Send Money from the UK to Bosnia and Herzegovina

Sending money from the UK to Bosnia and Herzegovina can be expensive and time-consuming.

Unlike other currencies, only a few providers offer transfers from British pounds to Bosnian convertible marks. 

In this article, I will explain the best ways to send money from the UK to Bosnia and Herzegovina to help you save time and money.

What’s the Best Way to Send Money from the UK to Bosnia and Herzegovina?

When sending money from the UK to Bosnia and Herzegovina, the best method depends on factors like the amount sent, speed of transfer needed, and recipient preferences. 

Revolut was the best way to send small amounts of money to Bosnia at the time of writing, offering one of the best exchange rates and a low transfer fee. 

XE is more cost-effective if you want to send larger amounts, helping you maximise the BAM your recipient will receive.

However, it’s worth noting that some online money transfer services have a maximum transfer limit restricting the amount you can send to Bosnia and Herzegovina.

A traditional bank transfer to popular Bosnian banks like Raiffeisen, UniCredit and Sparkasse may be more convenient.

Although transfers to Bosnia through your UK bank are secure and reliable, they often have higher fees and lower exchange rates.

They’re also significantly slower than online money transfer services, taking 2 to 5 working days. In contrast, transfers through providers like Revolut and Remitly can take just minutes to arrive in Bosnia and Herzegovina.

What’s the Cheapest Way to Send Money from the UK to Bosnia and Herzegovina?

The cheapest way to send money from the UK to Bosnia and Herzegovina depends on how much you want to send. 

At first glance, Remitly is the cheapest provider, offering an exchange rate of 2.24 and free transfers for new customers.

However, you need to consider the total cost of your transfer and not just the transfer fees.

Often, providers that offer free transfers have a higher exchange rate markup than those who charge a small fee. 

Exchange rate markup is the additional charge providers add to the rate at which currencies are traded between banks and service providers. This difference means you’ll receive fewer Bosnian marks for your pound.

Although you’d pay a £1.00 transfer fee, Revolut is the cheapest way to send small amounts of money to Bosnia and Herzegovina. Revolut’s excellent exchange rate of 2.28262 counteracts the transfer fee, making it a more cost-effective option.

XE is the cheapest way to send money to Bosnia for larger transfers, combining a fixed fee of £1.99 with a competitive exchange rate of 2.26. Revolut has a higher exchange rate, but its transfer fee is significantly higher than XE, outweighing the potential gain.

What’s the Fastest Way to Send Money from the UK to Bosnia and Herzegovina?

The fastest way to send money from the UK to Bosnia and Herzegovina is through an online money transfer service like Revolut or Remitly.

These services offer near-instant transfers, with funds arriving in Bosnia within minutes, ideal for emergencies and time-sensitive situations.

However, even the slowest transfer is fast in terms of international transfers, with XE completing transfers within 24 hours of initiation.

Can I Send Money from the UK to Bosnia and Herzegovina Online?

There are several ways you can send money from the UK to Bosnia and Herzegovina online.

1. Online Money Transfer Services: Providers like Remitly and XE are ideal for quick and convenient transfers, especially when the recipient needs to receive funds urgently in Bosnia. Although fees are low and exchange rates are competitive, some online money transfer services limit the amount you can send within a certain period, which could be an issue for large, frequent transfers.
2. Bank Transfers: This method is suitable for sending larger amounts directly to popular Bosnian banks like Raiffeisen, UniCredit and Intesa Sanpalo. Although secure and popular, transfers take longer to process, making it unsuitable for recipients needing immediate funds access. 
3. Digital Wallets: Platforms like PayPal and Skrill are convenient for small to medium-sized transactions. Although quick and easy to initiate, digital wallets usually have high fees and a low minimum transfer limit, which could be an issue when sending large amounts to Bosnia and Herzegovina. 
4. Pre-Paid Debit Cards: Providers like Reovlut offer cards you can load funds onto for the recipient to purchase or withdraw in Bosnia and Herzegovina. While transfers are fast, prepaid cards are less accepted than traditional debit or credit cards, which may be inconvenient. 
5. Cash Pickup Services: Some platforms like Western Union and MoneyGram offer cash pickup options, allowing recipients in Bosnia and Herzegovina to collect the transferred funds in cash from designated pickup locations. Although useful for recipients who don’t have a bank account, this method usually has less favourable exchange rates, meaning you’ll get fewer convertible marks for your pound.

Sending Large Amounts of Money from the UK to Bosnia and Herzegovina

Revolut is the best way to send large amounts of money from the UK to Bosnia and Herzegovina, with most accounts not having a maximum transfer limit.

Depending on how much you want to send to Bosnia, XE is also an excellent option, enabling customers to send up to £350,000 per transaction. 

However, as you can see from the table, maximum transfer limits vary widely between providers, so it’s essential to check any restrictions before initiating your transfer. 

