Whether you seek adventures, unusual cuisine, or gorgeous landscapes South America is ready to provide you with some of the best travel experiences. Countries like Bolivia often get overlooked when it comes to travel, but despite that thousands of US citizens visit this country and create businesses on its grounds.
The United States is one of Bolivia’s top trade partners, so it’s no wonder why USD to Bolivia is such a popular Google search. Today we will discuss why people send money to Bolivia from the US, what are the related issues and how to solve them.
Why Do People Send Money from the US to Bolivia?
Bolivia’s economy relies heavily on the foreign investitions. Still, the stats show peculiar information::
Money Transfer Stats & Remittance Stats
Despite the decrease in annual remittances from 365 USD million to 359 USD million Bolivia remains a reliable partner for the U.S. The United States imports tin, precious metals, mineral ores, fruits, and nuts from Bolivia while exporting machinery, aircraft, vehicles, and optical and medical instruments.
Bolivia is open to foreign direct investment. Its FDI flow has reached 440 USD million and the bilateral goods trade number reached 1.05 USD billion in 2021.
Use Cases
The demand for international money transfer services is high in Bolivia. The reasons are very similar to different countries, some of them include:
Travel
Bolivia is a country with diverse landscapes, interesting history, and rich cuisine. It has a unique culture and a climate that makes travel delightful at any time of the year. All of these make travel a pillar of Bolivia’s economics with millions of tourists coming to see the country’s beauty.
Family Support
A large number of migrant families face poverty and low-level education in Bolivia. Thus, anyone who wants to help their relatives and friends in Bolivia has no option, but to transfer money abroad.
Property Investment
The country’s landscapes and relatively cheap property make an investment in real estate quite profitable. Most of the investors are US citizens who send money to Bolivia.
Inheritance Transfer
Retirement is the time when you choose the best living conditions to spend the rest of your years with pleasure. The climate and property make Bolivia a great place for this purpose.
4 Issues with Sending Money to Bolivia
Despite the need for international money transfers, mainstream banking is rarely your best option in this case. Traditional banks are known for their issues, which include:
Speed Issues
Depending on the currency, international banks may take up to five business days to transfer your funds. This is a part of the ‘three-day good funds model’ policy, which makes sure the funds are really there when the receiver uses them. Seems like a natural rule, but this affects the speed greatly.
Security Issues
USD to Bolivia transfers usually require many steps which leads to the vulnerability of your private information. You could easily become a victim of phishing, vishing, identity theft, and PIN sharing.
Bureaucracy Issues
In the best scenario, you’ll need to provide your full name and number as a sender, as well as the full name, phone number, address, bank information, and checking account info of a receiver. Moreover, you’ll require an IBAN or SWIFT code.
In addition, banks could mess up some parts of the manual reg process which may lead to further bureaucracy issues.
Fees Issues
Last but not least, the banks are charging far more than they should for receiving their own payments. Intermediary banks in the middle of a transaction charge additional fees. The main problem is that all of these are usually hidden, so you don’t even know what you are paying for beforehand.
IPSIPay, the Fastest Online Transfer Money Abroad to Your Family in Bolivia
So, how do you send money to Bolivia avoiding all of the issues above? The solution is simple, just try innovative payment processing with IPSIPay. IPSIPay is an international money transfer service that provides easy and convenient money transfers with a few smartphone swipes.
The service offers speed and peace of mind to senders, while the recipient only pays a nominal fee for cash withdrawal. Check out innovative payment processing with IPSIPay’s mobile app!
