Bolivia Travel: How Much Cash To Carry?

Bolivia is one of the most affordable countries in South America, and travellers on a budget can get by on $20 a day. However, it is not as advanced when it comes to banking, payments, and currency exchange, so it's important to be prepared. The official currency is the Boliviano, and it is difficult to obtain it outside of Bolivia. US dollars are widely accepted, and it's a good idea to bring some with you, including smaller denominations for tipping and paying for small items. Credit and debit cards are also widely accepted, but it's best to carry multiple types in case one is not accepted. ATMs are available in major cities, but they may run out of cash or not work, so it's important to carry cash as well.

Exchanging cash

The official currency of Bolivia is the Boliviano (Bs). The exchange rate of the Boliviano to the US dollar has remained stable in recent years. You can check the current rate on xe.com.

It is difficult to get hold of Bolivianos before arriving in Bolivia. If you are flying into La Paz or Santa Cruz airports, there are currency exchange facilities and ATMs, so you can exchange or withdraw some money upon arrival. If you are arriving via a land border from Peru or Argentina, you can exchange US dollars for Bolivianos in the border towns of Desaguadero, Copacabana, and Villazon.

It is recommended to bring plenty of small-denomination US dollar notes with you from home, as these will give you the most flexibility when exchanging, and many places will accept payment in small US dollar notes. Other currencies, such as Canadian dollars, Australian dollars, and UK pounds, will be difficult or impossible to exchange, and if you do find a way, the rate will be terrible. Euros may be accepted but will also be problematic.

You can exchange US dollars for Bolivianos at casas de cambio (exchange agencies) or with street money changers, but with the latter, you will need to negotiate for a preferable rate. Exchange offices are more secure than street changers, but look out for high commissions or exchange fees.

ATMs are available in major cities and some small towns in Bolivia, but do not rely on finding one in small villages. It is recommended to bring at least two types of credit card in case one is not accepted. Visa is the most widely accepted, followed by Mastercard. Maestro is accepted but can be problematic. American Express is not accepted at all.

Banks in all major cities and larger towns are connected to the nationwide Enlace network of ATMs, from which you can withdraw cash in US dollars or Bolivianos using a credit or debit card. Banco de Credito has favourable transaction rates, while Banco Union does not.

Be wary of ATM fraud and credit card skimming, where fraudsters copy your card information. There is a limit to the amount of money you can take out from a Bolivian ATM, and the amount varies depending on the bank. Some smaller banks limit you to about Bs1500 per transaction, while larger banks can allow up to about Bs6500 (around $950 USD).

It is best to tell your bank in advance that you will be travelling to Bolivia so that the fraud department doesn't freeze your card. Ask about foreign currency conversion fees and international ATM fees; some banks charge a fee for each international withdrawal, plus a fee for using an out-of-network ATM, plus a conversion fee.

Before exchanging money, calculate the amount you should receive to avoid being given a poor "tourist" rate. Check Bolivia's exchange rate with your country, as it can change daily. Bolivian newspapers publish the exchange rate each day, or you can use a website such as the XE Universal Currency Converter.

Do not exchange large amounts of money in view of a crowd. Bolivia is one of the poorest countries in South America, and flashing a lot of cash can make you a target for robbery.

How much to carry

Bolivia is one of the most affordable countries in South America. The official currency is the Boliviano, which has been quite stable against the US dollar for several years. The exchange rate at the time of writing is 1 USD to 6.9 BOB.

It is a good idea to arrive in Bolivia with some cash in US dollars, as this is the only foreign currency that is widely accepted and easily exchanged. Other currencies, such as Canadian dollars, Australian dollars, and UK pounds, are extremely difficult to exchange and, if accepted, will be at terrible rates. Euros may be exchanged but will also be problematic.

