Get Bolivian Money In Miami: Best Places To Exchange

If you're looking to exchange your money for Bolivian currency, there are a few things to keep in mind. First, it's nearly impossible to get your hands on any Bolivian money before arriving in the country, unless you're in a neighbouring country. You're better off bringing US dollars with you and exchanging them once you're in Bolivia, as this is the only foreign currency that's widely accepted. You can exchange your money at the airport in La Paz or Santa Cruz, at a bank, exchange office, or casa de cambio (exchange agency), or with street money changers, although this last option should be approached with caution. It's also a good idea to bring more than one credit card, as some may not be accepted.

Currency exchange offices in Miami

Miami is a tourist city with a high international population, so it's no surprise that there are many currency exchange offices to choose from. Here are some of the best ones:

Abbot Foreign Money Exchange

Located at 230 NE 1st St., Miami, this currency exchange office is easily accessible by public transport. It is known for offering favourable rates and providing friendly service. Spanish is spoken here, which is convenient for many customers. However, their range of currency may be limited, so it is particularly recommended for exchanging dollars to euros.

Currency Exchange International

This is a trusted national chain with a branch in the Dadeland Mall at 7535 North Kendall Dr., Miami. They promise to match or beat same-day exchange rates offered by local banks. Their website provides detailed directions from the Miami-Dade International Airport, making it a convenient option for travellers. Their operating hours are also accommodating, open until 9 pm every day except Sunday when they close at 7 pm.

Lincoln Currency Exchange

Located at 1633 Washington Avenue, Miami Beach, Lincoln Currency Exchange is a great option for those heading straight from the airport to the beach. They offer a wide range of over 80 types of foreign currency, which is ideal for travellers from smaller countries. The exchange is open until 10 pm, seven days a week, catering to those with a busy schedule.

First Citizens Bank

For residents of Miami planning an overseas trip, First Citizens Bank in Coral Gables is a good choice. They provide helpful customer service for those new to currency exchange, and their rates are expected to be in line with market value.

In addition to these options, Miami Money Exchange and Doral Currency Exchange are also worth considering, with positive reviews for their excellent service and convenient locations.

Exchanging money in Bolivia before leaving Miami

If you're travelling from Miami to Bolivia, you may want to exchange some money before you leave. While it's not necessary to arrive in Bolivia with a pocket full of Bolivianos, it's a good idea to bring some US dollars in small denominations. You can use USD in larger Bolivian cities and stores, but you'll need local currency in smaller towns and remote regions.

In Miami, you can exchange money at a currency exchange office or at your bank. Currency exchange offices can be found all over Miami-Dade County, including at the airport. However, airport currency exchanges are known for offering low rates compared to market value, so you may want to head into town to get a better deal.

One recommended currency exchange in Miami is Abbot Foreign Money Exchange near Bayfront Park. This business offers favourable rates and friendly service, and it's easily accessible via the local MetroMover train. Another option is Currency Exchange International in the Dadeland Mall, which promises to match or beat same-day exchange rates offered by local banks.

If you'd prefer to go to a bank, First Citizens Bank in Coral Gables offers currency exchange services and helpful customer service. Remember to check with your bank beforehand to find out its policies on overseas withdrawals and transactions.

Once you have your US dollars, you can either exchange them for Bolivianos when you arrive in Bolivia or bring them with you to exchange at a Casa de Cambio or a bank in Bolivia. Exchanging money at a Casa de Cambio will usually get you a better rate than exchanging at a bank, but you can also exchange money at your hotel or hostel, or even at some street vendors. Just be sure to look out for high commissions or exchange fees, and be cautious of street vendors who may give poor exchange rates.

When exchanging your money, ask for a mix of larger bills and smaller coins, as many small stores and village businesses in Bolivia won't accept large denominations. You can check the current exchange rate before you go to make sure you're getting a fair deal.

Finally, remember to let your bank know that you'll be travelling to Bolivia so that they don't freeze your card due to suspected fraud. Also, be aware that some banks charge fees for international withdrawals and transactions, so you may want to seek out a bank that offers zero foreign transaction and ATM fees.

