1. What is the official currency of Bosnia and Herzegovina?

The official currency of Bosnia and Herzegovina is the Bosnian convertible mark (BAM).

2. Are there any restrictions on foreign currency transactions in Bosnia and Herzegovina?

Yes, there are restrictions on foreign currency transactions in Bosnia and Herzegovina. These restrictions include:

1. Limited amount of cash that can be brought into or taken out of the country: Travelers entering or leaving Bosnia and Herzegovina are required to declare any amount over €10,000 (or equivalent in other currencies) to customs officials. Failure to do so may result in fines or confiscation of the undeclared funds.

2. Restrictions on currency exchange: Only licensed banks and exchange offices are allowed to conduct currency exchange transactions. It is illegal to exchange currency with unauthorized individuals or businesses.

3. Limitations on foreign currency withdrawals: Non-residents of Bosnia and Herzegovina may only withdraw a maximum of €5,000 (or equivalent in other currencies) per day from their bank accounts.

4. Reporting requirements for international payments: Any payments made from a Bosnian bank account to a non-resident account must be reported to the Central Bank of Bosnia and Herzegovina.

5. Restrictions on foreign investments: Foreign investors must obtain approval from the Central Bank of Bosnia and Herzegovina before making investments in certain sectors, such as banking, insurance, telecommunications, and media.

6. Limitations on sending money abroad: Residents of Bosnia and Herzegovina are restricted from sending more than €3000 (or equivalent in other currencies) abroad without providing documentation justifying the transaction.

Overall, it is important to check with local authorities and banks for specific restrictions and regulations before conducting any foreign currency transactions in Bosnia and Herzegovina.

3. What is the current exchange rate for local currency to US dollar in Bosnia and Herzegovina?

As of October 2021, the current exchange rate for the local currency (Bosnian convertible mark – BAM) to US dollar is approximately 1.66 BAM to 1 USD. This can vary slightly depending on the bank or exchange office used for the transaction.

Note: Bosnia and Herzegovina has two separate currencies, the BAM and the Serbian dinar (RSD), but only BAM can be used for most transactions. The exchange rate between BAM and RSD is currently about 0.015 BAM to 1 RSD.

4. Is it better to use cash or credit cards for purchases in Bosnia and Herzegovina?

It is generally better to use cash in Bosnia and Herzegovina for purchases. Many places, especially smaller shops and local restaurants, do not accept credit cards. It is always a good idea to have some cash on hand, especially if you plan on traveling outside of major cities or tourist areas. However, major hotels, larger stores, and tourist attractions may accept credit cards. Additionally, be aware that some merchants may add an additional fee for using a credit card.

5. Do businesses in Bosnia and Herzegovina typically accept US dollars or do they prefer local currency?

Businesses in Bosnia and Herzegovina generally prefer local currency, which is the Bosnian convertible mark (BAM). However, some larger businesses, particularly those in tourist areas, may accept US dollars as well. It is always recommended to exchange your currency for BAM before making purchases in Bosnia and Herzegovina.

6. Are there any hidden fees or charges when exchanging money in Bosnia and Herzegovina?

Yes, there may be hidden fees or charges when exchanging money in Bosnia and Herzegovina. These can include commissions, service fees, and unfavorable exchange rates. It is important to check these fees before making an exchange and to compare rates between different currency exchange providers. Additionally, some ATMs in Bosnia and Herzegovina may charge a foreign transaction fee for using a non-local card.

7. Can I use ATMs from my home country bank in Bosnia and Herzegovina to withdraw money?

It depends on your home country bank and their policies. Some banks may have agreements with banks in Bosnia and Herzegovina, allowing you to use their ATMs without extra fees. It is best to check with your bank before traveling.

8. Is it necessary to tip service workers and what is the customary amount in Bosnia and Herzegovina?

Tipping is generally considered a norm in Bosnia and Herzegovina, although it is not mandatory. It is customary to tip service workers, such as waiters, taxi drivers, and hotel staff.

The usual amount to tip is around 10% of the total bill for restaurants and cafes. For taxis, rounding up the fare is usually enough. In hotels, it is common to leave a small amount for the cleaning staff, around 5 BAM per day.

It is also common to tip tour guides and drivers on organized tours, depending on the quality of service provided. A tip of 5-10 BAM per person is considered appropriate.

Overall, tipping in Bosnia and Herzegovina tends to be less than in other countries. However, it is always appreciated and considered a nice gesture to show your satisfaction with the service provided.

9. Can I purchase traveler’s checks before traveling to Bosnia and Herzegovina, and are they widely accepted?

Yes, you can purchase traveler’s checks before traveling to Bosnia and Herzegovina. However, they are not widely accepted in the country and it may be difficult to find places that will accept them as payment. It is recommended to have cash and/or credit/debit cards as backups for your travels.

