Where To Exchange Currency In Miami: Bolivian Money

Miami is a tourist city with a high international population, so it's no surprise that there are plenty of options for exchanging money in the city. If you're looking to exchange money for Bolivian currency in Miami, Florida, there are a few things to keep in mind. Firstly, it's recommended to avoid airport and hotel currency exchanges, as these often offer less favourable exchange rates than other options. ATMs are a convenient choice, but be sure to check with your bank about any foreign withdrawal fees, as these can add up. If you prefer in-person exchanges, there are several reputable currency exchange bureaus in Miami, such as Lincoln Currency Exchange, Currency Exchange International, and Abbot Foreign Money Exchange. These businesses offer a wide range of foreign currencies and competitive exchange rates. It's always a good idea to compare the offered rate with the mid-market rate to ensure you're getting a fair deal.

Currency exchange kiosks at Miami-Dade International Airport

Currency exchange kiosks at Miami International Airport are convenient for travellers who need to change money upon arrival at the airport. However, it is important to note that airport kiosks often charge high fees and offer unfavourable exchange rates.

If you decide to use a currency exchange kiosk at Miami International Airport, you can find them at the following locations:

• North Terminal (Level 2, Gates D19, D29)
• Central Terminal (Concourses F, G and E)
• The Greeter's Lobby (Lobby E and J)
• The area near security control points (Lobby J and D)
• North Terminal D (Level 4) where the Bank of America currency exchange branch (including ATM) is situated
• Central Terminal E (Level 2) where the Western Union kiosk is located, open on weekdays from 10 am to 4 pm

In addition to the kiosks, there are currency exchange offices at the airport, such as Ice Currency Exchange, which offers exchange services for over 50 currencies and is located in various terminals.

While the airport currency exchange services may be convenient, it is recommended to carefully consider your options. Exchanging currency in your home country before travelling or seeking out a reputable currency exchange service in Miami may provide you with better rates and lower fees.

Currency exchange bureaus in Miami

Miami is a tourist city with a high international population, so it's no surprise that there are many currency exchange bureaus located in the city. Here is a list of some of the top currency exchange bureaus in Miami:

Abbot Foreign Money Exchange

Located at 230 NE 1st St. in Miami, this currency exchange bureau is easily accessible via the local MetroMover train. With positive customer reviews for its favourable rates and friendly service, Abbot Foreign Money Exchange is a great option for those looking to exchange dollars to euros. Spanish is also spoken here, catering to Miami's diverse population.

Currency Exchange International

A trusted national chain, Currency Exchange International has a branch in the Dadeland Mall at 7535 North Kendall Dr. in Miami. They promise to match or beat same-day exchange rates offered by local banks. Their website provides detailed directions from the Miami-Dade International Airport, making it convenient for travellers. Their operating hours are also accommodating, open until 9 pm every day except Sunday when they close at 7 pm.

Lincoln Currency Exchange

Located at 1633 Washington Avenue in Miami Beach, Lincoln Currency Exchange is perfect for those who want to exchange foreign currency for dollars near the beach. With over 80 types of foreign currency on hand, Lincoln Currency Exchange is ideal for travellers from smaller countries whose currencies may not be carried by other exchanges. They are open late, 10 pm every day of the week, making them a convenient option for those with busy schedules.

First Citizens Bank

For residents of Miami planning an overseas trip, First Citizens Bank in Coral Gables is a good choice. They offer helpful customer service for those new to currency exchange, and their rates are expected to be on par with market value.

In addition to these bureaus, there are other options in Miami such as Miami Money Exchange, Doral Currency Exchange, Euro Exchange USA, and Global Market Business. It is always a good idea to compare rates and choose a reputable currency exchange bureau to get the most out of your money.

Exchanging money before travelling

Research Exchange Rates

Before exchanging your money, it's important to understand the current exchange rates. Use a trusted source, such as Reuters, to check the rates and get an idea of what to expect when comparing rates at different institutions. This will help you make an informed decision and ensure you're getting a fair deal.

Compare Rates at Banks and Exchange Bureaus

Your local bank or credit union is typically the best place to start. They often offer competitive rates and lower fees for currency exchange, especially if you're already a customer. Compare the rates and fees at different banks to find the most favourable option. Keep in mind that exchange bureaus, especially those at airports, tend to offer less favourable rates and may charge higher fees.

Consider Ordering Currency Online

Online currency converters, such as Currency Exchange International, offer a convenient way to order foreign currency. However, be mindful that their exchange rates may be less favourable, and delivery charges can eat into your funds.

