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BOLIVIA

Send Money To Bolivia

Bolivia is a landlocked country that shares borders with Brazil, Chile, Peru, Paraguay and Argentina. The name Bolivia was coined from one of the foremost independence fighters Simon Bolivar. Bolivia won its independence in 1825. Is post-independence story is dotted with coups as well as counter-coups. The total of these is almost 200. Almost 60 percent of the population is purely native American. The capital city is La Paz although the Sucre is the one recognised by the constitution. La Paz is basically where the government is based. Bolivia has a population of just over 11 million people.

A trip to Bolivia can best be described as a trip back into time. The changing times don’t seem to have changed much in this highly indigenous country. It is a country that boasts diverse multi-cultural experiences, beautiful natural landscapes and unimaginable adventures. The country’s top tourist attractions are great opportunities for once-in-a-lifetime experiences.
Bolivia

Popular money transfer services that send to
bolivia

  • USForex
  • XendPay
  • NzForex

Currency Used

The official currency of Bolivia is the boliviano. Its official abbreviation is BOB. The boliviano has been used since 1864. One boliviano is comprised of 100 centavos. The centavo exists in denominations of 2, 5, 10, 20 and 50. The boliviano bills are available in denominations of 2, 5, 10, 20, 50, 100 and 200.

One Bolivian boliviano is the equivalent of 0.11 British pounds or 0.14 US dollars. If you are a foreigner going to Bolivia, there are many locations in Bolivia where you can exchange currency. Exchanging pounds, dollars and euros will not be a problem at all. All the major towns and cities have multiple ATMs. But if you are visiting the rural areas, you may want to have enough Bolivian currency on you as some places don’t have any ATMs.

Cash is the most used method of making purchases in Bolivia. Only upscale establishments accept credit cards. Smaller shops will most likely direct you to the nearest ATMs.

ATMs in Bolivia have a limit of $300 for every transaction. The idea behind this is to protect you from being extorted by thieves for larger amounts.  

Send Money with Bank Deposit

When it comes to money transfer, Bolivia has one of the most unfavourable laws pertaining to foreign investments. The corporate tax in Bolivia is 25 per cent but when a company wants to send money abroad, the Bolivian Tax Authority assumes that 50 percent of the transfer is profit. Therefore half of any money transferred abroad is subject to 25 percent corporate tax.

Banking transactions above $10,000 require a document detailing the source of the funds. Any transfer exceeding this amount must be registered at the customs office. Central bank authorisation is required for transfers between $50,000 and $500,000 while the public finance ministry approves amounts in excess of $500,000.

Bolivia’s remittance policy is quite lax. There is a limit of $2,500 per transaction but the number of transactions one can remit is unlimited. With the frequency of remittances to and from the country increasing constantly, banking regulators have been contemplating imposing some limits.

Bank account holders are free to maintain their accounts in dollars or bolivianos. They are also free to make transfers between the accounts freely. As a business traveller, the maximum amount you can bring into the country is $10,000. Any amount higher than this requires government permission.

Send Money Through Cash Pickup

With Bolivia’s very lax policies on cash remittances, this is a very straight forward process. The exchange rates in the banks are the same as they are on the streets. The maximum amount you can send outside the country through a bank transfer is $2,500.

There is also a fixed exchange rate and there is no currency manipulation from the government.

To make a bank transfer is very straight forward. This is because all you need to open a bank account is an approved local address and a valid identity card. All international transfers coming bin are subject to an international transfer fee.

Money Transfer Regulations

As with many other countries around the world, this is a great way to receive or send money abroad. The process is simple, and the recipient is able to access the money within a very short time. There are a good number of cash pickup agencies in Bolivia, especially in the major towns.

Since Bolivia’s exchange rates are the same everywhere, it doesn’t really make a big difference, whether you receive your money in foreign or local currency.

One big advantage of using a cash pickup service in Bolivia is that it is very secure. The sender has to tell you the transaction number. The money will not be given out to any person who cannot say that number. This is in addition to being required to provide ID proof.

The transfer fees vary from agent to agent although the difference is not that substantial. As long as you pick a trustworthy cash pickup agent, you will be fine.