Making Money In Bolivia: A Comprehensive Guide

Bolivia is one of the most affordable countries in South America, but it is also one of the poorest. The official currency is the Boliviano, and while US dollars are accepted in larger cities, you will need the local currency in smaller towns and remote regions. There are several ways to make money in Bolivia, from exchanging foreign currency to participating in the growing digital economy.

Online work: become an influencer, YouTuber, or take surveys

Online Work in Bolivia

Influencer

Firstly, you need to select a platform. TikTok and Instagram are the most popular platforms for influencers, so it is important to understand how they work. Next, choose a niche based on your expertise or interests. Then, build a community on the platform by creating content that will attract followers. This will take time and dedication, but once you have a healthy following, you can start making money through sponsored posts, selling photos, adding affiliate links, creating an online store, or even appearing at events.

YouTuber

To start a YouTube channel, you must first select a niche or industry to focus on and outline your goals. Your videos could be informative, educational, or entertaining. Once you have a clear idea of your content, create your channel and your first video. Observe how people respond to it and adapt accordingly. Building a social media presence is also important to attract subscribers and eventually monetise your channel. Starting a YouTube channel requires a lot of time and effort, but it can be lucrative.

Online Surveys

Online surveys are an easy way to make a small amount of money. Although the payouts are low, they can provide a financial boost when you need it. Plus, they don't require much time or effort. You can make some quick cash while on your coffee break or riding the bus.

Where to Find Influencers in Bolivia

There are two main ways to find Bolivia-based influencers: manually searching on Google and social media, or using an influencer search tool. When searching manually, use keywords like "top Bolivian influencers", "Bolivian bloggers", or "influencers in La Paz". On social media, search by hashtags and keywords, such as "#bolivia" or "#bolivianinfluencer". You can also check locations like Bolivia, La Paz, and other major cities. Influencer search tools, such as Promoty, can save you time by allowing you to filter by location, audience demographics, and other criteria to find the right influencers for your brand.

Exchange currency: USD to BOB

The official currency of Bolivia is the Boliviano, with the symbol Bs, and the international ISO currency code BOB. The exchange rate of the Boliviano to the US dollar has remained quite stable for several years, with 1 USD worth around 6.9 Bolivianos.

If you are travelling to Bolivia, it is a good idea to bring US dollars to exchange. This is the only foreign currency that is widely accepted and easily exchanged. Other currencies, such as Canadian dollars, Australian dollars, and UK pounds, will be extremely difficult, if not impossible, to exchange and will attract terrible rates. Euros may be slightly more successful but will still be problematic.

It is also worth noting that it is extremely difficult to obtain Bolivianos before arriving in Bolivia, unless you are in a neighbouring country such as Peru or Argentina, or in border towns once you have crossed into Bolivia. However, even then, the exchange rates will not be favourable.

Therefore, if you are travelling to Bolivia, it is advisable to bring plenty of small-denomination US dollar notes to exchange for Bolivianos. You can exchange your dollars at currency exchange facilities and ATMs in airports, such as La Paz or Santa Cruz, or at casas de cambio (exchange agencies) or with street money-changers once in the country.

When exchanging money, be aware that only crisp, new US dollar bills are accepted. Old or ripped notes are often rejected as banks will not accept them. Credit cards are also an option, with Visa, Mastercard, and American Express accepted in some mid-range and higher-end hotels, restaurants, and stores, although a service fee may be charged.

Tourism: grand tour of South America

Tourism is one of the key economic sectors in Bolivia, with the country welcoming over 1.24 million visitors in 2020, making it the ninth most visited country in South America. The country's diverse culture, geography, rich history, and food are all major draws for tourists.

Now, here is a suggested itinerary for a grand tour of South America, focusing on Brazil, Argentina, and Peru:

Day 1: Arrival in Rio de Janeiro

Arrive in Rio de Janeiro and meet your fellow travellers over a welcome lunch. Then, take a guided tour of the city, including a cable car ride up Sugarloaf Mountain. Pass by scenic spots such as the Rio Yacht Club and Botafogo Bay, and admire the city's colonial architecture.

Day 2: Corcovado and Samba School

Head to the top of Corcovado Mountain for a guided tour and see the iconic Christ the Redeemer statue. Visit Rio's famous white-sand beaches, including Ipanema and Copacabana. In the afternoon, visit a samba school to see Carnival dance rehearsals and artisans crafting parade floats.