10. Are there any restrictions or limits on bringing foreign currency into or out of Bosnia and Herzegovina?

There are no specific restrictions on bringing foreign currency into Bosnia and Herzegovina. However, if the amount is equivalent to or more than 10,000 BAM (or foreign currency equivalent), it must be declared upon entry or exit. Failure to declare this amount may result in fines and confiscation of the undeclared money.

11. What is the local currency in Bosnia and Herzegovina?
The official currency of Bosnia and Herzegovina is the Convertible Mark (BAM). It is divided into 100 pfennigs.

12. Can I use euros or US dollars in Bosnia and Herzegovina?
Some businesses in major cities may accept euros as payment, but the official currency is the Convertible Mark. It is recommended to exchange your currency for BAM before traveling to Bosnia and Herzegovina.

13. Are there ATMs available in Bosnia and Herzegovina?
Yes, there are ATMs available throughout Bosnia and Herzegovina, especially in major cities like Sarajevo and Mostar. However, it is recommended to carry cash as a backup in case of technical issues with ATMs.

14. How much should I tip in restaurants in Bosnia and Herzegovina?
Tipping is not mandatory in most restaurants, but it is appreciated for good service. A small tip of 10% or rounding up the bill is usually sufficient.

15. Do I need to pay a departure tax when leaving Bosnia and Herzegovina?
No, there are no departure taxes when leaving Bosnia and Herzegovina.

11. Do major hotels and restaurants accept credit cards, and if so, which types are most commonly accepted?

Most major hotels and restaurants accept credit cards, with Visa and Mastercard being the most commonly accepted types. Some establishments may also accept American Express and Discover, but it is always best to ask or check beforehand.

12. Are there any unique features of the currency used in Bosnia and Herzegovina, such as coins with different values or special designs?

Yes, there are some unique features of the currency used in Bosnia and Herzegovina. The official currency is the Bosnian Convertible Mark (BAM), which is pegged to the Euro at a rate of 1 BAM to 0.51129 Euro.

Some unique features of the BAM include:

1. Coins with different values: The coins used in Bosnia and Herzegovina come in denominations of 5, 10, 20 and 50 pfenigs, as well as 1, 2, and 5 marks. This makes it easier to make small purchases without having to rely on paper currency.

2. Special designs: Some of the coins have special designs that represent aspects of Bosnian culture and history. For example, the design on the back of the 10 pfenig coin depicts an ancient Roman bridge in Mostar, while the design on the back of the 50 pfenig coin shows a traditional Bosnian house.

3. Croatian kuna accepted as legal tender: Due to historical ties between Bosnia and Herzegovina and Croatia, some businesses in Bosnia and Herzegovina also accept Croatian kuna as legal tender alongside BAM.

4. Paper money with two alphabets: The banknotes used in Bosnia and Herzegovina feature both Latin and Cyrillic alphabets due to the country’s diverse ethnic makeup.

5. Security measures: The banknotes also contain advanced security features such as holographic strips, watermarks, microprinting, and raised ink patterns to prevent counterfeiting.

Overall, these unique features add cultural significance and practicality to the currency used in Bosnia and Herzegovina.

13. Is haggling acceptable when making purchases, especially in markets and smaller shops?

In some cultures, haggling is an acceptable and even expected part of making purchases. For example, in countries such as Egypt and Thailand, it is expected that customers will negotiate the price of goods in markets and smaller shops. However, in other cultures such as Japan and Germany, haggling is not common and may even be considered rude. Before attempting to haggle, it is best to research the local customs and cultural norms regarding purchasing items.

14. Can I pay for goods and services with a mix of both local currency and US dollars?

It depends on the specific policies and customs of the country you are in. In some countries, it is common to use a mix of local currency and US dollars. In others, only one form of currency may be accepted for transactions. It is best to research and familiarize yourself with the local customs before attempting to make a transaction using a mix of currencies.

15. What is the most convenient way to exchange money while traveling through different regions of Bosnia and Herzegovina?

The most convenient way to exchange money while traveling through different regions of Bosnia and Herzegovina is to use ATMs or withdraw money directly from your credit or debit card, if possible. This allows you to get the local currency at a fair exchange rate without having to carry large amounts of cash. Additionally, many major cities and tourist areas also have currency exchange offices where you can exchange money for a small fee. It is important to shop around and compare rates before making any currency exchanges.

16. Are there alternative forms of payment in addition to cash and credit cards, such as mobile payments or digital wallets in Bosnia and Herzegovina?

Yes, there are alternative forms of payment in addition to cash and credit cards in Bosnia and Herzegovina. Some popular options include mobile payments and digital wallets.

1. Mobile payments: Several mobile payment apps are available in Bosnia and Herzegovina, such as mCash, MonetaPay, and E-Dinar SMART. These apps allow users to make payments directly from their mobile phones using a linked bank account or credit card.

