Currency in Bosnia and Herzegovina: BAM Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Bosnia and Herzegovina with the Bosnia-Herzegovina Convertible mark.
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.
What is a good Bosnia-Herzegovina Convertible mark exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good things to know about the Bosnia-Herzegovina Convertible mark
Here are recent developments regarding the Bosnia and Herzegovina Convertible Mark (BAM):
- Stable Exchange Rate: The BAM has maintained a stable exchange rate, with minor fluctuations observed in recent months, indicating resilience amid global market volatility. (currencymart.net)
- Foreign Currency Reserves: As of October 2024, Bosnia and Herzegovina's foreign currency reserves stood at 17.04 billion BAM, reflecting an 8.1% annual increase. (sarajevotimes.com)
- Money Supply Growth: The total money supply (M2) increased by 8.2% year-on-year in October 2024, driven by higher transferable deposits in domestic currency. (sarajevotimes.com)
- Tourism Sector Impact: The introduction of the BAM has simplified financial transactions for tourists, enhancing confidence and stability in the tourism sector. (fastercapital.com)
These factors contribute to the BAM's stability and its positive impact on Bosnia and Herzegovina's economy, benefiting travelers, expats, and business owners.
For more BAM information check out our selection of Bosnia-Herzegovina Convertible mark news and guides.
Frequently Asked Questions
What currency should I use in Bosnia and Herzegovina?
The domestic currency in Bosnia and Herzegovina is the Bosnia-Herzegovina Convertible mark.
What is the Bosnia-Herzegovina Convertible mark currency code and symbol?
The three letter currency code for the Bosnia-Herzegovina Convertible mark is BAM.
What does the Bosnia-Herzegovina Convertible mark look like?
Here is an example Bosnia-Herzegovina Convertible mark banknote:
Which countries use the Bosnia-Herzegovina Convertible mark?
It is the domestic currency in Bosnia and Herzegovina.
Is the Bosnia-Herzegovina Convertible mark a closed currency?
No, the Bosnia-Herzegovina Convertible mark is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and BAM?
Here are some popular conversion amounts for USD to BAM (US dollar to Bosnia-Herzegovina Convertible mark)*.
*Converted at the current USDBAM interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Bosnia and Herzegovina
Using Wise for Bosnia-Herzegovina Convertible mark travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Bosnia-Herzegovina Convertible mark otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Bosnia-Herzegovina Convertible mark cash before departure, you can save money by ordering online. You generally get better rates and can pick up the BAM cash locally or even on travel day at the airport.
Bosnia and Herzegovina: Travel Guide
Traveling to Bosnia and Herzegovina requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Bosnia and Herzegovina, often referred to simply as Bosnia, is a country in Southeastern Europe known for its rich history, diverse cultures, and stunning landscapes. As with any international trip, understanding the country's monetary system and planning your travel money is essential. Here's a guide to help you navigate your financial needs while traveling in Bosnia.
The official currency of Bosnia and Herzegovina is the Bosnian Convertible Mark (BAM or KM). It is divided into 100 fenings.
Money Tips:
Cash vs. Card: While credit and debit cards are accepted in most major cities and tourist areas, it's a good idea to carry some cash for smaller towns, local markets, and public transportation. Visa and MasterCard are the most widely accepted, but it's less common to see establishments accepting American Express or Diners Club.
ATMs: ATMs are widely available in larger cities like Sarajevo, Mostar, and Banja Luka. Before withdrawing money, check if your bank charges international transaction fees.
Currency Exchange: It's recommended to exchange a small amount of money before arriving or at the airport for immediate expenses. For better exchange rates, consider changing money at local banks or licensed exchange bureaus in the cities. Avoid changing money with street vendors.
Tipping: Tipping is common but not obligatory. In restaurants, it's customary to leave around 10% of the bill if service was satisfactory. It's also polite to tip guides, drivers, and hotel staff for good service.
Bargaining: In open markets or with street vendors, bargaining can be part of the shopping experience. However, it's essential to do so politely and respectfully.
Budgeting: Bosnia and Herzegovina is generally more affordable than many Western European countries. Accommodation, food, and local transportation can be quite reasonable. However, always budget for unexpected expenses.
