The best, fastest & cheapest ways to send money to Bosnia and Herzegovina

Pay attention to BAM exchange rates, as it determines how much BAM your recipient will receive.

For instance, today’s average USD to BAM rate is 1.8573 but the highest rate over the past 3 months was 1.8131 BAM/USD.

Your aim is to transfer when BAM reaches a higher value so waiting a few days could result in a better rate, hence more BAM received.

For urgent Convertible Mark transfers, we recommend Wise. It consistently provided the best BAM rates over the past six months.

How you fund your transfer affects the cost, speed, and the amount of Convertible Mark the recipient will receive.

The cheapest way to fund your transfer to Bosnia and Herzegovina is with a Bank transfer via Revolut, which is 1% cheaper than the next cheapest service.

Based on our six-month analysis of a $2,000 transfer from to Bosnia and Herzegovina, here are the top options:

• Revolut (bank transfer): Costs $0 + 0.15% markup on top of the BAM mid-market rate.

• Xe (debit card): Costs $27.9 + 0% markup.

• Xe (credit card): Costs $184.43 + 0% markup.

Bank transfer is the most expensive deposit method for Convertible Mark transfers, so we recommend avoiding it to maximize the amount of BAM received.

Credit card transfers may result in cash advance fees and higher interest rates when sending money to Bosnia and Herzegovina.

For instance, Xe charges $177 for credit card deposits, while Revolut charges $0 for bank transfers.

Avoid sending BAM over the SWIFT network, as it's slower and more expensive. Instead, consider cheaper options like ACH or account balance for BAM transfers.

Money transfer companies often have minimum and maximum limits on how much BAM you can transfer.

The amount of BAM you send can impact the fees and exchange rate. Some services such as Wise may offer a better exchange rate for large BAM transfers.

There may also be government-imposed restrictions, commercial limitations, and other factors that may affect how much BAM you can send.

To ensure your money transfer to Bosnia and Herzegovina goes smoothly, especially if moving large amounts of Convertible Mark, use our comparison tool to find the service that best fits your needs.

The speed of sending Convertible Mark to Bosnia and Herzegovina depends on factors like the amount of BAM sent, the chosen deposit and withdrawal methods, and when you send BAM.

As a rule of thumb, faster transfers come with higher fees.

Let’s imagine you want to transfer 2,000 USD to Bosnia and Herzegovina, here are your options:

• For the fastest transfers, use Ria Money Transfer - Out of 9 companies serving Bosnia and Herzegovina, Ria Money Transfer appeared 9 times in our searches as the fastest service in the past 6 months.

• For bank and card deposits, use Ria Money Transfer - Ria Money Transfer provides fast and affordable BAM transfers, with fees around $4 for bank account deposits and $28.16 for debit/prepaid card deposits, with a small 2.8% markup on the ‘real’ BAM exchange rate.

• For credit card transfers, use Xe - Xe charges $177 for credit card transfers to Bosnia and Herzegovina with 0% markup. However, beware of potential cash advance fees and higher interest rates from your credit card company.

• For urgent transfers, use cash transfer services - If you need Convertible Mark to be delivered urgently, services like Western Union, MoneyGram, or Ria Money will have it ready within minutes for collection in Bosnia and Herzegovina.

Avoid using the SWIFT network for BAM transfers, as intermediary banks slow the process. Instead, opt for faster and more cost-effective alternatives discussed above.

For BAM transfers, you have the following options:

1. Money transfer company - You can transfer money online using an FX broker (managed service) or a self-managed online company like Wise. Based on our 6-month analysis, Wise ranked as the top provider for sending money to Bosnia and Herzegovina, appearing in 18 comparisons involving BAM.

2. Mobile apps and digital wallets - Many services available in Bosnia and Herzegovina offer mobile apps, often giving transfer offers on BAM rates.

3. Cash transfers - You can send cash to Bosnia and Herzegovina through services like Ria Money, MoneyGram, or Western Union. Cash transfers are typically instant, but the recipient must visit a local agent in Bosnia and Herzegovina to collect the Convertible Mark.

4. Wire transfers - While you can wire money to Bosnia and Herzegovina through your bank, we advise against it. Banks can charge up to $60 per transfer to Bosnia and Herzegovina and add 5% - 6% to the BAM exchange rate. Instead, use bank transfer to deposit money to Wise and send BAM from there.

There are several ways to receive money in Bosnia and Herzegovina, and choosing the right one will help the recipient get the most BAM. Mainly, these are:

• Deposit to bank account - For direct bank deposits in Bosnia and Herzegovina, we recommend Revolut, which appeared in 61.9% of BAM searches as the cheapest option for bank transfers. BAM will arrive directly to the recipient's bank account in Bosnia and Herzegovina.

• Deposit to digital or mobile wallet - BAM can be sent directly to digital wallets like PayPal, though this option often has more limitations and higher costs compared to services like Revolut. Recipients in Bosnia and Herzegovina will need to transfer it to their account, which may incur more fees.

• Cash pickup or home delivery - If the recipient needs BAM urgently or doesn't have access to a bank account in Bosnia and Herzegovina, cash pickup or door-to-door delivery is a good alternative. Be sure to check if these services are available in Bosnia and Herzegovina. This will require the recipient to visit a nearby agent in Bosnia and Herzegovina.

When making large BAM transfers or sending Convertible Mark for cash pickup, the recipient may need the following:

• Government-Issued ID: This can be a non-expired and valid passport, driver’s license, or national ID of Bosnia and Herzegovina.

• Sender’s Details: Full name, address, and other personal information.

• Transfer Details: The amount being received in BAM.

• Transfer number: This is given at the time of transfer.

• SWIFT Code / IBAN: This may be required for bank transfers to Bosnia and Herzegovina from some countries.

*The exact documents may vary depending on the transfer method and service used.

For bank accounts, debit cards, or wallet deposits, the recipient typically doesn’t need to do anything. Convertible Mark will arrive without their involvement.

For larger transfers, companies may request additional documents like proof of funds and address verification in compliance with Anti-Money Laundering policies.

We recommend using Wise for transferring large amounts of Convertible Mark.

There may be tax implications and government-imposed limits on Convertible Mark transfers.

Some Convertible Mark transfers may be subject to gift tax, commercial tax, and other types of taxes.

Even if no immediate taxes or limits apply, larger BAM transfers may need to be reported to tax authorities in Bosnia and Herzegovina or your home country.

To be fully safe, we strongly recommend consulting with a tax professional in either Bosnia and Herzegovina or your home country to ensure compliance with relevant regulations and tax laws.