Bosnia and Herzegovina: Where your new chapter begins.
Understanding the banking and financial system, as well as the currency in Bosnia and Herzegovina, is crucial for managing your financial matters efficiently. Here, we provide a comprehensive overview of banking services, tax information, and financial considerations.
Understanding how the currency system works in Bosnia and Herzegovina is crucial for every expat and visitor. Here’s everything you need to know about the local currency and money exchange.
National Currency: The official currency in Bosnia and Herzegovina is the Convertible Mark (KM or BAM). It is pegged to the Euro, meaning the exchange rate remains relatively stable.
Currency Exchange: You can exchange money at banks, exchange offices, and occasionally at hotels. Be mindful of exchange rates and fees to get the best deal.
Use of Foreign Currency: In many tourist areas, you can also pay with Euros, but it’s recommended to use the local currency, as it is usually more cost-effective.
ATMs and Credit Cards: ATMs are widespread and accept international credit cards. Bank cards (Maestro, Visa, Mastercard) are accepted in most shops, restaurants, and hotels. However, compared to other countries, cashless payments are still less common.
Money Exchange Tips: It’s advisable to exchange a small amount of local currency upon arrival and then make additional exchanges as needed, depending on the offered exchange rates.