2. Digital wallets: Popular digital wallet services like PayPal and Skrill are also available for use in Bosnia and Herzegovina. These platforms allow users to store funds and make online payments without entering their credit card information each time.

3. Bank transfers: Bank transfers can also be used for making payments between individuals or businesses in Bosnia and Herzegovina. Most banks offer online banking services, making it easy to transfer money electronically.

4. Contactless payment cards: Contactless payment cards have become increasingly popular in Bosnia and Herzegovina, allowing users to make purchases by simply tapping their card on a POS terminal without entering a PIN.

5. Prepaid cards: Prepaid cards are also widely available in Bosnia and Herzegovina, which can be loaded with a specific amount of money for use at designated merchants.

6. Cryptocurrency: There is a growing number of merchants in Bosnia and Herzegovina accepting cryptocurrency as a form of payment, particularly Bitcoin.

7. Payment kiosks: Some cities have payment kiosks that accept various forms of electronic payments for bills such as utilities or public transportation tickets.

Note that while these alternative forms of payment are available, cash is still the most commonly used method of payment in Bosnia and Herzegovina.

17. Is tipping expected during taxi rides, at hotels, or at other specific locations like spas or salons in Bosnia and Herzegovina?

Tipping is not mandatory in Bosnia and Herzegovina, but it is appreciated for good service. It is common to round up the taxi fare to the nearest whole number or leave a small tip of about 10% at hotels or spas. However, tipping at other locations like restaurants or cafes is not expected, as a service charge is usually included in the bill. Ultimately, whether to tip or not is based on personal discretion and level of satisfaction with the service.

18. Are there certain stores where tourists can receive tax refunds on their purchases before leaving Bosnia and Herzegovina?

Yes, tourists can receive tax refunds on their purchases before leaving Bosnia and Herzegovina if they meet certain criteria. Visitors who are not residents of Bosnia and Herzegovina, or any other country in the Balkans region, and have made a purchase of at least 100 BAM (approx. $56 USD) from a store that participates in the Value Added Tax (VAT) refund scheme can be eligible for a tax refund.

Some popular stores that offer VAT refunds for tourists include Sarajevo City Center, Alta Shopping Center, and BBI Centar. Visitors can look for signs or ask the store staff for more information on how to process the VAT refund.

To receive the tax refund, tourists must fill out a tax-free form at the point of purchase, which will be provided by the store. This form must then be presented at customs when leaving Bosnia and Herzegovina. The tourist’s passport number will be recorded on the form and it must also be stamped by customs to verify that the purchased items are being taken out of the country.

After leaving Bosnia and Herzegovina, tourists can then either mail the stamped form back to the store where they made their purchase or bring it back in person within three months to receive their tax refund. The amount refunded will typically exclude any service fees charged by participating stores.

It is important to note that not all stores participate in this scheme and some may have specific policies or restrictions for tax refunds. It is recommended that tourists inquire with individual stores about their VAT refund policies before making purchases.

19..How should I handle my leftover foreign currency when departing from Bosnia and Herzegovina, including coins and smaller bills?

1. Exchange it at the airport: The easiest and most convenient option would be to exchange your leftover foreign currency at the airport before departing from Bosnia and Herzegovina. Most major airports have currency exchange counters where you can convert your coins and smaller bills into your home currency.

2. Exchange it at a bank: You can also choose to exchange your leftover foreign currency at a bank in Bosnia and Herzegovina. Banks usually offer good exchange rates, but they may charge a commission or a fee for the service.

3. Spend it: If you have a small amount of foreign currency left, consider spending it before leaving Bosnia and Herzegovina. You can use it to buy souvenirs, snacks or other items at the airport or on your way to the airport.

4. Keep it for your next trip: If you plan on returning to Bosnia and Herzegovina in the future, you can keep your leftover foreign currency for your next trip. This way, you won’t have to worry about exchanging money again or paying currency conversion fees.

5. Donate it: Another option is to donate your leftover foreign currency to charity organizations or local businesses that accept them as donations. This is a great way to give back to the community and help those in need.

6. Sell it online: You can also sell your leftover foreign currency online through websites such as eBay, Currency Liquidator or Leftover Currency. These websites allow you to exchange your coins and smaller bills for cash or credit towards future purchases.

Remember, do not wait until the last minute to handle your leftover foreign currency as some options may not be available at the airport or could be time-consuming. Plan ahead and choose the best option that suits you based on convenience, fees, and exchange rates.

20. Is there a limit on the amount of local currency I can withdraw from ATMs in Bosnia and Herzegovina each day?

Yes, there is typically a daily limit on the amount of local currency that can be withdrawn from ATMs in Bosnia and Herzegovina. The specific limit may vary depending on the bank and type of account. It is advised to check with your bank beforehand to know the exact limit for your account.