Information Sheet Last Updated: June 2004

Money

The unit of currency is the boliviano (Bs) divided into 100 centavos. There are coins of 1 and 2 boliviano, 50, 20, and 10 centavos. Expensive items such as hotel rooms are generally quoted in US dollars. Changing dollars in any form (cash, travelers’ checks, and credit card) presents no problems. Cash can be withdrawn from ATMs in most major towns where the Enlace sign is present. You will be able to shop around and will be able to find better rates, but you must only take dollars. Also, it is almost impossible to buy dollars at any point of exit when leaving or to change bolivianos in other countries.

US dollars are the only recommended currency to bring to Bolivia. The greatest benefit of US dollar notes is that better rates and lower commissions can usually be obtained for them. Dollar bills are only accepted if they are clean, neat, and unmarked. As a caveat, do not accept any currency in Bolivia that is in poor condition. It is very difficult to change 100-dollar bills and some banks will not accept them. Bring lower value dollars (5 and 10 dollar bills) if you will be arriving when banks and exchange houses (casas de cambios) are closed.

Some better hotels will exchange travelers’ checks for their guests; however, this rate is usually very poor. Outside of La Paz, travelers’ checks are not widely accepted. Some banks charge a high fixed commission for changing travelers’ checks (as much as US$5-10). Exchange houses are much better for this service. Some establishments may ask to see proof of purchase before changing any checks. Denominations of US$50 and US$100 are preferable, but you may want to bring some smaller domination checks such as US$20. If larger denominations have been stolen or forged recently, it is unlikely that it happened with the other type.

The easiest way to keep enough money around is to take credit cards and withdrawal money from an ATM. Cash withdrawals are usually charged to your account at the exchange rate in place a couple of days after you us the machine. If you would like some cash in your pocket upon arrival, the airport in La Paz has one Enlace machine and a few other places to exchange money. Be aware that when you take money out on a credit card, there is usually no grace period and you begin paying interest immediately (unlike purchases where there is around a 30-day grace period). Be sure that your credit line is sufficient, or if you are using a debit card, that there is enough money in you account. Another option with credit cards to avoid paying interest charges is to overpay on your credit card bill so you have a negative balance (that is, the credit card company owes you money) and use your credit card interest free. For credit card security, insist that imprints are made in your presence and that any imprints incorrectly completed should be torn into tiny pieces. Also destroy the carbon papers after the form is completed as signatures can be copied from them.

Money transfers are possible between banks. Be sure to find out which local bank is correspondent to your bank at home, then when you need funds, telex your own bank and ask them to telex the money to the local bank (by confirming by fax. Give the exact information t your bank of the routing number of the receiving bank and funds can be received within 48 banking hours.

Lastly, here are some quick tips to use to your advantage. If you are changing money on the street, you should not do so alone if it is possible. If you are entering Bolivia by land and you are unsure of the exchange rate and currency, check rates with more than one changer at the border or ask locals or departing travelers. When you leave Bolivia, sell any local currency before leaving because the further away you get, the less the value of a country’s money. If you are leaving via air plane, do not forget to leave yourself enough money to pay the airport departure tax which is never waived. Americans should now that if they run out of funds, they can usually expect no help for the US Embassy or Consul other than a referral to some welfare organization. Find out before you go precisely what services ands assistance your embassy or consulate can provide if you find yourself with difficulties.