Send a Money or Wire Transfer to Any Bank Account in Venezuela

Make sure you are using their fast option, however, or you could end up waiting up to five days. With MoneyGram’s fast option, your money should reach its Venezuelan destination in a matter of minutes. Like banks, American money transmitters must report suspicious activities to FinCEN, the U.S. agency that oversees the fight against financial crime. Yet officials acknowledge that they catch little of the illicit money that passes through money transmitters.

You will not be able to send money to a Venezuelan bank account through MoneyGram — only to MoneyGram agent locations for cash pickup. Our MoneyGram money transfer guide will help you learn more about MoneyGram and how to use its services. Remittance flows to Latin America and the Caribbean surged living bing to $131 billion in 2021, up 25.3 percent from 2020 due to the strong job recovery for foreign-born workers in the United States. Countries registering double-digit growth rates included Guatemala , Ecuador Honduras , Mexico , El Salvador , Dominican Republic , Colombia , Haiti , and Nicaragua .

Arido, for example, received $28,732 from 30 Western Union branches in seven countries, according to the suspicious activity report. The ICC had issued a warrant for Arido’s arrest at least a year and 10 months before Western Union submitted its report to FinCEN. Traditional remittance companies are now trying to include crypto in their operations and offer more crypto-related services. Moneygram, a remittance and payments company, recently announced it would start allowing its users to include USDC, a dollar-pegged stablecoin, as part of its crypto off and on-ramping program. The company will make use of the Stellar network as a settlement layer to make the needed USDC transactions for the operation of the program. Remittance flows to the East Asia and Pacific region fell 3.3 percent following a 7.3 percent drop in 2020.

He’s mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zak’s focus is in breaking down technical concepts into approachable nuggets of information. Before diving into all things crypto, Zak contributed to Finder’s money transfers vertical. Meg’s practice involves assisting multinational companies with export compliance related matters, specifically trade sanctions and export control classifications. Additionally, she assists companies with respect to customs laws, anti-boycott laws and other trade regulation issues in the US and abroad. She also helps obtain authorizations from the US government for activities subject to sanctions regulations and US export control regulations, including the Export Administration Regulations and the International Traffic in Arms Regulations.

This program is part of the partnership that Moneygram inked with the Stellar Development Foundation last October when the company announced that it would start allowing customers to send USDC-denominated remittances. MoneyGram International, Inc. provides payment services The Company enables consumers to make payments and to transfer money. If the agent can’t provide the payment in cash, the money will be sent to your bank account through Pago Movil or Bank Transfer.

The undated Western Union document is one of more than 2,600 records obtained by BuzzFeed News and shared with the International Consortium of Investigative Journalists as part of the FinCEN Files investigation. The reporting team found that banks, money transmitters like Western Union and other financial institutions have moved vast amounts of money for people accused of corruption and other crimes, often long after allegations were first made public. MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world’s top brands to serve consumers through its direct-to-consumer digital channel, global retail network, and embedded finance business for enterprise customers. MoneyGram is also a leader in pioneering cross-border payment innovation and blockchain-enabled settlement.