Online transfers between Canada and Bosnia and Herzegovina don’t have to be expensive. Compare your options to avoid fees.
Despite periods of instability in the region, Bosnia and Herzegovina continues efforts to maintain peace within its borders since the end of the Bosnian War. The country is a member of several international organizations promoting peace and is currently transitioning from a centrally planned economy to a market economy.
In the 2011 Census, almost 23,000 people claimed Bosnian ancestry in Canada. With immigration between the two nations, there is a need for affordable and fast ways to transfer money between Canada and Bosnia and Herzegovina.
Whether you need to send money to loved ones, pay business expenses or help out a friend travelling through the region, there are a few options at your disposal to send money overseas. While some Canadian banks will allow you to transfer money between Canada and Bosnia and Herzegovina, specialist money transfer companies often offer more competitive exchange rates, faster delivery speeds and lower fees.
Case Study: Banks versus money transfer companies
After emigrating to Canada as a child, Yevgeny’s daughter wants to go back to Sarajevo to practice medicine. Few online transfer companies allow transactions between Canada and Bosnia and Herzegovina, so Yevgeny isn’t exactly spoilt for choice when deciding which service to use.
|Money transfer service||Canadian bank|
|Exchange rate||$1 CAD = 1.26 BAM||$1 CAD = 1.23 BAM|
|Amount received for $1000|
|Transfer time||Less than one day||Three to five business days|
|Transfer options||Online only||Bank transfer|
If Yevgeny sends the money via a specialist transfer service provider, she can send 32.20 BAM more each time. With much lower fees, she will also be able to send the money much quicker than she can with a bank.
How do I compare transfer companies when transferring and receiving money via Bosnia and Herzegovina?
Here’s how to make sure you get the best value for your Canadian dollars when sending money to Bosnia and Herzegovina.
- Exchange rates. Some companies will hide high fees in competitive exchange rates, and low fees with poor exchange rates. Compare both fees and the exchange rate offered to understand how much your recipient will receive.
- Pick-up methods. Money can be deposited directly into the recipient’s account or the recipient can collect the funds in person at a designated pick-up point.
- Fees. Some services offer quicker delivery for a higher fee, while others offer low or zero fees but with a longer delivery delay. The idea is to find the combination that helps you save on transfer fees and guarantees the best exchange rate.
- Same-bank transfers. Transferring between accounts held at the same bank usually don’t incur any fees and can have fast transfer speeds.
- Turnaround time. Transfer time differs from service to service, but most guarantee delivery within two to three business days. Some companies can send the money within just minutes, while others may take much longer.
- Transfer methods. Most services facilitate transfers online, via telephone or in person at a branch.
- Transfer options. Depending on the service, you can have your account set up to make regular payments to your recipients or make market orders for investments.
- Minimum transfer amounts. Most money transfer services usually have a minimum amount you can send, usually between $5 and $50. Some minimum amounts can be much higher depending on the service. Be sure to check if there is a minimum transfer amount before you begin your transfer.
- Customer service. A good and reliable customer service department is essential. If you can’t get the information you need from the reference or tracking number, customer service should be able to answer any questions or concerns you have. Some companies will be available via web chat, phone, email and in person.
How do I send money to Bosnia and Herzegovina from Canada?
Not all money transfer companies and Canadian banks allow transfers to Bosnia and Herzegovina. Your best bet would be an international wire service like Western Union or MoneyGram. Here are a few alternatives to consider.
- Western Union. This is a transfer service that will send money to your recipient within just minutes, but for a relatively high fee. Western Union can send money to be picked up in cash to Bosnia and Herzegovina.
- MoneyGram. Much like Western Union, MoneyGram can send funds that can be received in cash by your recipient in just minutes. The fees are also generally quite high compared to some other specialist money transfer providers, but this is because MoneyGram can send the funds in just minutes.
- WorldRemit. This online transfer service facilitates bank transfers between Canada and Bosnia and Herzegovina for a small fee.
- PayPal. If both you and your recipient have PayPal accounts, you can use PayPal to send the funds. PayPal accounts are quick, easy and free to set-up.
