Bolivia (BO)
Bolivia is South America's highest and most landlocked country — a plurinational state of dramatic contrasts, from the world's highest navigable lake (Titicaca at 3,812m) and the vast salt flats of Uyuni to the tropical Amazon basin.
Banking in Bolivia
Recommended banks, payment culture and credit score basics.
Bolivia operates a dual-currency banking system — accounts in bolivianos (BOB) and US dollars (USD) are both common. The official rate remains fixed at Bs.6.96/USD since 2011, but Bolivia's foreign exchange crisis has produced a significant parallel market: the informal USD rate reached Bs.9–13 per dollar in 2025–2026, reflecting critically low foreign reserves. Bolivian banks have imposed restrictions on international credit card use due to the USD shortage. Banks are regulated by ASFI (Autoridad de Supervisión del Sistema Financiero). Opening a bank account requires Carnet de Extranjería (in addition to passport) and NIT. Cash remains essential — many small businesses, markets and taxis are cash-only.
Recommended banks
BNB (Banco Nacional de Bolivia)
Monthly fee: Free for basic savings account; Bs.20–50/month for current account
Requirements: Passport, Carnet de Extranjería, NIT, proof of address, source of funds declaration. In-person at branch — cannot open remotely.
- + Largest private bank — widest ATM network in Bolivia
- + Both USD and BOB accounts available
- + Reliable SWIFT international wire transfers
- + Online banking at bnb.com.bo
- + Most popular bank among expats in La Paz
- - No English-language interface
- - Account closure requires in-person visit — cannot be done remotely
- - Source of funds scrutiny for large initial deposits (ASFI AML rules)
BCP (Banco de Crédito de Bolivia)
Monthly fee: Free savings; Bs.30–60/month for current account
Requirements: Same as BNB — Carnet de Extranjería + NIT + address proof required. In-person only.
- + Strong branch presence in La Paz and Santa Cruz
- + Good mobile banking app
- + USD and BOB accounts
- + Part of Credicorp Group — useful for those with Peru connections
- - Spanish-only service
- - Requires in-person closure like all Bolivian banks
BISA Banco
Monthly fee: Bs.20–60/month depending on account type
Requirements: Standard Bolivian requirements — Carnet de Extranjería + NIT + address. Good for business accounts.
- + Strong in business banking and SWIFT transfers
- + Good USD account options
- + Bundled with BISA Seguros for insurance products
- - Fewer branches than BNB or BCP
- - Spanish-only
Banco Mercantil Santa Cruz (BMSC)
Monthly fee: Free basic savings account; Bs.25–55/month for current account
Requirements: Passport, Carnet de Extranjería, NIT, proof of address. In-person at branch. Particularly well-represented in Santa Cruz de la Sierra and the eastern lowlands.
- + Best option for expats based in Santa Cruz de la Sierra — widest branch and ATM coverage in the east
- + USD and BOB accounts available
- + Mobile banking app (Mercantil en Línea) for transfers and bill payments
- + Strong agribusiness and commercial banking relationships in Santa Cruz region
- + SWIFT international wire transfers available
- - Spanish-only service
- - Smaller presence in La Paz and the Altiplano compared to BNB
- - In-person closure and document updates required
Wise
EnglishMonthly fee: USD 0 account fee; transfer fees from 0.33% depending on currency pair
Requirements: Passport and home-country or Bolivian address. App or web-based. No Carnet de Extranjería required.
- + Best option for sending money home from Bolivia — mid-market rate transfers significantly cheaper than SWIFT bank fees
- + Hold and convert USD, EUR, GBP, and 50+ currencies
- + Useful before Carnet de Extranjería is obtained — no local ID required to open
- + Wise card not issued to Bolivia residents — transfers and multi-currency account available
- + Particularly valuable given Bolivia's ongoing USD crisis and parallel FX market — holding USD/EUR in Wise avoids some local FX friction
- - Cannot receive Bolivian employer salary directly in BOB
- - Not a full bank — no local Bolivian account number
- - No in-person support
Payment culture
Bolivia is predominantly a cash (efectivo) economy. Card acceptance is growing but unreliable outside major supermarkets (Hipermaxi, Ketal), hotels and formal restaurants. QR payments (ASFI-standardised interoperable QR) are emerging in formal retail. Tigo Money (mobile wallet) is essential for informal payments, deliveries and services. ATMs: BNB and BCP have the widest networks — use ATMs inside bank branches during business hours for security. Daily ATM withdrawal limit: Bs.3,000–6,000 (approx USD 430–860). Foreign cards work at major ATMs but incur both Bolivian bank fees (Bs.10–20) and home bank foreign transaction fees. Always carry sufficient boliviano cash when leaving cities.
Cash access
ATMs (cajeros automáticos) widespread in La Paz, Santa Cruz, Cochabamba. Scarce in rural areas and small cities. Use bank branch ATMs during business hours for safety — avoid standalone street ATMs at night. USD cash withdrawals available at some BNB ATMs. Casas de cambio on Av. Camacho (La Paz) offer best exchange rates for foreign currency.
ASFI Buró de Información Crediticia
Apply at any Bolivian bank or at ASFI directly (asfi.gob.bo). Provide NIT and Carnet de Extranjería. Credit history begins from the date you open a Bolivian bank account or take a loan.
Free annual check: One free credit report check per year through ASFI.
Bolivian credit history does not transfer internationally. Foreign credit histories are not used by Bolivian banks — you start fresh. Building Bolivian credit: maintain a bank account in good standing, pay utility bills on time, take and repay a small loan. Mortgage applications: 2+ years of formal Bolivian employment and salary history typically required.
International transfers
SWIFT international wire transfers available at all major banks. Outgoing: USD 15–40 flat fee + possible correspondent bank fees. Incoming: USD 5–15 receiving fee. Foreign currency crisis (2024–2026): Bolivia's foreign reserves fell critically low; Bolivian banks have imposed restrictions on international credit card transactions and outbound USD transfers — large USD transfers may face significant delays, documentation requirements, and effective fees exceeding 100% for some corporate repatriation transactions. Incoming remittances have no restrictions. Allow 2–5+ business days and verify current bank policies before initiating large international transfers.