Compare the best ways to send money to Bolivia

Pay attention to BOB exchange rates, as it determines how much BOB your recipient will receive.

For instance, today’s average USD to BOB rate is 6.9128 but the highest rate over the past 3 months was 6.9342 BOB/USD.

Your aim is to transfer when BOB reaches a higher value so waiting a few days could result in a better rate, hence more BOB received.

For urgent Boliviano transfers, we recommend Wise. It consistently provided the best BOB rates over the past six months.

How you fund your transfer affects the cost, speed, and the amount of Boliviano the recipient will receive.

The cheapest way to fund your transfer to Bolivia is with a Bank transfer via Revolut, which is 1.5% cheaper than the next cheapest service.

Based on our six-month analysis of a $2,000 transfer from to Bolivia, here are the top options:

• Revolut (bank transfer): Costs $0 + 0.2% markup on top of the BOB mid-market rate.

• Wise (debit card): Costs $9.3 + 0.15% markup.

• (credit card): Costs $0 + % markup.

Bank transfer is the most expensive deposit method for Boliviano transfers, so we recommend avoiding it to maximize the amount of BOB received.

Credit card transfers may result in cash advance fees and higher interest rates when sending money to Bolivia.

For instance, charges $0 for credit card deposits, while Revolut charges $0 for bank transfers.

Avoid sending BOB over the SWIFT network, as it's slower and more expensive. Instead, consider cheaper options like ACH or account balance for BOB transfers.

Money transfer companies often have minimum and maximum limits on how much BOB you can transfer.

The amount of BOB you send can impact the fees and exchange rate. Some services such as Wise may offer a better exchange rate for large BOB transfers.

There may also be government-imposed restrictions, commercial limitations, and other factors that may affect how much BOB you can send.

To ensure your money transfer to Bolivia goes smoothly, especially if moving large amounts of Boliviano, use our comparison tool to find the service that best fits your needs.

The speed of sending Boliviano to Bolivia depends on factors like the amount of BOB sent, the chosen deposit and withdrawal methods, and when you send BOB.

As a rule of thumb, faster transfers come with higher fees.

Let’s imagine you want to transfer 2,000 USD to Bolivia, here are your options:

• For the fastest transfers, use MoneyGram - Out of 9 companies serving Bolivia, MoneyGram appeared 34 times in our searches as the fastest service in the past 6 months.

• For bank and card deposits, use MoneyGram - MoneyGram provides fast and affordable BOB transfers, with fees around $14.87 for bank account deposits and $9.13 for debit/prepaid card deposits, with a small 2% markup on the ‘real’ BOB exchange rate.

• For credit card transfers, use - charges $0 for credit card transfers to Bolivia with % markup. However, beware of potential cash advance fees and higher interest rates from your credit card company.

• For urgent transfers, use cash transfer services - If you need Boliviano to be delivered urgently, services like Western Union, MoneyGram, or Ria Money will have it ready within minutes for collection in Bolivia.

Avoid using the SWIFT network for BOB transfers, as intermediary banks slow the process. Instead, opt for faster and more cost-effective alternatives discussed above.

For BOB transfers, you have the following options:

1. Money transfer company - You can transfer money online using an FX broker (managed service) or a self-managed online company like Wise. Based on our 6-month analysis, Wise ranked as the top provider for sending money to Bolivia, appearing in 78 comparisons involving BOB.

2. Mobile apps and digital wallets - Many services available in Bolivia offer mobile apps, often giving transfer offers on BOB rates.

3. Cash transfers - You can send cash to Bolivia through services like Ria Money, MoneyGram, or Western Union. Cash transfers are typically instant, but the recipient must visit a local agent in Bolivia to collect the Boliviano.

4. Wire transfers - While you can wire money to Bolivia through your bank, we advise against it. Banks can charge up to $60 per transfer to Bolivia and add 5% - 6% to the BOB exchange rate. Instead, use bank transfer to deposit money to Wise and send BOB from there.

There are several ways to receive money in Bolivia, and choosing the right one will help the recipient get the most BOB. Mainly, these are:

• Deposit to bank account - For direct bank deposits in Bolivia, we recommend Revolut, which appeared in 62.8% of BOB searches as the cheapest option for bank transfers. BOB will arrive directly to the recipient's bank account in Bolivia.

• Deposit to digital or mobile wallet - BOB can be sent directly to digital wallets like PayPal, though this option often has more limitations and higher costs compared to services like Revolut. Recipients in Bolivia will need to transfer it to their account, which may incur more fees.

• Cash pickup or home delivery - If the recipient needs BOB urgently or doesn't have access to a bank account in Bolivia, cash pickup or door-to-door delivery is a good alternative. Be sure to check if these services are available in Bolivia. This will require the recipient to visit a nearby agent in Bolivia.

When making large BOB transfers or sending Boliviano for cash pickup, the recipient may need the following:

• Government-Issued ID: This can be a non-expired and valid passport, driver’s license, or national ID of Bolivia.

• Sender’s Details: Full name, address, and other personal information.

• Transfer Details: The amount being received in BOB.

• Transfer number: This is given at the time of transfer.

• SWIFT Code / IBAN: This may be required for bank transfers to Bolivia from some countries.

*The exact documents may vary depending on the transfer method and service used.

For bank accounts, debit cards, or wallet deposits, the recipient typically doesn’t need to do anything. Boliviano will arrive without their involvement.

For larger transfers, companies may request additional documents like proof of funds and address verification in compliance with Anti-Money Laundering policies.

We recommend using Wise for transferring large amounts of Boliviano.

There may be tax implications and government-imposed limits on Boliviano transfers.

Some Boliviano transfers may be subject to gift tax, commercial tax, and other types of taxes.

Even if no immediate taxes or limits apply, larger BOB transfers may need to be reported to tax authorities in Bolivia or your home country.

To be fully safe, we strongly recommend consulting with a tax professional in either Bolivia or your home country to ensure compliance with relevant regulations and tax laws.