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
Popular money transfer services that send to
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
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
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
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.