What currency does Bolivia use? The Bolivian boliviano (BOB), in its current form, has served as the official currency of Bolivia since 1987. One boliviano is divided into 100 cents or centavos. The boliviano was first introduced in 1864 and it continued to be used as the country’s currency until 1963.
When sending money to a Bolivian bank account, you will need the bank’s SWIFT code. The table below lists SWIFT codes of some popular banks in Bolivia.
|Banco Santa Cruz||Santa Cruz de la Sierra||BSCHBO21XXX|
|Banco Nacional de Bolivia||La Paz||BNBOBOLXXXX|
|Banco de Credito de Bolivia||Santa Cruz de la Sierra||BCPLBOLXSCZ|
|Banco Union||La Paz||BAUNBO22XXX|
Camila was happy that she got an opportunity to work in Spain. While she was more than eager to move, her aging mother wanted to stay put in Bolivia because all her relatives were there. Once Camila moved to Spain, she started sending some money to her mother each month. She heard that specialist money transfer companies offered better deals than banks, so she decided to compare top players from both realms. The corresponding table shows you what she found.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||EUR 1 = BOB 8.0630||EUR 1 = BOB 8.2780|
|Transfer fee||EUR 20||EUR 0|
|Amount received for EUR 2,000||BOB 15,964.74||BOB 16,556.00|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||BOB 591.26|
Camila benefitted by using the money transfer company instead of the bank because her mother stood to receive some extra money every time. In addition, she could lock in exchange rates for up to six months and also schedule subsequent transfers according to her needs.
When sending money to Bolivia quickly is your top priority, consider getting the recipient to collect it from a physical location. Some of the top companies that have a physical presence in Bolivia include Western Union, MoneyGram, WorldRemit, Ria, and Azimo.
|WESTERN UNION IN BOLIVIA|
|Santa Cruz de la Sierra Militel Paurito Avenida Paurito S/n Entre Prol Che Guevara Y Av Belen Santa Cruz de la Sierra||Banco Mercantil Santa Cruz Agencia Plan 3000 Av Paurito No 6070 Santa Cruz de la Sierra|
|El Alto Banco Prodem Ag Rio Seco Av Juan Pablo li Esq Av Luis Espinal El Alto||Banco Mercantil Santa Cruz Agencia Rio Seco Av Juan Pablo li N 3010 Rio Seco El Alto|
|MONEYGRAM IN BOLIVIA|
|Santa Cruz de la Sierra Banco Mercantil Santa Cruz Avenida. Principal Pi Manzano 7 Santa Cruz de la Sierra||Banco Ganadero 3er. Anillo Interno Zona De Mercado Mutualista Santa Cruz de la Sierra|
|El Alto Crecer IFD - Senkata Aconcagua Entre Mercedario Y Cotacachi El Alto||Mutual La Primera Ballivian Otero Esq Calle 17B Pasje Peatonal 1309 El Alto|
Instances of foreigners being targeted by thieves are common, so remain vigilant at all times. Petty crimes such as pickpocketing and bag snatching are reported from the larger cities and around popular tourist destinations. Remain watchful when using public transportation and while walking around crowded areas.
Make sure you only use radio-taxis because there has been an increase in robberies that involve taxis in Santa Cruz and La Paz. Women should remain particularly careful inside clubs and hostels because instances of sexual assault have been reported. Never leave your food or drink unattended and do not accept food, drinks, or cigarettes from strangers or new acquaintances.
The information that your service provider will need when sending money to Bolivia depends on the desired transfer method.
The Bolivian boliviano is a freely convertible currency so you may send it to or from Bolivia easily. There are no restrictions on entering the country with up to U.S. $10,000 or its equivalent in another currency. You need to declare any amount over this limit upon arrival. If you bring in more than U.S. $50,000, you will need to register it with the Central Bank of Bolivia.
Sending more than U.S. $10,000 to Bolivia requires that you mention the source of the funds, and transfers of more than this amount are registered with the customs authorities. If you plan to transfer U.S. $50,000 to U.S. $500,000, you will need authorization from the central bank. To transfer more than U.S. $500,000, you will need approval from the finance ministry.