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 continues efforts to maintain peace within its borders since the end of the Bosnian War. The country is a member of several international organisations promoting peace and is currently transitioning from a centrally planned economy to a market economy.
The majority of Bosnians started arriving in the UK after the Second World War, during the 1960s and then the Bosnian War in the early 1990s. There are now an estimated 2,000,000 Bosnians living around the world and an estimated 8,000 in the UK, partially fuelled by the lack of jobs in their own nation.
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Case Study: Banks versus money transfer companies
After emigrating to Slough as a child, Yevgeny’s daughter wants to go back to Sarajevo to practice medicine in a children’s hospital. Few online transfer companies allow transactions between the UK and Bosnia and Herzegovina, so Yevgeny isn’t exactly spoilt for choice when deciding which service to use.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||£1 = 2.13 BAM||£1 = 2.18 BAM|
|Amount received for £500||1,065 BAM||1,090 BAM|
|Transfer time||24 hours||1 to 2 business days|
|Transfer options||Online, in person||Bank transfer|
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 pounds when sending money to Bosnia and Herzegovina.
- Exchange rates. 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.
- 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 are expensive.
- Same-bank transfers. Transferring between accounts held at the same bank usually don’t incur any fees.
- 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. Depending on the service, you can have your account set up to make regular payments to your recipients or market orders for investments.
- 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.
How do I send money to Bosnia and Herzegovina from the UK?
Not all money transfer companies and banks allow transfers to Bosnia and Herzegovina. Your best bet would be an international wire service like Western Union. Here are a few alternatives to consider.
- Ria Financial. This is a transfer service that will send money to your recipient online in minutes, but for a relatively high fee.
- WorldRemit. This online transfer service facilitates bank transfers between the UK and Bosnia and Herzegovina for a small fee.
How do I receive money from Bosnia and Herzegovina in the UK?
If you need to send money to the UK 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 the UK. You can finalise 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.
Emergency cash transfers in Bosnia and Herzegovina
If you suffer a financial emergency while in Bosnia and Herzegovina, the quickest way to access funds is via 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 companies like MoneyGram or Western Union.
- Travel insurance. Depending on the type of emergency and whether or not you’re eligible for cover, you can make a claim on your travel insurance policy.
Tips for picking up cash in Bosnia and Herzegovina
Although Smart Traveller advises normal safety precautions in Bosnia and Herzegovina, it still pays to keep an eye out for suspicious behaviour when collecting your money. The influx of migrants may impact public transport systems and delays at borders. Go with your travelling partner or ask a local from your hotel to accompany you. 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 the UK to Bosnia and Herzegovina via online money transfer. MoneyGram, Western Union and WorldRemit are among the few that If you’re making a transfer for the first time, 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 requested the transfer, you’ll get a tracking number as a reference. The customer service staff will request this number should you have questions about your transaction.