Traveling To Bolivia? Usd Exchange Made Easy

When travelling to Bolivia, it is important to know that the official currency is the Boliviano, denoted by Bs or BOB. While some tour operators and hotels may quote their prices in US dollars and accept payment in either currency, smaller shops, stalls and local businesses will only take Bolivianos. It is recommended to bring new, crisp USD bills to exchange for Bolivianos at casas de cambio (exchange agencies) or with street money-changers, though the latter may require negotiation for a preferable rate. ATMs are available in major cities and towns, but they may not be reliable in smaller towns, so it is best to carry cash when travelling outside of urban areas. Credit cards are accepted in mid-range to top-range hotels and restaurants, but they often incur a transaction fee.

Exchanging USD for Bolivianos

The official currency of Bolivia is the Bolivian boliviano (Bs or BOB). While some tour operators and hotels quote their prices in US dollars, they will usually accept payment in either USD or BOB. However, for most other transactions, you will need to use the local currency.

The best way to exchange USD for BOB is to use a casa de cambio (currency exchange agency). These are available in most neighbourhoods in Bolivia. You can also exchange money with street money-changers, but you will need to negotiate a preferable rate. Additionally, most Bolivian ATMs will dispense USD as well as BOB, so you could withdraw USD and then exchange it for BOB at a casa de cambio.

It is important to note that Bolivia is a cash-based economy, and credit and debit cards are rarely accepted outside of major cities. Therefore, it is advisable to carry plenty of cash when travelling to rural areas.

When exchanging USD for BOB, make sure that your bills are new and crisp as old bills are often inspected and rejected. It is also a good idea to bring at least two types of credit card in case one is not accepted. Additionally, inform your bank in advance that you will be travelling to Bolivia to avoid any issues with ATM transactions.

The exchange rate for USD to BOB can vary, but as of September 2024, $1 USD is worth approximately 6.897 to 6.903 BOB.

Using ATMs in Bolivia

ATMs in Bolivia are generally accessible in sizeable towns and major cities, but they are not always reliable. It is recommended to carry cash when travelling to smaller towns, as ATMs may not be available or may not accept foreign cards. Some travellers have reported issues with ATMs in places like Uyuni and Tupiza, where machines can run out of cash or malfunction.

It is advisable to inform your bank in advance about your travel plans to Bolivia, and ensure that your ATM card has a 4-digit PIN. While most ATMs in Bolivia do not charge a withdrawal fee, your bank may impose a fee for overseas transactions. Additionally, the currency conversion rate may not be favourable, resulting in higher costs. To mitigate this, consider using a TransferWise MasterCard, which offers better exchange rates and lower fees.

The withdrawal limits vary depending on the bank, typically ranging from 1500bs to 6500bs per transaction, with an average maximum of 3500-4000bs. Recommended banks for ATM usage include BNB, BCP, BMSC, and Banco Union.

When it comes to card networks, VISA is the most widely accepted, followed by MasterCard. American Express has limited acceptance in Bolivia.

It is worth noting that some travellers have reported issues with fraudulent ATMs that skim card information or retain cards. Be cautious and use ATMs that appear to be well-maintained and secure.

If you encounter issues with ATMs or prefer alternative methods, there are other options for accessing cash. Money exchange services, known as "casas de cambio" or "bureau de change," are available in cities and most towns. These services often provide better exchange rates than banks. However, it is recommended to use reputable and professional establishments to avoid potential scams.

Additionally, international money transfer services, such as World Remit, Ria Money Transfer, and Wise (formerly TransferWise), allow you to send money online and then pick up cash at local authorised locations. This method can be more convenient, safe, and cost-effective than relying solely on ATMs.

In summary, while ATMs in Bolivia can be convenient in major cities, it is important to be prepared for potential issues and have backup options for accessing cash. Inform your bank about your travel plans, carry multiple types of credit cards, and consider using money exchange services or online money transfer platforms for a smoother financial experience during your trip to Bolivia.

Paying with credit cards

Foreign cardholders can make credit card purchases within Bolivia depending on the regulations of their home bank. It is a good idea to tell your bank in advance that you will be travelling to Bolivia. ATMs are plentiful in major cities as well as some small towns, but be sure your ATM card has a 4-digit PIN. Banco de Credito has favourable transaction rates, while Banco Union does not.

Exchanging money in hotels

While US dollars are widely accepted in Bolivia, particularly in hotels and restaurants, it is not a good idea to rely solely on this currency during your trip. You will need the local currency, the boliviano, when travelling to smaller towns and more remote regions.

Exchanging money at your hotel is a good option, as many places in Bolivia will allow you to do this. Ask about limits before you need to exchange cash, and try not to draw attention to yourself when doing so. Bolivia is one of the poorest countries in South America, and flashing a great deal of cash can make you a target for robbery.

It is also possible to exchange money at official exchange offices (known as "casas de cambio") or banks, although banks often have long lines and chaotic processes. Casas de cambio are more secure than street exchangers, but be aware of high commissions or exchange fees.

Carrying cash in Bolivia

Bolivia is one of the most affordable countries in South America, and its official currency is the Boliviano (Bs). While it is possible to pay in US dollars in some places, it is always a good idea to carry cash in the local currency. Here are some tips for carrying cash in Bolivia:

Exchanging Money

You can exchange US dollars for Bolivianos at authorised currency exchange centres, banks, hotels, and airports. Exchange rates at banks are usually better than at hotels and airports. Centres in touristy areas of La Paz, Sucre, and Cochabamba should have an authorisation certificate. It is best to stick with reputable centres that have professional-looking offices. Street exchangers are also an option but use them with caution as some are untrustworthy.

Using ATMs

Bolivia has a network of over 4,000 ATMs across its cities, but they are less common in smaller towns. Popular banks with ATMs include BCP Bolivia, Banca Ganadero, BNB, BancoSol, and Mercantil Santacruz. ATMs typically accept international debit and credit cards such as Visa, Mastercard, Cirrus, Plus, and Maestro. Withdrawing cash from ATMs is generally safe, but it is important to use machines in busy, well-lit areas and exercise caution during the nighttime.

Carrying Cash

It is generally not advisable to carry a large amount of cash in Bolivia. Only carry what you need for a few hours or for the day. Distribute your cash in different places, such as a safety belt or fanny pack, and avoid displaying large amounts of cash in public. Be discreet when making payments and keep your cash out of sight, especially at border crossings where officials have been known to angle for bribes.

Credit Cards

Credit cards are accepted in mid-range and higher-end hotels, restaurants, and stores, but they usually charge a service fee. Visa and Mastercard are the most widely accepted, followed by American Express and Diners Club. It is a good idea to bring at least two types of credit card in case one is not accepted.

Cash vs Cards

In many places outside the big cities, cash is your best bet. You will need cash for street shopping, local taxis, small purchases, street food vendors, tips, food from local restaurants, entry fees for some temples and museums, public buses, hostels, local trains, tour operators, local markets, and bazaars. On the other hand, cards are more useful for good sit-down restaurants in major cities, shopping in malls and branded stores, upmarket hotels, professional taxi booking services, and online bookings.

Notes and Coins

Boliviano notes come in denominations of 10, 20, 50, 100, and 200. Coins are in denominations of 1 and 2 Bolivianos, and 5, 10, 20, and 50 centavos. Small change is in chronic short supply in Bolivia, so break your large bills whenever possible. Also, make sure your US dollar bills are crisp and new as old ones are often rejected.

Frequently asked questions