Day 3: Iguazú Falls

Fly to the border of Brazil and Argentina to visit the magnificent Iguazú Falls. Drive through the subtropical Iguazú National Park and walk along forested footpaths for panoramic views of the waters.

Day 4: Devil's Throat

Cross into Argentina and view Devil's Throat, the most famous section of the falls. Take an ecological train ride through the park and walk along pathways to capture incredible photos of the waterfall.

Day 5: Buenos Aires

Fly to Buenos Aires, the capital of Argentina. Embark on a guided tour of the city, including visits to the aristocratic Retiro and Recoleta neighbourhoods, and the grave of Eva Perón. Drive along the widest street in the world, 9 de Julio Avenue, and explore Plaza de Mayo, the site of the May Revolution in 1810.

Day 6: Free Day in Buenos Aires

Spend the day exploring Buenos Aires at your leisure. You may choose to add an excursion, such as an Argentine barbecue and Gaucho Show at an additional cost.

Day 7: Lima and Cuzco, Peru

Fly to Lima, Peru, and spend the evening at your leisure. Then, fly to Cuzco and enjoy a taste of Peruvian cuisine with a traditional folklore show.

Day 8: Cuzco

Set out on a sightseeing tour of Cuzco, the ancient capital of the Inca Empire. Stroll through ruins such as Kenko and Sacsayhuaman, and visit the towering Cristo Blanco statue. Explore the colonial-era Plaza de Armas and the Cuzco Cathedral.

Day 9: Sacred Valley of the Incas

A local guide will lead you on a full-day tour of the Sacred Valley of the Incas. Visit the Pisac Market, enjoy lunch in Urubamba, and uncover the ruins of Ollantaytambo. Board a train to Aguas Calientes, passing through the stunning Urubamba River Valley.

Day 10: Machu Picchu

Take a guided tour of Machu Picchu, the Lost City of the Incas. Soak in the views of the cloud forest and Huayna Picchu mountain. Explore the ceremonial centre, cultivation terraces, and the guard house. Visit Funeral Rock, the Main Temple, and the Sacred Plaza.

Day 11: Flight back to Lima

Fly back to Lima and celebrate your trip with a farewell lunch. Relax in a dayroom before boarding your late-night or early morning flight home.

Agriculture: soybeans, textiles, wood products

Agriculture: Soybeans

Soybean production in Bolivia is a significant economic activity, with an estimated output of 2.4 million tons in 2019. The country has adopted biotechnology for soybean cultivation, with the government approving genetically engineered events for soybeans. This includes the approval of glyphosate-resistant soybean varieties.

Textiles

Bolivia's textile industry has faced challenges due to globalization and competition from cheaper foreign goods, particularly from China. The country's textile exports have been impacted by the influx of inexpensive and mechanized products from China, which has a cost advantage due to low labor costs and a weaker currency. Bolivia specializes in small-scale and artisanal production, making it difficult to compete on a global scale. However, the country has a skilled workforce and an abundance of raw materials, which can be leveraged to develop a unique offering.

Wood Products

Bolivia has a diverse wood industry, with various companies specializing in different products. These include hardwood and tropical hardwood sawmills, flooring and parquet manufacturers, furniture producers, garden furniture manufacturers, and wood chip and firewood producers. The industry also encompasses related services such as logging contractors, woodland owners, and forestry experts.

Manufacturing: machinery, shoes, furniture, glass

Bolivia's manufacturing sector has grown since the 1950s, though it remains small. The country's manufacturing industry has traditionally been dominated by mineral processing and the preparation of agricultural products. However, in recent years, there has been a shift towards machinery, shoes, furniture, and glass production. Here's a more detailed look at these manufacturing sectors:

Machinery: Bolivia's machinery industry caters to the domestic market and includes various types of equipment and small goods. While the country has faced challenges due to imported goods, there is still potential for growth in machinery manufacturing.

Shoes: The shoe industry in Bolivia is focused on meeting the needs of the local market. Bolivian companies produce a range of footwear, from casual shoes to more specialized types.

Furniture: Furniture manufacturing in Bolivia is primarily aimed at the domestic market. Companies produce a range of furniture, from basic household items to more specialized pieces.

Glass: Bolivia's state-owned glass manufacturer, Envases de Vidrio de Bolivia (Envibol), has seen significant growth in recent years. Envibol supplies glass packaging to companies such as the National Bolivian Brewery and Aranjuez wines, and it is expanding its exports to neighbouring countries. The company's revenue from domestic sales reached $8 million in 2021, indicating a healthy market for glass manufacturing in Bolivia.

Frequently asked questions