Sending Money To Bolivia: A Quick Guide

Sending money to Bolivia is now easier than ever, with many companies offering fast, low-cost, and secure online money transfers. There are several ways to send money to Bolivia, including through online transfers, mobile apps, or in-person transactions. Some popular money transfer services include WorldRemit, Western Union, Xoom (a PayPal service), Remitly, and Paysend. These services offer various benefits, such as competitive exchange rates, low fees, and quick transfer times. It is important to compare the available options, consider the payment and payout methods, and ensure the security of your transactions when choosing a money transfer service.

Choosing a money transfer service

When choosing a money transfer service, there are several factors to consider to ensure that your money arrives in Bolivia securely and in a timely manner. Here are some key points to keep in mind:

• Security and Protection: Prioritize services that prioritize security and protect your personal and financial information. Look for companies that have encryption and fraud monitoring systems in place, as well as compliance with regulatory bodies to ensure your data is safe.
• Transfer Speed: Consider how quickly you need the funds to be transferred. Some services offer faster delivery options, such as cash pickup within minutes, while others may take a business day or more. Choose a service that aligns with your time constraints.
• Transfer Methods: Decide on your preferred transfer method, such as cash pickup, bank deposit, or direct transfer to bank cards or accounts. Some services offer a range of options, while others may specialize in one method. Ensure that the service you choose supports your desired transfer method.
• Fees and Exchange Rates: Be mindful of the fees and exchange rates associated with the transfer. Some companies offer fee-free transfers to bank accounts or promotional rates for new customers. Compare the total cost, including any hidden fees, to get the best value for your money.
• Customer Support: Opt for a service with reliable and responsive customer support. Look for 24/7 availability, multiple language options, and easy access to support through various channels like email, phone, or online help centres. This ensures that you can get timely assistance if needed.
• Reputation and Reviews: Research the reputation of the money transfer service by reading reviews from other customers. Look for companies with a large customer base and positive testimonials to ensure a track record of successful and secure transactions.

By considering these factors, you can make an informed decision when choosing a money transfer service to send money to Bolivia securely, efficiently, and at the best possible value.

Payment methods

The payment method you choose will depend on your country of residence and the service you use.

WorldRemit

With WorldRemit, you can pay for your money transfer to Bolivia via bank transfer or with a debit or credit card.

Western Union

Western Union offers three payment options: online, via their app, or in person at an agent location in Brazil, where you can pay in cash.

Xoom

Xoom allows you to pay with your PayPal account, bank account, or debit or credit card.

Remitly

Remitly does not specify which payment methods are accepted, but it does mention that you can pay with a credit card.

Paysend

Paysend charges a fee of €1.5 to send money to Visa or Mastercard cards in Bolivia. Transfers to bank accounts are free.

Transfer speed

The speed of your money transfer to Bolivia will depend on the provider you choose, the payment method, and the receiving method.

If speed is your priority, Ria Money Transfer is the fastest option, with funds reaching their destination in Bolivia in a matter of minutes. The next fastest service is Xoom, which also delivers funds in minutes if the cash pickup option is chosen. With Xoom, a bank deposit will usually take one business day.

Western Union also offers a fast service, with transfers available in minutes, but this speed may be dependent on the transfer method chosen.

Other providers, such as Remitly, Payoneer, and WorldRemit, do not specify their transfer speeds, but all offer fast and efficient services.

Creating an account

To create an account to send money to Bolivia, you can use a money transfer service such as WorldRemit, Western Union, Xoom, Remitly, or Paysend. Each service has a slightly different account creation process, but they all require similar personal information. Here is a step-by-step guide on how to create an account using these services:

WorldRemit:

• Sign up with your email address and choose a strong password. You can use their website or mobile app to register.
• Provide your full name, mobile phone number, gender, birth date, and address.
• Verify your mobile phone number with a one-time password (OTP).
• You may also need to provide ID proof and a selfie for identity verification.

Western Union:

• Set up a Western Union profile on their website or mobile app.
• Provide your name, email address, and other required personal information.

Xoom (A PayPal Service):

• Log in with your PayPal credentials or create a new Xoom account.
• Start by providing your name and email address.

Remitly:

Create an account with your email address.

Paysend:

Sign up and create your Paysend account.

Please note that some services may require additional information or steps for account creation, and it is always a good idea to review their terms and conditions before signing up.

Verifying your identity

Mobile Phone Verification

To initiate the identity verification process, you will typically need to provide your mobile phone number. A One-Time Password (OTP) will be sent to the provided number, which you will need to enter to confirm that the number belongs to you. This step adds an extra layer of security and helps prevent unauthorized access or fraudulent activities.

ID Proof and Selfie Verification

In addition to mobile phone verification, some money transfer services may require you to provide ID proof and a selfie image. This usually involves uploading a scanned copy or a clear photo of an official identification document, such as your passport, driver's license, or national ID card. The selfie image is then compared with the photo on your ID to ensure they match. This process helps to verify your identity and reduce the risk of identity theft or impersonation.

Timeframe for Identity Verification

The time required for identity verification can vary, but most reputable money transfer services aim for efficiency. For example, WorldRemit, a popular money transfer service, claims that identity verification takes up to 4 minutes at least 90% of the time. In the event of any delays, you should be promptly notified so that you are aware of the status of your transaction.

Compliance and Security

Identity verification is not just a recommended precaution but also a legal requirement in many jurisdictions. Reputable money transfer services comply with regulatory requirements and implement strict verification processes to protect your personal information and financial data. These security measures help deter criminal activities, ensure compliance with anti-money laundering regulations, and maintain the integrity of the financial system.

Accuracy of Information

It is essential to provide accurate and up-to-date information during the identity verification process. Any discrepancies or false information can lead to delays in your transactions, additional verification requests, or even the suspension of your account. Therefore, always double-check the details you provide to ensure a smooth and efficient verification process.

Frequently asked questions