Withdraw Cash at Your Destination

Using ATMs at your destination is often a good strategy. If your bank has a presence or partner banks in the country you're visiting, you may be able to withdraw cash with competitive exchange rates and minimal fees (typically 1% to 3%). Notify your bank about your travel plans to avoid triggering fraud alerts, and use your institution's app to locate ATMs that are part of their network.

Choose the Right ATM

Not all ATMs offer the same exchange rates. Avoid ATMs at airport arrival areas, convenience stores, and hotel lobbies, as they often provide unfavourable rates. Instead, seek out ATMs from major banks in the country you're visiting. These are more likely to offer exchange rates closer to the inter-bank rate, which is what banks charge each other for currency conversion.

Carry a Credit Card with No Foreign Transaction Fees

Having a credit card with no foreign transaction fees is a valuable tool when travelling. These cards offer the best exchange rates available to travellers and are widely accepted. Remember to carry more than one card and store them separately to avoid being stranded without funds in case of loss or theft.

Research Your Destination's Spending Habits

Different countries have different preferences when it comes to cash versus card payments. For example, Germany tends to favour card payments, while Vietnam relies more on cash for smaller transactions. Researching your destination's spending culture will help you avoid surprises and ensure you have the right payment methods available.

By following these tips, you can maximise the value of your money and minimise fees when exchanging currency before travelling. Remember to compare rates, utilise your bank's services, and be mindful of the spending habits at your destination to make the most of your financial resources while abroad.

Exchanging money via an ATM

Advantages of Using ATMs:

• Convenience and Accessibility: ATMs are readily available in most major cities and tourist destinations, making it easy to access cash whenever needed.
• Better Exchange Rates: In many cases, ATMs offer more favourable exchange rates compared to money changers or currency exchange kiosks at airports.
• Security: Carrying large sums of cash can be risky. With an ATM card, you have added security as you can block the card immediately if it is lost or stolen.
• Ease of Use: Withdrawing cash from an ATM is usually straightforward, and you can get local currency directly without having to first exchange your money into US dollars.

Disadvantages of Using ATMs:

• Fees: Using an ATM for foreign transactions may incur fees from your bank and the local ATM operator. These fees can add up, especially if you make multiple transactions. It is advisable to check with your bank about their policies on overseas withdrawals and transactions.
• Dynamic Currency Conversion (DCC):: Some ATMs offer DCC, which allows you to be billed in your card's original currency. However, this often comes with unfavourable exchange rates and additional fees. It is recommended to decline DCC and always choose to be billed in the local currency.
• Withdrawal Limits: Banks usually have daily withdrawal limits, so if you need a large sum of money, you may need to make multiple transactions or explore other options.
• Card Compatibility: Ensure that your card is compatible with ATMs in your destination country. Look for logos of major credit card operators (Visa, MasterCard, Plus, or Cirrus) or local banking operators to ensure compatibility.

When using ATMs in Miami, Florida, or when travelling to Bolivia, keep these considerations in mind to make informed decisions about exchanging money via ATMs.

Using a credit card to pay

Miami is a tourist city with a high international population and has over 100 foreign consulates and foreign trade offices. You will be able to find several currency exchange offices in the city.

If you are looking to exchange money for Bolivian money in Miami, Florida, and want to use a credit card to pay, there are a few things you should keep in mind.

Firstly, it is recommended to use a credit card with no foreign transaction fees. Many credit card issuers charge fees for purchases made overseas, typically ranging from 1% to 3% of each purchase. These fees can add up over the course of your trip, so choosing a card with no foreign transaction fees can help you save money.

Secondly, call your credit card issuer before leaving to notify them of your travel plans. This will ensure that your card does not get suspended due to suspicious activity, and it will also allow you to get assistance while overseas if needed. Some card issuers, like American Express, use fraud technology to recognize when cardholders are travelling, but it is always a good idea to check with your credit card company before you leave.

Thirdly, avoid dynamic currency conversion, which is a feature that allows you to make a credit card purchase in a foreign country using the currency of your home country. Foreign merchants may offer to quote the final price in US dollars, but they often do so at uncompetitive exchange rates. To avoid these unnecessary costs, simply refuse to sign any receipt not expressed in the local currency.

Finally, memorise your PIN before you leave. Some credit card terminals, particularly in Europe, require the cardholder to enter a personal identification number (PIN). Having your PIN set up and memorised will ensure a smooth transaction process.

By following these tips, you can make the most of using a credit card to pay for currency exchange from Bolivian money to US dollars in Miami, Florida.

Frequently asked questions