You can generally find the same range of services as you would in other regions such as the U.S. or Europe, with a few exceptions. 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 (identity card, and other documents), employment (employment contract and a copy of your work permit - if you are working locally - from the Ministry of Labor), and business documents (if you own your own business your NIT - a tax registration number - and other documents). You must always present at least one form of I.D. when you withdraw money from your account.
Credit Unions are called “cooperativas” in Bolivia and function in a similar manner to credit unions in the U.S. Credit unions usually offer only savings accounts, although a few offer checking. They offer smaller loans to their members, but with fewer requirements, making loans more accessible to the general public. However, their interest rates on loans are higher because of this as they are assuming more risk by requesting less information from their borrowers. 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 and did not initially have ATM's so they have fewer ATM locations. They also usually have fewer branch offices.
NOTE ON ATMs. You can withdraw money at every ATM using a credit card. To deposit money, you must visit a branch location during regular business hours.
NOTE ON CREDIT CARDS. Many businesses do NOT accept credit cards, so plan on getting cash at ATMs. 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. 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.
PAYING YOUR BILLS
In Bolivia you have to pay your bills for basic services and utilities (electricity, water, phone, cable TV etc.) directly at the company office (they do not mail out bills) and this can be inconvenient as you usually have to stand in line to pay, so banks and credit unions have arranged with those companies to accept payment of your bills and issue you a receipt (which these companies supply them) and turn the payment over to the companies. Therefore, you can pay most, but perhaps not all of your bills at your bank or credit union or one of its branch offices.
MONEY TRANSFER Banks also offer money transfer services from your account to anywhere else in the world, or vice versa. In addition, Western Union and other agencies are present in several locations for direct money transfer.
HOLIDAYS Businesses observe all national holidays as well as any “paros” 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: Each departmental (state) also has its own holidays, such as the date of foundation of each department. In Cochabamba, that is _____. 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 banks observe the same work-day hours as most businesses in town opening Monday through Friday between 8:00 and 9:00 a.m. and closing between 5:00 and 6:00 p.m. Some banks have begun working during the lunch hour (2 hours, actually). 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. They also close during siesta time (nearly all businesses do) which is usually at some point between noon and 3:00 p.m. Businesses also work on Saturdays, usually between 9:00 a.m. and noon. However, very few credit entities open on Saturdays. No one opens for business on Sundays, except restaurants and some open markets, as well as tourist attractions and entertainment centers (such as parks and movie theaters).
