Find a fast, simple and cost-effective way to send money to Bolivia using a specialist money transfer company.
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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 BoliviaJosh’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.
Steps 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.
How do I 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?
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. 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.
Foreign exchange rates explainedThe 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. For example, in January 2018 the US dollar was worth approximately 6.94 Bolivian Bolivianos. 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.?
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Emergency cash transfers in Bolivia
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Tips for picking up cash in Bolivia
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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.
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.