Writing Bolivian Money: A Step-By-Step Guide

The boliviano is the official currency of Bolivia, with the symbol Bs and the ISO code BOB. One boliviano is made up of 100 subunits called centavos. Boliviano coins are available in denominations of 10, 20, and 50 centavos, as well as 1, 2, and 5 bolivianos. Banknotes are available in denominations of 10, 20, 50, 100, and 200 bolivianos. The currency has a long history, with previous versions existing since 1864. The current version was introduced in 1987 to replace the peso boliviano due to continuous inflationary pressures. Bolivia has a cash-focused economy, and while cards and internet payments are sometimes accepted in tourist areas, locals primarily use cash for transactions.

The current Bolivian money

The current Bolivian currency is the Bolivian boliviano, often abbreviated to Bs in the ISO 4217 code system, and BOB in the context of foreign exchange. The boliviano is the second iteration of this currency, with the first being in circulation from 1864 to 1963. The current boliviano was introduced in 1987, replacing the peso boliviano at a rate of 1 million peso bolivianos to 1 boliviano.

The boliviano is issued and overseen by Bolivia's central bank, the Banco Central de Bolivia, which disseminates the currency in both coin and banknote formats. A single boliviano is made up of 100 subunits, called centavos. Boliviano coins are available in denominations of 10, 20, and 50 centavos, as well as 1, 2, and 5 boliviano coins. Banknotes are available in denominations of 10, 20, 50, 100, and 200 bolivianos.

The Bolivian boliviano has been relatively stable since its introduction in 1987, despite Bolivia experiencing significant currency devaluations in the past. The central bank has been able to keep the boliviano's foreign currency value stable at 6.9 bolivianos per US dollar since 2012.

Bolivia is a cash-focused economy, with most locals using boliviano coins and banknotes for regular transactions. While cards and internet payments are accepted at many tourist attractions, it is recommended to bring local currency in cash when visiting less touristic areas of Bolivia.

The history of the currency

The currency of Bolivia is the boliviano (BOB), which is divided into 100 centavos. The current boliviano is the second version of the currency, the first having been in circulation from 1864 to 1963.

When it was first introduced in 1864, the first boliviano was equivalent to eight soles or half a scudo in the ex-currency. It was subdivided into 100 centécimos, which were changed to centavos in 1870. The amount of ten bolivianos was called a bolivar. The boliviano was initially pegged to the French franc, with an exchange rate of five francs to one boliviano. However, in 1908, Bolivia adopted a new gold standard, with 12.5 bolivianos equal to one British pound.

In 1940, the Bolivian government began accepting multiple exchange rates between the boliviano and the US dollar. Unfortunately, the boliviano continued to drop in value, and by 1963, it had to be replaced by the peso boliviano (BOP) at a rate of one thousand to one. The peso boliviano was in circulation from 1 January 1963 until 31 December 1986. It was exchanged by the boliviano at a rate of one million pesos bolivianos to one boliviano.

The peso boliviano also suffered from high inflation, and by the mid-1980s, the US dollar was worth a million pesos bolivianos on the black market. In 1986, a new monetary unit, the boliviano, was created by Law No. 901, and a currency reform was announced, coming into effect on 1 January 1987. This new boliviano replaced the peso boliviano at a rate of one boliviano to one million pesos bolivianos.

The current boliviano has been relatively stable since its introduction in 1987. The Banco Central de Bolivia has allowed the currency to float freely against others and has targeted inflation through partial privatization of public-sector businesses and legislative policymaking designed to promote private investment.

Exchanging money in Bolivia

The official currency of Bolivia is the Boliviano, denoted by Bs or BOB. It's a good idea to arrive in Bolivia with some cash in US dollars, as the exchange rate is better with USD than with the Euro or any other currency. Make sure your bills are new, as old ones are often rejected. You can exchange US dollars for Bolivianos at casas de cambio (exchange agencies) or with street money-changers, but be aware that you'll need to negotiate for a good rate with the latter.

ATMs can be found in major cities and some small towns, but it's a good idea to carry cash when visiting distant, less touristic areas. Be sure your ATM card has a 4-digit PIN, and consider using Banco de Credito, which has favourable transaction rates. Credit cards are accepted in many places, but some merchants and restaurants will add a transaction fee. Visa is the most reliable, but Mastercard support is improving, and American Express is not accepted at all. It's a good idea to bring multiple credit cards from different issuers to cover yourself.

Before you go to Bolivia, check the exchange rate, which can change daily, and calculate the amount you should receive to avoid being given an unfavourable "tourist" rate. You can use a website like XE Universal Currency Converter to check the rate. Banks and exchange offices usually give the best value, but look out for high commissions or exchange fees. You can also exchange money at your hotel or hostel, but be discreet to avoid attracting opportunists.

Do not exchange large amounts of money in public. Bolivia is one of the poorest countries in South America, and flashing a lot of cash can make you a target for robbery. Be wary of exchanging money with street changers, who are notorious for giving terrible rates and not giving enough money. If you must, only exchange a small amount.

Credit cards in Bolivia

At the end of 2023, there were 187,000 credit card users in Bolivia, with Banco Económico having the greatest increase in its market share of credit card issuers. Banco Nacional de Bolivia S.A. leads in credit lines for credit cards with a 19.4% market share, while Banco Económico maintains the top ranking in the total portfolio of credit card receivables with 18.3%.

When using a credit card in Bolivia, it is important to be wary of fraud and credit card skimming, where fraudsters copy card information. Additionally, it is recommended to bring at least two types of credit cards in case one is not accepted.

Safety tips when handling money

The official currency of Bolivia is the Bolivian boliviano, often abbreviated to BOB. The currency has existed in some form since 1864, with the current iteration being introduced in 1987.

Now, here are some safety tips for handling money:

When handling money, it's important to take precautions to ensure your safety. Here are some tips to keep in mind:

Be Aware of Your Surroundings

Be vigilant and look out for anyone loitering in or around your store or business. If you notice any suspicious activity, don't hesitate to call the police and ask for a patrol check. It's also a good idea to keep the number of signs and countertop displays to a minimum to maintain good visibility.

Greet Customers

Greet everyone who enters your store or business. A simple greeting and brief eye contact can help deter potential robbers.

Move Away from the Counter

When there are no customers, move away from the sales counter. Robbers often look for targets where they can enter and leave quickly, so by staying away from the counter, you make your business less attractive to them.

Vary Your Routine

Don't make yourself a target by keeping a consistent routine. Vary the times and routes you take when making bank deposits or handling large sums of money.

Use the Buddy System

Whenever possible, use the buddy system when going to the bank or handling money. There is safety in numbers, and having someone with you can act as a deterrent to potential thieves.

Keep Only the Necessary Amount of Cash

Limit the amount of cash you keep on hand and in the register. Encourage customers to use electronic payments such as credit or debit cards whenever possible.

Secure Excess Cash

Install a locked drop safe to secure excess cash throughout the day. This will help reduce the amount of cash visible and accessible in the register.

Advertise Security Measures

Let customers know that you have security measures in place. Post visible signs stating that only a minimal amount of cash is kept on the premises.

Be Cautious with Jewellery and Valuables

Avoid wearing jewellery or valuables that could attract thieves or be used against you in a robbery.

Train Your Employees

Ensure your employees are trained in robbery prevention and conflict resolution techniques. They should know how to behave during and after a robbery and how to report and respond to threats of violence.

Implement Security Systems

Consider installing security systems such as video surveillance cameras, mirrors, height markers, or observation windows. These can act as a deterrent to potential robbers and help improve the overall safety of your business.

Frequently asked questions