Take advantage of low fees and competitive exchange rates when sending money to Bosnia and Herzegovina.
Despite periods of instability in the region, Bosnia and Herzegovina continue efforts to maintain peace following the end of the Bosnian War. Thousands of Canadian tourists now flock to Eastern Europe each year. Check out our handy money transfer guide if you’re looking to send money to Bosnia and Herzegovina in the near future, to find the most competitive exchange rates and lowest fees.
Send money to Bosnia and Herzegovina with WorldRemit
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Choose how you want to send your money - via bank transfer, cash pickup or mobile money
If you want to send money from Canada to Bosnia and Herzegovina, you have a couple of options at your disposal. Two notable ways to send money include your bank or an online money transfer company.
Bank. Banks are renowned for charging high prices and offering mediocre exchange rates on international transfers, so even a small transfer can end up costing a significant amount.
Money transfer company. There are a wide range of money transfer companies that would be happy to out-compete the banks for your business. If you’re looking for quick and affordable transactions to thousands of destinations around the globe, bank on a company like TorFX or World First to facilitate your transaction.
Case study: Vedad sends money to Bosnia and Herzegovina
Vedad emigrated to Canada from Bosnia and Herzegovina as a child, and has been living and working for over 20 years. When Vedad returns to her home country in her early 30’s to visit her parents and her grandmother, she decides that she wants to move back to the region. She wants to send some money to her family to cover the cost of a down payment on a small cottage on the outskirts of Banja Luka. She decides to compare her Canadian bank to an online money transfer service to see if she can track down a better deal. The comparison below is based on exchange rates in the spring of 2018, so check current rates before making your choice.
Money Transfer Service 2
CAD$1 = BAM 1.16
CAD$1 = BAM 1.02
Amount received (for $1,000)
2 – 5 days
1 – 2 days
Bank-to-bank tranfer or cash pick-up
Vedad is pleased to discover that she can save BAM 140 (around $115) in the exchange rate with the money transfer option, with an additional $15 in fees on a transfer of $1,000.
How do I compare transfer companies when sending money to Bosnia and Herzegovina?
While Vedad doesn’t claim to be an expert, he does have some advice to offer if you’re not sure what to look for when booking a transfer to ensure that you get the best deal possible.
Competitive exchange rates.Search for a company that offers an exchange rate close to the mid-market rate (which is the rate that comes up when you search “CAD to BAM exchange rates” on Google).
Minimal fees. Some companies offer low to no fees but make up the difference with less competitive exchange rates. Make sure that you compare the total costs of 3 – 4 services to find the best deal possible.
Various transfer methods. Some companies offer bank-to-bank transfers while others offer cash pickups and mobile wallet top-ups. Take time to consider which service will work best for your needs.
Fast transfer times. Banks take significantly longer to process transfers (some up to five business days) while many money transfer services can process transfers in a matter of minutes.
Reliable customer service. Find a company that offers multiple customer service options including web chat, phone and e-mail. It pays to have the information you need at your fingertips in case you run into a tough spot.
How do I send money to Bosnia and Herzegovina from Canada?
Not all money transfer companies or Canadian banks allow you to transfer money to Bosnia and Herzegovina. The following options might be useful to send money overseas.
Cash transfer providers.Cash transfer providers like Western Union andWorldRemitallow you to transfer cash to multiple agent locations across Bosnia and Herzegovina within minutes.
Online money transfer companies.Online transfer services like TorFX andWorld Firstoffer competitive exchange rates and minimal fees on international money transfers.
Banks.Many banks will transfer Canadian dollars into Bosnia-Herzegovina Convertible Marks for a steep fee. They may also be able tocut an international money draftthat you can then send through the mail.
Emergency cash transfers in Bosnia and Herzegovina
If you have a financial emergency while in Bosnia and Herzegovina, there are a number of ways to access fast cash.
Cash pickup service. One way to access money in a matter of minutes is by using a cash transfer company like MoneyGram or WorldRemit. While these companies can be useful if your stuck in a jam, they often come with a hefty price tag.
Travel insurance. If your money is lost or stolen, you can potentially make a claim for fast cash using your travel insurance policy. Cash can then be collected at a participating agent location.
Credit card. If you have a Visa or MasterCard, you may be able to access funds through your credit card. Simply contact your provider to find out more.
Tips for picking up cash
The Government of Canada recommends that Canadian visitors to Bosnia and Herzegovina exercise a high degree of caution (as of 03 September 2018). Petty crime like pickpocketing and purse snatching is prevalent, particularly in large urban centres and crowded public areas. If you do need to collect cash, track down an agent that operates in a safe neighborhood and call ahead to make sure they’ll have cash on hand. It’s best to visit during daylight hours in the company of a trusted friend.
What are the steps to send money to Bosnia and Herzegovina?
If you’ve made it to the last stage of the game and are ready to set up an account, you can click ‘Go to Site’ for your chosen transfer provider on the interactive transfer comparison table at the top of the page. The process for transferring money to Bosnia and Herzegovina will vary depending on the method you use:
Bank transfers.If you want to send the money to a bank account in the region, you’ll need your recipient’s bank account details which can include transit, branch and account number.
Cash collection. Send cash directly by providing the full name and personal details for yourself and your recipient. Once you’ve sent your transaction, provide your recipient with the booking number which they’ll need to present to collect their cash.
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.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, along with an Associate's Degree in Science from Camosun College. Much of Claire's coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. She has also worked extensively in the field of "Blended Finance" with the Canadian government. In her spare time, Claire loves rock climbing, travelling and drinking inordinate amounts of coffee.
Read Finder’s BoC Interest Rate Forecast Report for forecasts from some of Canada’s brightest minds in economics and property as well as their thoughts on how recent rate hikes could affect Canada’s property market.
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