Currency in Bosnia and Herzegovina
A practical currency and money guide to travel, living and doing business in Bosnia and Herzegovina and the Bosnia-Herzegovina Convertible mark (BAM).
What's in this Bosnia and Herzegovina currency guide:
What currency is used in Bosnia and Herzegovina?
The official currency of Bosnia and Herzegovina (country code: BA) is the Bosnia-Herzegovina Convertible mark, with symbol and currency code BAM.
Things to know about the Bosnia-Herzegovina Convertible mark
The currency code "BAM" refers to the Bosnia and Herzegovina convertible mark, which is the official currency of Bosnia and Herzegovina. It is represented by the symbol "KM" and is abbreviated as BAM. The physical currency consists of coins and banknotes. The coins come in denominations of 1, 2, 5, 10, 20, and 50 feninga. The banknotes come in denominations of 10, 20, 50, 100, 200, 500, and 1,000 convertible marks. The banknotes feature images of famous Bosnian and Herzegovinian historical figures, such as Mehmed Pasha Sokolovic and Ivan Franjo Jukic. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
Travel Ideas and Money Tips for Bosnia and Herzegovina
Bosnia and Herzegovina is a country located in southeastern Europe. It is bordered by Serbia to the east, Montenegro to the southeast, and Croatia to the west. The country has a population of about 3.3 million people and is composed of two political entities: the Federation of Bosnia and Herzegovina and the Republika Srpska. The official languages of the country are Bosnian, Croatian, and Serbian, and the capital city is Sarajevo.
Bosnia and Herzegovina has a diverse culture, with influences from its history as part of the Ottoman Empire and the former Yugoslavia. The country is known for its natural beauty, including the Dinaric Alps and the country's many rivers.
How to Pay in Bosnia and Herzegovina
In Bosnia and Herzegovina, it is common to pay for goods and services using cash, especially in small towns and rural areas. Major credit cards such as Visa and Mastercard are accepted in larger cities and tourist areas, but it is still a good idea to carry cash as a backup. Some smaller businesses and restaurants may not accept credit cards at all, so it is always a good idea to check before making a purchase.
There are also a number of ATMs located throughout the country where you can withdraw cash using your debit card. It is generally safe to use ATMs, but as with any country, it is a good idea to be cautious when withdrawing money and to take steps to protect your personal information.
In addition to cash and credit cards, it is also possible to make electronic payments using mobile payment apps such as Apple Pay and Google Pay. These services are becoming increasingly popular in Bosnia and Herzegovina, but they may not be accepted at all locations.
Expat Money & Business Guide to Bosnia and Herzegovina
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Bosnia and Herzegovina.
How is the Economy in Bosnia and Herzegovina?
The economy of Bosnia and Herzegovina is classified as a developing market economy by the International Monetary Fund (IMF). The country has made progress in rebuilding its economy since the end of the Bosnian War in 1995, but it remains one of the poorest countries in Europe.
The main industries in Bosnia and Herzegovina include manufacturing, mining, and tourism. The country has a well-developed industrial sector, with a focus on metals, textiles, and wood products. It is also home to a number of mineral deposits, including coal, iron ore, and bauxite. In recent years, the tourism industry has become increasingly important to the economy, with visitors attracted to the country's natural beauty and cultural heritage.
Despite these strengths, the economy of Bosnia and Herzegovina faces a number of challenges. The country has a high unemployment rate, and many of its citizens live in poverty. Inflation is also a problem, and the government has struggled to implement structural reforms to improve the business climate and boost economic growth. In recent years, the country has received financial assistance from international organizations such as the IMF to help stabilize its economy.
Managing your finances in Bosnia and Herzegovina
Here we list some key points for expats and businesses to consider when managing financial dealings in Bosnia and Herzegovina:
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Understand Bosnia-Herzegovina Convertible mark currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the BAM exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Bosnia-Herzegovina Convertible mark bank account: A local BAM bank account can make it easier for you to manage your finances and pay bills while you are in Bosnia and Herzegovina. It may also be more convenient to use a local BAM bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Bosnia and Herzegovina. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Bosnia and Herzegovina. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Bosnia and Herzegovina, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
BAM/USD – Market Data
The exchange rate of Bosnia-Herzegovina Convertible mark (BAM), or the amount of BAM that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest BAM/USD rate plus recent trend, chart, and historic rates.
| Date | BAM/USD | Period |
|---|---|---|
08 May 2023 | 0.5649 | 2 Week |
21 Feb 2023 | 0.5445 | 3 Month |
22 May 2022 | 0.5409 | 1 Year |
23 May 2018 | 0.5987 | 5 Year |
24 May 2013 | 0.6599 | 10 Year |
Compare Bosnia-Herzegovina Convertible mark Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Bosnia and Herzegovina or planning a trip or maybe living there, so will need to exchange and spend Bosnia-Herzegovina Convertible mark.
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It is important to note that the exchange rate of the Bosnia-Herzegovina Convertible mark can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect BAM exchange rates before making any financial decisions.
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