Last Updated on February 15, 2025
International banks have a limited presence in Bolivia. Over a decade ago, Citibank operated in the country, but it closed its operations due to a significant loss of market share and changing political and social conditions. Currently, only one international bank has active operations in Bolivia.
As of 2022, there is only one international bank operating in Bolivia: the Argentine National Bank (Banco de la Nación Argentina). No banks from developed countries currently have operations in the country. In the past, Citibank and Bank of America were present, but both closed their operations more than 10 years ago.
In the following sections, we’ll provide detailed information about the current status of international and global banks in Bolivia. We’ll explore why they are not currently present, which ones have never operated in our country, which ones have closed their operations and why, and other relevant facts. We’ll also discuss alternative options for accessing banking services here. We are Bolivian real estate experts.
Global Banks with a Presence in Bolivia
As of 2022, *only one foreign bank* is still present and operating in Bolivia: the Argentine National Bank (Banco de la Nación Argentina).
Many years ago, two US banks, Citibank and Bank of America, operated in Bolivia, but they left the country in 2010 and 1984, respectively.
Argentine National Bank
This is one of Argentina’s major banks and currently operates in Bolivia, *but its presence here is quite limited*. Major Bolivian banks are tens or even hundreds of times larger.
The Argentine National Bank in Bolivia primarily serves businesses and large corporations *and isn’t focused on providing services to individual or personal clients*. It’s a relatively minor bank with limited influence in our country.
This bank’s only office in Bolivia is located in Santa Cruz de la Sierra; it’s not available in other cities.
Global Banks Not Present in Bolivia
Citibank
Citibank began operations in Bolivia in 1975. It was an important bank in its early years, but in its final decade, from 2000 until its closure, it focused solely on serving corporate clients and large companies.
In 2010, this American bank also reported *losses of approximately $5 million*, while Bolivian banks collectively reported earnings of around $200 million in the same year.
Citibank didn’t explicitly state the reasons for closing its operations, but it’s likely that the political climate triggered by the new government’s pronounced socialism and its declining market share in its final years of operation contributed to the decision.
Citibank is not present in Bolivia in any form, but it was actively operating until 2010.
Bank of America
Bank of America began its operations in Bolivia in 1972. It operated for approximately 17 years, ultimately closing operations in 1985.
During that time, the Bolivian economy was facing severe challenges, including hyperinflation and significant social and political unrest. It’s highly probable that these factors were the primary reasons for the bank’s departure. Additionally, at that time, Bolivia was the poorest country in Latin America.
Bank of America is not present in Bolivia in any form, but it was actively operating until 1985.
Santander Bank
While this bank hasn’t directly operated offices or branches in our country in the past, it was a part-owner of a major Bolivian bank, Banco Santa Cruz, until 2007. However, it sold all its shares to Banco Mercantil Boliviano in that year.
This transaction led to the creation of Banco Mercantil Santa Cruz in Bolivia, which is currently the largest bank in the country.
However, beyond this past transaction over a decade ago, this bank does not currently have any operations or relationships with institutions in Bolivia or the Bolivian government.
Santander Bank is not present in Bolivia in any form and has never been.
Anchor Bank
This Florida-based bank does not have any financial operations in Bolivia, nor has it in the past. However, it does have a connection to Bolivia: *its president and CEO is a Bolivian entrepreneur*, Nelson Hinojosa.
But beyond that connection, this bank does not have any direct relationships with Bolivian banks, businesses, or the government.
Anchor Bank is not present in Bolivia in any form and has never been.
HSBC Bank
This British bank currently does not operate in Bolivia in any direct way, nor has it in the past. However, according to a WikiLeaks release, *this bank held nearly $100 million in equity* owned by Bolivian individuals and some Bolivian companies. Beyond this, this bank simply doesn’t have any known operations here.
HSBC Bank is not present in Bolivia in any form and has never been.
Chase Bank
This American bank has never had a presence in Bolivia, nor does it have any direct relationships with other banks in Bolivia or with the Bolivian government.
Chase Bank is not present in Bolivia in any form and has never been.
Deutsche Bank
This major German bank currently does not have any financial or banking operations in Bolivia, and this has been the case throughout the history of both nations. It also doesn’t have any direct relationships with other Bolivian banks or the government.