How do I receive money from Bosnia and Herzegovina in Canada?
If you need to send money to Canada from Bosnia and Herzegovina, the best option is a money transfer service like MoneyGram or WorldRemit instead of a bank. Try one of the following online transfer services:
- WorldRemit. This service offers quick, cheap transfers between Bosnia and Herzegovina and Canada. You can finalize the transaction online or over the phone.
- Western Union. One of the most popular and widely available online transfer services, Western Union is one of the few transfer companies with pick-up locations in Bosnia and Herzegovina.
- MoneyGram. There are plenty of MoneyGram locations spread out across Bosnia and Herzegovina. Money can be quickly sent to Canada and can be picked up in cash within just minutes.
- PayPal. As mentioned above, if both you and your recipient have PayPal accounts, you can receive funds via PayPal.
Emergency cash transfers in Bosnia and Herzegovina
If you have a financial emergency while in Bosnia and Herzegovina, the quickest way to access funds is via an online money transfer. Here’s how you could have money delivered in an emergency:
- Transfer service with pick-up locations. One way to quickly access money is through an online transfer company like MoneyGram or Western Union. Have someone from Canada send you funds, which you can pick up in cash just minutes later.
- Travel insurance. Depending on the type of emergency and whether or not you’re eligible for coverage, you can make a claim on your travel insurance policy. This method may take a while to receive cash in hand.
- Credit card. Your credit card provider may be able to help you access funds. Contact your bank or your Visa, MasterCard or American Express provider to find out more.
Cash pick-up locations in Bosnia and Herzegovina/ Western Union / MoneyGram branches in Bosnia and Herzegovina
Western Union and MoneyGram are two companies that offer pick-up services in Bosnia and Herzegovina. Here are a few locations:
- Istocno Sarajevo
Stefana Nemanje Bb Istocno Sarajevo,
Open Monday to Friday 8am to 4pm, Saturday 8am to 1pm
- Pavlovic International Bank
Nikole Tesle Bb Istocno Sarajevo 71123
Open Monday to Friday 8am to 4pm, Saturday 8am to 12pm
- Poste Srpske
Kralja Petra I Karadjordjevica
Banja Luka, 78101
+387 051 211080
Open 7am to 8pm, Saturday 7am to 6pm
- Unicredit Bank
Poslovnica 1 U Banja Luci
Veselina Maslese 10
Banja Luka 78000
+387 36 356574
Open Monday to Friday 8am to 6pm, Saturday 8am to 12pm
- Nova Banka
+387 33 711 330
Open Monday to Friday 8am to 5pm, Saturday 8am to 1pm
- Nova Banka
+387 33 277336
Open Monday to Friday 8am to 6pm, Saturday 8am to 1pm
- Nova Banka
Trg Republike Srpske 8
Banja Luka 78000
+387 51 329 472
Open Monday to Friday 8am to 4pm
- HVB Central Profit Banka
Veselina Maslese 10
Banja Luka 78000
+387 51 224850
Open Monday to Friday 9am to 5pm, Saturday 9am to 1pm
Tips for picking up cash in Bosnia and Herzegovina
The Government of Canada recommends that you exercise a high degree of caution when travelling Bosnia and Herzegovina. The recent influx of migrants may impact public transport systems and cause delays at borders. Always keep an eye out for suspicious behaviour when collecting your money from a cash pickup centre or from an ATM. Go with someone else to pick up money and check the opening hours before you go so that you’re not left waiting outside.
What are the steps to send money to Bosnia and Herzegovina?
You can send money from Canada to Bosnia and Herzegovina via specialist online money transfer services. MoneyGram, Western Union and WorldRemit are among the few that allow you to make transfers between the two countries. If you’re making a transfer for the first time with one of these providers, you’ll be asked to set up an account before the transfer can take place. Information required includes:
- Name and address
- Contact information
- Bank information
- Your recipient’s contact and bank information
Once you’ve lodged the transfer, you’ll get a tracking number as a reference. Keep this handy as the customer service staff will request this number should you have questions about your transaction.