Exchanging money in Bolivia upon arrival

If you're arriving in Bolivia by air, you can exchange currency at the airport. The currency exchange at La Paz airport has been described as "very fair" compared to other airport exchange bureaus around the world, with an exchange rate of around 7 Bolivian pesos to 1 US dollar. However, there is a 15-peso service fee, so it's worth exchanging a larger amount to make it worthwhile.

If you're arriving in Bolivia by land, you can easily exchange US dollars for Bolivian pesos in the border towns of Desaguadero, Copacabana, and Villazon. However, don't change too much money, as the exchange rates are better in the major towns and cities.

It's recommended to exchange your money at official exchange offices, known as "casas de cambio", or banks. They accept US dollars much more readily than euros. Casas de cambio often offer better rates than the banks, so it's worth checking them out. Stick to the reputable ones with professional-looking offices.

ATMs are another option, but they can be unreliable in Bolivia. They are widely available in the major cities and tourist areas, but they often run out of cash or don't work. It's a good idea to carry a certain amount of cash with you, especially in remote areas where credit cards may not be accepted.

When exchanging or withdrawing money in Bolivia, it's best to use US dollars, as other foreign currencies are difficult or impossible to exchange. Make sure any dollar bills are in good condition, as damaged notes are often rejected.

Using ATMs in Bolivia

Availability of ATMs in Bolivia

ATMs in Bolivia are readily available in all major cities and even some small towns. However, it is important to note that smaller towns may have limited access to ATMs, and these machines might not always be from major bank networks, which can lead to issues with card compatibility. It is recommended to carry cash when travelling to remote areas to avoid any inconveniences.

Card Compatibility and Security

When it comes to card compatibility, VISA cards are the most widely accepted in Bolivian ATMs, followed by MasterCard. On the other hand, American Express cards are rarely accepted, so it is advisable to carry alternative card options. Additionally, always use ATMs attached to banks, and if possible, during their opening hours. This can provide added security and assistance in case of any issues.

Withdrawal Limits and Fees

Withdrawal limits vary depending on the bank, but they typically range from 1500 Bs to 6500 Bs per transaction, with an average maximum withdrawal of 3500-4000 Bs. It is worth noting that most ATMs in Bolivia do not charge a fee for withdrawing cash. However, your bank may impose fees for foreign transactions and unfavourable exchange rates, which can add up over time. To mitigate this, consider using a card with favourable international transaction rates, such as the TransferWise MasterCard, or look into international money transfer services.

PIN Requirements and Additional Tips

It is important to ensure that your ATM card has a 4-digit PIN before travelling to Bolivia, as this is the standard requirement for their ATMs. Additionally, always inform your bank about your travel plans to avoid any security blocks on your card. Lastly, be vigilant about ATM fraud and credit card skimming, where fraudsters can copy your card information.

Using credit cards in Bolivia

Although credit cards are accepted in Bolivia, it's important to note that they are far less commonly used than in Western countries, especially outside major cities. Many mid-range and higher-end hotels, restaurants, and stores will accept cards, but they may charge a service fee for doing so. This is because merchant service fees are high, and there may be additional banking charges for USD transactions.

Visa is the most widely accepted card, followed by Mastercard. American Express is rarely used and not accepted at all, even by the American Express Travel office in La Paz. It's a good idea to bring multiple cards from different issuers to cover all bases. Additionally, some merchants and restaurants may add a credit card transaction fee, and you may need to show a form of ID such as a driver's license.

ATMs are available in major cities and some small towns, but they may not be present in all locations, so it's important to carry cash when travelling to rural areas. Banco de Credito has favourable transaction rates, while Banco Union does not. There is a limit to the amount of money you can withdraw from a Bolivian ATM, and this limit varies depending on the bank. Some smaller banks limit withdrawals to around 1500 Bs, while larger banks may allow up to 6500 Bs (around 950 USD) per transaction. It's recommended to use ATMs during the day and in busier places, and to be wary of your surroundings to prevent pickpocketing.

It's also worth noting that the Bolivian currency is vulnerable to devaluation, and many businesses operate in US dollars. Tour operators and hotels often quote their prices in USD and accept payment in either USD or Bolivianos. However, in most places, you will need to pay in Bolivianos, and some businesses will not accept denominations of over $50 USD.

Frequently asked questions