ATMs are available in major cities like La Paz and Santa Cruz, and in some small towns. However, it is recommended to use those located inside hotels, stores, restaurants, or banks, as thieves may target tourists using ATMs. There is a limit to the amount of money you can withdraw from a Bolivian ATM, and this depends on the bank. Some smaller banks limit withdrawals to about 1500 BOB, while larger banks allow up to about 6500 BOB (around 950 USD) per transaction.

Credit and debit cards are also widely accepted at most establishments, but it is important to inform your bank in advance that you will be using your card in a foreign country. Visa and Mastercard are the most widely accepted, followed by Mastercard. American Express is rarely accepted.

When it comes to how much cash to carry, it is generally recommended to have your funds in several different formats: a credit card (or cards), some traveller's cheques, and some cash in US dollars for emergencies. Carrying large amounts of cash is not recommended, as it can make you a target for theft. It is best to only carry what you need for the day and leave any extra cash and valuables in your hotel's safety deposit box.

For a one-day budget, travellers on a tight budget should be able to get by on 140 BOB (roughly 20 USD or 12 GBP) per day, including basic hotels and meals in local restaurants. For a more comfortable budget, allowing for better hotels, good food, taxis, and the occasional guided tour, plan for around 280 BOB (40 USD or 25 GBP) per day. Spending more than 490 BOB (70 USD) per day will allow for a very comfortable trip.

Additionally, it is advisable to carry some small denomination USD bills for tipping at restaurants, drivers, or for assistance with luggage at luxury hotels. Porters at hotels and airports typically appreciate 1 USD per piece of luggage.

Using ATMs

If you are able to use an ATM, there is a limit to how much money you can withdraw, and this depends on the bank. Smaller banks may limit you to 1500bs, while larger ones can go up to 6500bs (around 950 USD) per transaction. The best banks to try are BNB, BCP, BMSC, and Banco Union.

Most ATMs in Bolivia do not charge for withdrawing cash, but your bank likely will. The currency conversion rate is also not always favourable, and the money lost in the exchange can add up. Using a TransferWise MasterCard can help reduce your bank fees and give you a better exchange rate.

It is recommended to have a 4-digit PIN for your ATM card. Additionally, it is a good idea to bring at least two types of credit cards in case one is not accepted or retained by the machine. Visa is the most widely accepted, followed by MasterCard, and American Express is rarely accepted.

To avoid issues with ATMs, some travellers opt for alternative methods of accessing cash, such as international money transfer services like World Remit and Ria Money Transfer. These services allow you to send money online and then pick up cash at a local authorised cash pick-up point, which can be more convenient, safe, and cheaper than paying ATM withdrawal fees.

Credit cards

Visa is the most widely accepted card in Bolivia, followed by Mastercard. American Express is rarely accepted, and Maestro can be problematic. It is a good idea to bring multiple cards from different issuers to cover yourself.

Some businesses will add a credit card transaction fee, and you may need to show a form of ID such as a driver's license. It is recommended to leave your passport in a safe when shopping, and to be wary of fraud and skimming.

ATMs are available in major cities and some small towns, but it is not always possible to withdraw cash using a credit card. Banco Mercantil Santa Cruz ATMs accept European credit cards, and likely US cards too. Banco Bisa, BNB (Banco Nacional de Bolivia), and BCP (Banco de Crédito) may also work for credit card cash withdrawals.

Tipping

Hotels

If a bell boy handles your baggage, it is customary to tip them Bs5-8 per bag. For the maid, a tip of around Bs8 per night is appropriate.

Taxis

Bars

As with restaurants, a service charge is usually included in the total bill at bars. If you enjoyed your experience, a tip of 5-10% of the total is appropriate.

Tour Guides and Drivers

For tour guides, a tip of $5-10 per person per day is a good amount. Drivers usually receive about half of that amount. For multi-day tours, you can tip the guide around Bs70 per day for the entire group, and half of that amount to the driver.

Other

You can also tip porters per bag, and while it is not necessary to tip taxi drivers, other service providers such as professional tour guides and drivers will gladly accept a tip at the end of an expedition.

Frequently asked questions