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The South American nation of Bolivia takes in an amazingly varied selection of landscapes, including the Atacama Desert, the Andes Mountains and the Amazon jungle. Understandably, these are just a few of the features that make Bolivia a popular destination for Australian tourists.
What happens if you’re travelling through Bolivia and you lose your wallet or it is stolen, though? It’s quick and easy for your loved ones in Australia to send you an international money transfer, but they’ll need to compare a range of options in order to find the most cost-effective transfer method.
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When you need to send money to Bolivia or any other country, banks offer an easy and convenient option. However, what they don’t do is offer a cheap option. The exchange rates banks offer on international transfers are notoriously low – compare their exchange rates with those of other transfer companies to see just how bad they can be.
For a more cost-effective transfer solution, check out the services offered by the new breed of specialist money transfer companies. These providers, such as WorldFirst and WorldRemit, offer better exchange rates than the banks because they trade such large volumes of foreign currency. They also charge lower fees than the banks most of the time, so you can save yourself a lot of money if you’re willing to shop around for a more affordable deal.
Josh’s best mate Daniel is backpacking around South America when he is mugged in Bolivia. He emails Josh and asks for a transfer of $1,000 to help him pay for accommodation and transport. Since his bank doesn’t support any exotic currencies, Josh contacts two specialist transfer providers to see if there might be a more affordable option available.
As the table below shows, while neither provider charges a fee for the transaction, the first provider’s superior exchange rate allows Josh to send an extra 30 Bolivianos to Daniel.
| Money transfer company 1 | Money transfer company 2 | |
|---|---|---|
| Exchange rate | 1 AUD = 4.80 BOB | 1 AUD = 4.77 BOB |
| Transfer fee | $0 | $0 |
| Transfer method | Online transfer | Online transfer |
| Processing time | 1-3 days | 1-3 days |
| Amount received (in BOB) | 4,800 BOB | 4,770 BOB |
While it’s possible to send an emergency cash transfer from Australia to Bolivia in a matter of minutes, it’s always important to check out the details of your transaction before you send any funds. Urgent transfers tend to attract higher fees and lower exchange rates, so if you don’t check the full cost of a transaction first, you could end up paying a whole lot more money than you might expect.
Western Union and MoneyGram operate the two largest money transfer networks in the world, including multiple locations in Bolivia and Australia. A selection of cash pick-up locations in Bolivia are listed below, but make sure to phone ahead to confirm addresses and opening hours before visiting. Photo ID will also be required when collecting cash.
The Department of Foreign Affairs and Trade warns Australian travellers in Bolivia to exercise a high degree of caution, so keep the following tips in mind when picking up cash:
You will most likely need to do the following when you want to send money to Bolivia:
