Currency & exchange rates
When planning your trip to Bolivia, it's important to understand the country's currency system and exchange rates to ensure a smooth and enjoyable experience. Whether you're exploring the streets of La Paz, visiting the Salar de Uyuni, or trekking through the Amazon, knowing how to manage your finances and convert your money will help you make the most of your trip. Here’s everything you need to know about Bolivia’s currency and exchange rates.
Currency in Bolivia
The official currency of Bolivia is the Bolivian Boliviano (BOB). The boliviano is abbreviated as Bs. or BOB. Banknotes come in denominations of 10, 20, 50, 100, and 200 bolivianos, and coins are in 0.05, 0.10, 0.20, 0.50, and 1 boliviano denominations.
Exchange Rates and Conversions
The exchange rate for the boliviano fluctuates slightly over time, so it’s essential to check the most up-to-date exchange rates before you travel. As of the latest information, the exchange rate is approximately:
1 USD = 7.0 - 7.1 BOB (Bolivian Bolivianos)
1 EUR = 7.7 - 8.0 BOB
Keep in mind that exchange rates can vary depending on where you convert your money, whether it’s at a bank, exchange service, or through an ATM. Also, remember that the rates will likely be slightly different depending on the method you use, so it's a good idea to compare rates before exchanging money.
Exchanging Currency in Bolivia
1. Currency Exchange at Banks and Exchange Bureaus
Banks: Banks in Bolivia offer currency exchange services, and they typically provide competitive rates. However, expect to pay a small commission fee for the service. Major banks like Banco Nacional de Bolivia (BNB), Banco de Crédito de Bolivia (BCP), and Banco Mercantil Santa Cruz can help you with currency exchange.
Exchange Bureaus: Exchange bureaus, known as casas de cambio, can be found in major cities like La Paz, Santa Cruz, and Cochabamba. These often offer slightly better rates than banks and can be a good option for converting your foreign currency to bolivianos.
2. Currency Exchange at ATMs
ATMs are widely available in Bolivia, particularly in larger cities and tourist areas. Most ATMs accept international credit and debit cards, and you can withdraw bolivianos directly from your bank account.
ATM Fees: While ATMs often offer competitive exchange rates, you may incur fees, both from your home bank (for international withdrawals) and from the ATM provider. Make sure to inquire with your bank about fees before you travel.
ATM Limits: Be aware that some ATMs in Bolivia may have daily withdrawal limits, so plan accordingly to avoid running out of cash.
3. Currency Exchange at Hotels and Airports
Hotels: While some hotels may offer currency exchange services, they generally offer poorer rates than banks or exchange bureaus. It’s advisable to only exchange small amounts at hotels to avoid unfavorable rates.
Airports: Currency exchange at airports tends to have higher fees and less favorable rates compared to other options. It’s best to change only a small amount of money upon arrival to cover transportation costs, and then exchange larger sums at a bank or exchange bureau.
Using Credit and Debit Cards in Bolivia
While credit and debit cards are accepted in major cities and tourist destinations like La Paz, Santa Cruz, and Cochabamba, cash is still king in smaller towns and rural areas. It’s important to carry bolivianos with you for local purchases, especially when traveling outside major cities.
Accepted Cards: Visa and Mastercard are the most widely accepted cards in Bolivia, while American Express and Discover are less commonly accepted.
Transaction Fees: Some businesses may charge a small fee for card transactions, and international cards may also incur fees from your home bank for foreign transactions.
Tipping in Bolivia
Tipping is customary but not mandatory in Bolivia. Here are some general guidelines:
Restaurants: It’s typical to leave a 10% tip in restaurants if service is not already included in the bill. In smaller establishments or street food stalls, tipping is not expected, but appreciated.
Hotels: A small tip of 5-10 BOB for hotel staff (housekeeping, bellboys, etc.) is appreciated, especially if they’ve provided extra assistance.
Guides and Drivers: Tour guides and drivers often expect a tip, usually around 20-50 BOB for a day trip, depending on the quality of service.
Money Safety Tips
Avoid Carrying Large Amounts of Cash: It’s recommended to carry only the amount of cash you’ll need for the day. Store extra money securely in a hotel safe or hidden pouch.
Use Secure ATMs: Opt for ATMs located in secure areas like shopping malls, banks, or busy tourist areas to minimize the risk of theft.
Exchange Money at Trusted Locations: Always exchange money at established banks or exchange bureaus, and avoid street money changers, as they may offer uncompetitive rates or engage in scams.
Conclusion
Understanding Bolivia’s currency system and exchange rates is crucial to ensuring a smooth trip to this fascinating country. While the Bolivian Boliviano (BOB) is the official currency, international travelers will find that currency exchange options are widely available. Whether you exchange at banks, ATMs, or local exchange bureaus, ensure you get the best rates by shopping around and comparing options.
Always carry a mix of cash and cards to be prepared for all types of transactions. With this knowledge in hand, you can enjoy your travel experience in Bolivia without any financial worries!
