BANKING IN BOSNIA & HERZEGOVINA
Like at home...
Banking in Bosnia and Herzegovina is regulated by Central Bank of Bosnia & Herzegovina.
Banks in Bosnia and Herzegovina are independent in their pursuit of profit-oriented business activities based on the principles of solvency, profitability and liquidity.
Every-day payment transactions are, with a few exceptions, made in Bosnian convertible marks (KM), and one can use various types of credits cards (Visa, MasterCard)
All major foreign currencies can be freely purchased and sold in exchange offices throughout the country. Many banks have ATMs, enabling you to draw currency any time you want so.
Frequently asked questions about money/banking
Before you start your travel preparations, check out some of the common questions related to money/banking asked by the foreigners in Bosnia and Herzegovina.
How much money can I bring to Bosnia and Herzegovina?
A limit of 10 000 KM exists on the amount of money you can take out of the country. If you are bringing in a larger amount than this and plan not to spend it all and exit the country with more than 10 000 KM you will have to declare it upon your arrival to the customs officials. You will obtain a declaration form which you must present at your departure. Failure to comply may result in the confiscation of all funds at departure.
Where can I exchange money?
Convertible mark (BAM) is the only legal tender in Bosnia and Herzegovina. Exchange offices are ubiquitous in major cities, and they routinely accept euros, U.S. dollars and pounds sterling. If exchanging U.S. dollars, you might be required to present a valid form of ID and the procedure may take longer as note serial numbers are recorded. There are no such formalities when exchanging other currencies. Officially approved exchange offices display licenses with the seal of Central Bank of Bosnia &Herzegovina. Banks also perform currency exchange, but almost always at less favorable exchange rates than small exchange offices. Either way, there is no commission charged. There are also exchange machines which can be found at the airport and in major shopping malls. The exchange rate can fluctuate in excess of 1% from one day to the other, but in overall, major fluctuations do not occur over short periods of time.
Traveler's cheque can be difficult to cash in, as not all banks will accept them, and finding one that will may prove to be a time-consuming effort. Unless you have no alternative, try not to rely on these for your visit to Bosnia and Herzegovina.
My Credit Card got stolen. What I should do?
Emergency numbers for cardholders:
Visa: + 1 303 967 1096
I need cash and I will ask my mum to send it. What I should do?
If you run out of cash, max your credit card, etc. or need money urgently, you can use the services of Western Union for fast money transfers. They are represented by many commercial banks and the Post offices. Whatever the currency your money is being sent in, you will receive the money in Euros.
Are Credit Cards accepted everywhere?
Both credit and debit cards are now widely accepted, though the situation is somewhat different in rural areas. The most commonly accepted cards are Visa, Visa Electron, Master and Maestro. Others are less prevalent. Cards are rarely used in bakeries, fast food outlets and tobacco stores, and never in farmers' markets so it's good to have some cash handy, if shopping at these. ATMs are numerous in major cities. Most banks will not charge a commission for retrieving cash at their ATMs, but your own bank may impose additional expenses. Check before you leave.
Can I open a bank account as a non-resident?
You can open a bank account in any of the banks in any of the currencies. Basically, you'll need to go to the bank offices with your passport, document indicating the address of your stay in Bosnia and Herzegovina and valid contract with the host organization/organization in which you are employed as a researcher.
Information provided by EURAXESS Bosnia and Herzegovina