Need to send money to Bosnia and Herzegovina? It doesn’t have to be a complicated or expensive process. Whether making a bank transfer to support your sister’s salon in Sarajevo or an online transfer to friends visiting the minarets of Mostar, sending an international money transfer to Bosnia and Herzegovina is quick and easy when you compare your options.
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Compare money transfer services to Bosnia and Herzegovina
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which exchanges the money into your desired currency, and then sends the money to your recipient in another country — in this case, Bosnia and Herzegovina.
This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Banks versus money transfer companies
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This translates to big savings for you.
Case Study: Emina send money to Bosnia and Herzegovina
After emigrating to the U.S. and becoming a successful doctor, Emina wants to send money to her family back in Bosnia and Herzegovina. She approaches her bank to make the transfer but quickly learns this is an expensive way to make an international money transfer. So she compares the services of two specialist money transfer providers.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||$1 = 1.783 BAM||$1 = 1.76 BAM|
|Amount received for $500||846.50 BAM||876. 01 BAM|
|Transfer time||24 hours||1 to 2 business days|
|Transfer options||Online, in person||Online|
As you can see, although money transfer service 1 offers a better exchange rate, money transfer service 2’s lower transfer fee makes it the better deal. Weigh the transfer fee and exchange rate carefully to make sure you’re getting the best deal.
Steps to send money to Bosnia and Herzegovina
- Register for an account with a provider, supplying your name, address, contact details, proof of ID and information about your selected payment method.
- Provide your recipient’s name and contact information.
- Choose the amount of money you want to transfer.
- Complete your transaction and save any reference number you receive so that you can review the progress of your transfer.
How do I compare transfer companies when sending money to Bosnia and Herzegovina?
Here’s how to make sure you get the best value when sending money to Bosnia and Herzegovina.
- Exchange rates. Some services offer a lower fee, while others offer a better exchange rate. The idea is to find the combination that gives you the best all-over deal.
- 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 charge a transfer fee as well as a fee to convert your dollars into the local currency. Keep in mind that transfers to Bosnia and Herzegovina can be expensive.
- Turnaround time. Transfer time differs from service to service, but most guarantee delivery within two to three business days.
- Transfer methods. Most services facilitate transfers online, via telephone or in person at a branch.
- Transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Minimum transfer amounts. Most money transfer services usually have a minimum amount you can send, usually between $10 and $50.
- Customer service. A good, 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 your questions.
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. Bosnia and Herzegovina use the convertible mark as their currency. As of January 2018, one US dollar was worth about 1.72 convertible marks. The exchange rate for Bosnia and Herzegovina is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Currency exchange rate for Bosnia and Herzegovina
What are my options for sending money to Bosnia and Herzegovina from the U.S.?
- Bank transfers. Although it’s the more expensive option, some major banks offer wire transfers to Bosnia and Herzegovina.
- Money transfer providers. Online providers like WorldFirst and WorldRemit can help you transfer money quickly and easily.
- Transfer companies with cash pickup. Providers like Western Union and MoneyGram offer this service — your recipient can sometimes pick up the cast within minutes.
- PayPal. You can send money abroad using your PayPal account.
Same-day cash transfers in Bosnia and Herzegovina
You might need to send an emergency cash transfer to Bosnia and Herzegovina — for example, if a friend traveling through the country loses their wallet. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
Tips for picking up cash in Bosnia and Herzegovina
Whether picking up funds in Bosnia and Herzegovina or anywhere else around the world, take a few simple safety precautions to prevent yourself becoming a target for thieves.
- Call ahead. Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
- Bring a friend. Carrying money when alone can be dangerous. Ask a friend to come along.
- Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
- Keep your cash hidden. Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.