Deutsche Bank is not present in Bolivia in any form and has never been.
Wells Fargo Bank
This US-based bank is also not present in Bolivia in any financial or banking capacity. We have no reports or knowledge of it ever having any kind of relationship with other institutions in our country.
Wells Fargo Bank is not present in Bolivia in any form and has never been.
Red Bank
This American bank, based in New Jersey, currently does not conduct any financial or banking operations in Bolivia, and this has always been the case. Furthermore, we are not aware of any direct relationships with any Bolivian banks, businesses, or the Bolivian government.
Red Bank is not present in Bolivia in any form and has never been.
Scotiabank
This Canadian bank also does not have any financial or banking operations in Bolivia, either currently or in the past. It also has no known direct relationships with Bolivian banks, businesses, or the government.
Scotiabank is not present in Bolivia in any form and has never been.
Standard Chartered Bank
This British bank also does not have any operations, either independently or in collaboration with Bolivian banks, businesses, or institutions, that we are currently aware of.
Standard Chartered Bank is not present in Bolivia in any form and has never been.
Grameen Bank
This bank from India currently does not conduct any financial or banking operations in Bolivia. Furthermore, it does not have any direct joint operations with Bolivian banks, institutions, or the government, either now or in the past.
Grameen Bank is not present in Bolivia in any form and has never been.
You can see our detailed guide about all the major Bolivian banks that operate in Bolivia, including their services for both citizens and foreigners, in the following direction: Banks of Bolivia: A Full List and Details.
Which Digital Banks Operate in Bolivia?
You might be wondering if any fully digital banks, such as Discover Bank, Axis Bank, or Quontic Bank, currently operate or offer services in Bolivia. *However, at this time, no digital bank operates in the country* in any known way.
Nevertheless, you can use Bolivian ATMs *with Visa and MasterCard cards issued by any foreign bank* worldwide. American Express is not widely supported by Bolivian ATMs.
Alternative Digital Wallets that Work in Bolivia
If you’re simply looking for a digital wallet or a virtual bank account in Bolivia, *without needing to open a traditional bank account in the country*, you have several options, as listed below:
- PayPal
- Payoneer
- Your regular credit or debit card
Firstly, PayPal functions fully in Bolivia, *but only if your PayPal account was opened in your home country* or in a country that fully supports this payment processor.
However, if you open a PayPal account in Bolivia, *you won’t be able to withdraw your funds*. You’ll only be able to make purchases using this Bolivian PayPal account. This is a restriction that Bolivians face, and they cannot use PayPal to receive money.
Secondly, you can use Payoneer without any restrictions, *especially if you have a Payoneer prepaid card for withdrawals*. This prepaid card can be used at any ATM in Bolivia. However, you can also use any Visa or MasterCard debit or credit card at any ATM in the country.
Thirdly, as mentioned, you can make online purchases, transfer funds, and withdraw money from Bolivian ATMs using your Visa or MasterCard debit or credit card *without any issues*. Keep in mind that American Express cards are not widely supported by ATMs in this country.
We have a comprehensive guide on whether PayPal is available in Bolivia, with all the details about how to use it here, both as a citizen and a foreigner, available here: Does PayPal Work in Bolivia? All the Details.
Conclusions:
In this article about international banks currently operating in Bolivia, you’ve learned that, as of 2022, there’s only one international South American bank with operations in the country: the Argentine National Bank. You’ve also seen that no banks from developed countries are currently operating in Bolivia.
You also gained insights into why some banks, like Citibank and Bank of America, ceased operations in our country many years and decades ago. Additionally, you’ve realized that, at present, no virtual banks are available or operating in Bolivia.
Finally, you’ve learned about alternative options for accessing banking services and making purchases, transferring funds, or withdrawing money in Bolivia. By far, the best and most obvious option is to simply use your Visa or MasterCard debit or credit card at any ATM available in the country, as these devices fully support these brands. However, you also have other options like PayPal and Payoneer.
We hope this information has been helpful. If you’d like to learn every detail about the principal banks available in Bolivia, including their services for both citizens and foreigners, as well as their branch and ATM locations, please visit our dedicated guide: Major Banks of Bolivia: Everything You Need to Know.
CasasenBolivia.com, information on living, working, investing, and traveling in Bolivia.
