Find a fast, simple and cost-effective way to send money to Bolivia.
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Compare money transfer services to Bolivia
How do international money transfers work?
An international money transfer allows you to send money to friends, family and businesses overseas. Generally, it involves you sending cash or money from your bank account to an intermediary transfer service or bank, which then exchanges and sends the money to your recipient in another country — in this case, Bolivia. Depending on the provider, you can initiate a money transfer in person, online or by phone. Your cash or bank account transfer is then either deposited into your recipient’s bank account or made available as cash for pickup at a location in their country.
Banks versus money transfer companies
The first place many people go when they need to send an international money transfer is to their bank. While banks can certainly send money overseas for you, their fees are often higher compared to companies that specialize in international money transfers. These money transfer companies focus on international transactions and can offer much better exchange rates than most major banks. This means that you save money, and your recipient ends up with more bolivianos in their pocket.
Case Study: Josh sends money to Bolivia
Josh’s best friend Daniel is backpacking around South America when he is mugged in Bolivia. He emails Josh and asks for a transfer of $1,000 to help him pay for accommodations and transportation. Since his bank doesn’t support any exotic currencies, Josh contacts two specialist transfer providers to see if there might be a more affordable option available.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 6.814 BOB||1 USD = 6.88 BOB|
|Processing time||Within an hour||1 day|
|Amount received (in BOB)||6,848 BOB||6,880 BOB|
As the table shows, while the second transfer company provides a slightly better deal, money transfer company 1 offers more options for transferring the money and allows Josh’s friend to pick up the funds within an hour.
How to send money to Bolivia
- Choose a transfer provider that has the delivery speed, rates and fees you need.
- Register with the provider, including your name, address, contact information and date of birth. A valid photo ID may also be required.
- Provide your recipient’s name, address and contact details. You may also need to include their bank account information depending on the type of transfer.
- Enter the amount you want to transfer and complete your transaction. You should receive and email with a tracking or receipt number to follow up on the progress of your transfer.
Compare transfer companies when sending money to Bolivia
- Exchange rates. Compare exchange rates between providers to see which companies consistently come out on top and will allow you to send more funds to your beneficiary.
- Transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Minimum and maximum limits. Some providers impose minimum and maximum limits on each transaction. Will those limits affect your transfers?
- Processing times. How long will it take from the moment you pay for your transfer to the time your recipient can access the funds you send?
- Pickup options. Does the company offer bank transfers, cash pickup transfers or another option?
- Customer service. How will you be able to access help if you ever have a question about a transaction?
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. Like most countries, Bolvia’s exchange rate is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Currency exchange rate for Bolivia
What are my options for sending money to Bolivia from the U.S.?
- Bank transfers. Many major U.S. banks can safely wire your funds to countries around the world. Banks rely on existing links between banks and banking systems worldwide. However, a downside is the frustratingly high fees and weaker exchange rates you’ll receive by going through your bank.
- Online money transfer services. These specialists offer more affordable transfers than banks do, allowing you to quickly and easily manage your transactions from home. With competitive exchange rates and lower fees, you can send funds from your bank account. Many also allow you to pay with a credit or debit card.
- Providers with cash pickup. Trusted providers like Western Union and MoneyGram offer the key advantage of giving your recipient fast access to the cash you send — sometimes within minutes. You can often pay online or at one of thousands of agent locations worldwide. However, services typically cost more than an online transfer specialist and vary by where you’re transferring your money and how you’re paying for it.
- PayPal transfers. Not just for online purchases, PayPal offers transfers to more than 100 countries and supports multiple currencies. Its exchange rates are often better than those you’ll get from a bank but not quite as strong as rates from money transfer companies. PayPal calculates its transfer fee as a percentage of the amount you’re sending — meaning it’s often better for sending smaller amounts of money.
- International money order. You can get this type of money order from your bank and send it overseas to your recipient, who then cashes it in with their own bank. While more secure than a personal check, it’s a slower option than using an electronic transfer. It also costs a little more — you’ll have to purchase the check, and your recipient may be charged a fee by their own bank cashed.
Emergency cash transfers in Bolivia
While it’s possible to send an emergency cash transfer from the U.S. to Bolivia in a matter of minutes, it’s always important to check out the details of your transaction before you send any funds. Urgent transfers tend to attract higher fees and lower exchange rates, so if you don’t check the full cost of a transaction first, you could end up paying a whole lot more money than you might expect.
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Tips for picking up cash in Bolivia
Whether picking up funds in Bolivia or anywhere else around the world, take a few simple safety precautions to prevent yourself from becoming a target for thieves.
- Don’t go alone; there’s always safety in numbers.
- Don’t visit a cash pickup branch in an area where you feel unsafe.
- Don’t visit any high-crime areas.
- Don’t display your cash in public.
- Don’t carry large sums of money around with you.