Bolivian Money: Banking in Bolivia

In Bolivian banks you can find the same range of services as you would in other regions such as the U.S. or Europe, with a few exceptions. Let me explain Bolivia currency and Bolivia currency exchange before we get into the services offered or not offered at Bolivian banks. This will make it easier to understand why in Bolivia you can open an account in either bolivianos or dollars, or both.

ACCOUNTS In order to open an account as a foreigner you will be required to present several forms of I.D. (birth certificate, passport, etc.) as well as proof of your residency (carnet, and other documents), employment (employment contract and copy of your work permit from the Ministry of Labor), and business documents.

Most also offer CD's and other services as well. Banks offer savings and checking accounts, CD's, credit cards and all types of loans. Most have ATM's in a good many locations throughout the city (as well as several branches). Most banks also have drive-thrus. Credit unions don't usually have drive-thrus and did not initially have ATMs so although many now do have ATMs they have fewer. They also usually have fewer branch offices. Also, both banks and credit unions sometimes have very small branch offices inside grocery stores like inside the Hipermaxi, Slan, Hiper Plaza, and Fidalga grocery stores.

NOTE ON ATMs. You can withdraw money at every ATM using a credit card; however, please be aware that you cannot DEPOSIT money at the ATMs. Some Bolivian banks are just recently beginning to offer other self banking services at their ATMs but this is not widespread as of yet. This must be done in person during regular business hours.

NOTE ON CREDIT CARDS.If you have any trouble with your VISA or MASTERCARD, contact a company called LINKSER, found in the Yellow Pages to help you solve the problem. If you use AMERICAN EXPRESS contact MAGRITURISMO at 334-5663 (located on the corner of Potosí and Warnes streets in Santa Cruz). This is an AMEX travel agency with personnel on site to help solve any credit card-related problem you might have. Unfortunately DISCOVER is virtually unknown here in Bolivia as are all other credit cards. Basically, in Bolivia you can only use Visa and MasterCard.

PAYING YOUR BILLS In Bolivia you have to pay your bills for basic services and household utilities (electricity, water, phone, cable TV etc.) directly at the company office. Some, but not all, utility companies do mail or deliver a bill to your home but since checks are not used in Bolivia you must pay them in person. This can be inconvenient as you usually have to stand in line to pay, so utility companies have arranged with banks and credit unions to accept payment of your bills and issue you an invoice. Therefore, you can pay your bills at your bank or credit union or one of its branch offices, many of which are conveniently located inside major grocery stores.

MONEY TRANSFER Banks also offer money transfer services from your account to anywhere else in the world, or vice versa. In addition, Western Union, Moneygram and other agencies are present in several locations in Bolivia for direct money transfer.

HOLIDAYS Businesses observe all Bolivian public holidays as well as any “paros” (work stoppages) called for by the city’s civic leaders (in protest to something, the entire city is shut down, schools and businesses are closed and usually all forms of transportation are also prohibited). And remember, church and state are not separate in Bolivia, so some Catholic holidays are national holidays.

DEPARTMENTAL HOLIDAYS: They also observe departmental holidays, such as the date of foundation of each department. According to a new decree, departmental holidays will no longer be celebrated on the exact date of the holiday. They are to be celebrated on the first or last day of the week in which they occur (depending on which day they are closer to) to promote tourism on these holidays.

BANKING HOURS Most Bolivian banks observe the same work-day banking hours as other businesses, although you have to ask at each bank because not all banks observe the same hours. Some open at 9:00 a.m. Monday through Friday and close at 4:00 p.m. Others are open from 7:00 to 7:00 and so forth. Be aware that some also close their drive-thrus down at night for safety reasons, however their ATM’s are available 24 hours a day. Some banks close during the siesta hour (from about 12:30 to 2:30). Most banks do NOT open on Saturdays, although a few open on Saturday mornings only, and usually only the central offices do. The branch offices do not. NO banks open on Sunday.

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