Receipts: Keep all receipts, especially if you're claiming VAT refunds.
Safety Tips:
Avoid Carrying Large Amounts: It's safer to carry only the cash you need for the day and leave the rest, along with important documents, in a hotel safe or other secure location.
Use Money Belts: Consider using a money belt or hidden pouch to keep your cash and cards safe from pickpockets, especially in crowded areas.
Check Bank Statements: Regularly check your bank and card statements to ensure there are no unauthorized transactions.
Emergency Numbers: Make a note of emergency numbers, including your bank's international number, in case you lose your card or face any financial issues.
Bosnia and Herzegovina offers a rich and diverse experience for travelers. Being prepared financially will ensure you make the most of your trip without unnecessary stress. Whether you're exploring the historical streets of Sarajevo, enjoying the natural beauty of the Kravica waterfalls, or tasting traditional Bosnian coffee, having your travel money sorted will make your experience smoother and more enjoyable. Safe travels!
Everyday Costs in in Bosnia and Herzegovina
How much does it really cost to live, work, or travel in Bosnia and Herzegovina? Here's what to expect for daily expenses and expat living.
Currency Guide: Bosnia and Herzegovina (BA)
For travelers planning a mid-range stay in Bosnia and Herzegovina, a budget of €500 to €700 for one week is generally advisable, allowing for comfortable accommodations, meals, and sightseeing. Daily expenses can vary, but here are some typical costs you might encounter:
- 🍽️ Meal at a local restaurant: 20-30 BAM
- ☕ Coffee: 2-4 BAM
- 🚌 Public transport fare: 1-2 BAM
- 📱 Prepaid SIM card: 20-40 BAM
- 🛏️ Budget hotel or Airbnb: 50-100 BAM per night
Overall, Bosnia and Herzegovina can be considered a cheap destination compared to many Western nations. For context, a mid-range trip to Bosnia is significantly less expensive than a similar experience in the United States or the UK, with daily expenses potentially being 40-60% lower. This region offers travelers a rich blend of culture and history at an accessible price point, making it an attractive option for visitors seeking an affordable getaway.
Expatriate Insights on Living Costs in Bosnia and Herzegovina
For expatriates looking to establish themselves in Bosnia and Herzegovina, the typical monthly living costs will vary depending on lifestyle choices, but a rough estimate ranges from 1,500 to 2,500 BAM. This includes rent, utilities, groceries, and leisure activities. Renting a one-bedroom apartment in the city center can cost around 800-1,200 BAM, while basic utilities may add another 100-150 BAM to your monthly expenses.
When it comes to banking, local banks offer services, but many expats prefer online transfer options like Wise or OFX for sending and receiving money due to their lower fees and favorable exchange rates. Using local ATMs is usually advisable for withdrawing cash, but be mindful of potential foreign transaction fees. While you can exchange currency at local banks or exchange bureaus, online services often provide more competitive rates, so do compare before making any transactions.
USD/BAM Market Data
The below interactive chart displays the USD/BAM change and UP📈 DOWN📉 trends over the past 1 Year.
Recent Bosnia-Herzegovina Convertible mark Market News
Recent developments affecting the Bosnia and Herzegovina Convertible Marka (BAM):
- Increase in Foreign Currency Reserves: As of October 2024, Bosnia and Herzegovina's foreign currency reserves rose to 17.04 billion BAM, an 8.1% annual increase. (sarajevotimes.com)
- Growth in Money Supply: The total money supply (M2) reached 38.07 billion BAM by October 2024, marking an 8.2% year-over-year growth. (sarajevotimes.com)
These factors may influence the BAM's exchange rate, impacting travelers, expats, and business owners.
For more BAM information read our News and guides to the Bosnia-Herzegovina Convertible mark.
Send Money to Bosnia and Herzegovina - Best Rates
To get a good (and fair) exchange rate when sending money to Bosnia and Herzegovina you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Bosnia and Herzegovina
When sending money to Bosnia and Herzegovina it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Bosnia-Herzegovina Convertible mark amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted BAM amount will be transfered to the recipient account you specify in Bosnia and Herzegovina.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Bosnia-Herzegovina Convertible mark deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in 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.
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 money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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.
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.
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.
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.
We have put together some key points to help 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.