars

http://reporteconfidencial.info/noticia/3313111/zoom-inicio-operaciones-con-remesas-a-bs-1303270-por-dolar/

Chavismo is now "allowing" its citizens to get money from relatives abroad from three approved exchange houses. The houses are allowed to change dollars (hard currency) into the local currency (useless Bolivar) at about 33% of its real value on the street. The other 66% of the value goes to Chavismo. A transaction fee goes to the exchange house (paid by the customer, not Chavismo). However... this is a one way street. You cannot bring in your pile of worthless Bolivars and demand dollars at the same exchange rate. Or any rate. Because even Maduro doesn't want Bolivars when the currency loses 27,000% of its value per year.