Third private bank of Venezuela agrees alliance with service company to receive remittances

The third private bank in Venezuela, Banesco, said on Tuesday that it has entered into an alliance with the transfer service company, Moneygram, so that Venezuelans can send remittances to the south american countryexpanding that service in the OPEC nation.

since 2015 Some 7 million Venezuelans have migrated due to the deep economic and social crisis in Venezuela and many of those people who live abroad send money to their relatives to cover food and health expenses due to the high inflation in the Caribbean nation.

18% of Venezuelan households receive an average of 84 dollars per month in remittances, according to a report from the Inter-American Development Bank of December 2022. Local firms estimate that the volume of remittances exceeds 1.5 billion dollars per year.

Venezuelans abroad send remittances through service companies that have agreements with exchange houses, financial operators, among other channels, so now local banks become a new channel to capture that money.

Banesco, the third bank in assets and deposits, begins this week to receive remittances, and for this Venezuelans who are abroad will be able to use the Moneygram platform.

People residing in the country will receive the money in bolivars, the local currency, in their accounts at the entity, Yolanda Gigante, executive innovation manager of the financial institution, told reporters, adding that previously the currencies will be sold at the cash desks. change.

The Venezuelan exchange market has exchange tables, managed by local banks, and placements made by the Central Bank of Venezuela. The authorities seek to increase the supply of dollars to keep the exchange rate stable and stop the rise in prices.

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