Be aware of any fees the service provider charges for transferring large sums of money. Some providers may offer discounts or waivers for larger transactions, whilst others may scale their costs with the transfer amount.

Depending on how much you want to send to Bosnia, you may be asked to provide additional documents like copies of government-issued ID and proof of source of funds to comply with verification checks and regulatory compliance. 

Consult with tax professionals to understand any tax implications associated with large money transfers to Bosnia and Herzegovina, including potential reporting requirements or withholding taxes.

Can I Set Up Regular Payments from the UK to Bosnia and Herzegovina?

You can set up regular payments from the UK to Bosnia and Herzegovina in several ways.

1. Online Money Transfer Service: Making recurring payments through services like XE and Remitly is convenient and cost-effective. Online money transfer services offer flexible options that are easy to manage online, but exchange rate fluctuations may affect the final amount received by the recipient in Bosnia and Herzegovina. 
2. Direct Debit: Best suited to paying regular bills or subscriptions to Bosnian businesses, direct debits automate payments to reduce the risk of missing deadlines or late fees. Whilst convenient, it requires authorisation from both you and the recipient, which could make making changes more difficult. 
3. Standing Order: Similar to a direct debit, a standing order allows you to set up regular payments from your UK bank account to a recipient’s bank account in Bosnia and Herzegovina. Whilst you have control over the payment schedule and amount, changing details may require a new standing order to be set up. 
4. Digital Wallet: Platforms like PayPal or Skrill are suitable for making smaller transfers to friends, family or online businesses. Payments are quick and easy, with no need to share sensitive bank account information, but usually have higher fees and a less favourable exchange rate. 
5. Cryptocurrency: Ideal for tech-savvy individuals, cryptocurrency transfers potentially have lower fees than traditional methods. However, you and the recipient need a cryptocurrency wallet to accept currencies like Bitcoin and Ethereum.

Sending Money from the UK to Businesses in Bosnia and Herzegovina

Online money transfer services like Revolut and XE are usually the best way to send money from the UK to businesses in Bosnia and Herzegovina.

These services are ideal for fast and convenient payment options, typically processed within 24 hours. 

While online money transfer services usually have lower fees and more competitive exchange rates than traditional methods, some providers like Western Union have low maximum transfer issues, which could be an issue if you want to send large amounts of money to Bosnia and Herzegovina. 

A bank transfer may be more suitable for larger, high-value transactions that require direct and secure transfers between bank accounts.

Although bank transfers are reliable, they have longer processing times than online money transfer services, taking up to 5 days to arrive in Bosnia. 

Depending on how much you send to the business in Bosnia and Herzegovina, your transfer provider may ask you to provide a copy of the invoice or contract, and the company’s 4-10 digit registration number (Matični broj subjekta or MBS), 13-digit unique identification number  (Jedinstveni identifikacioni broj or JIB) and 12-digit tax ID (Poreski identifikacioni broj or PIB).

How to Send Money from the UK to Bosnia and Herzegovina

How you fund your transfer from the UK to Bosnia and Herzegovina depends on your transfer method and provider.

Some of the options that may be available include:

1. Bank Transfer: This method is secure, with funds transferred directly from your UK bank account. Whilst reliable, transfers are processed slower than other payment methods, making it less suitable for urgent transfers to Bosnia and Herzegovina.
2. Credit Card: Suitable for earning rewards or accessing large amounts of money in emergencies, credit cards offer instant funding and enhanced consumer protection. However, this method typically incurs higher fees, and you may accumulate interest if not paid off immediately. 
3. Debit Card: Ideal for those who want to send money to Bosnia and Herzegovina quickly without incurring high credit card fees. Funding your transfer with a debit card is convenient, but you may have daily spending limits, making it less suitable for large transfers.
4. Digital Wallet: Platforms like PayPal and Skrills are suitable for those who want to avoid sharing sensitive bank details or fund their transfer from their digital wallet balance. Although transfers are fast, digital wallets are accepted by fewer providers than traditional payment methods. 
5. Cash: This method is ideal for those who don’t have a bank account or card payment methods. Transfers are processed quickly but less conveniently and may be subject to a cash handling fee or limit. 
6. Cheque: Funding your transfer to Bosnia and Herzegovina by cheque is a familiar and reliable traditional method. However, it’s rarely used and accepted as it has slow processing times and a high risk of theft or loss.

What Details Do I Need to Send Money from the UK to Bosnia and Herzegovina?

To send money from the UK to Bosnia and Herzegovina, you typically need the following details

• Recipient’s Details: Including the recipient’s full or legal name as it appears on their bank account, as well as their address, e-mail address, and phone number. 
• Recipient’s Bank Details: The bank account number, bank name, branch address, 8-11 character SWIFT/BIC code and 20-character IBAN for the recipient’s bank in Bosnia and Herzegovina. 
• Alternative Payment Details: If you’re transferring money to a digital wallet, prepaid card or a cash pickup service, you may just need the recipient’s mobile number or e-mail address.
• Tax Information: Depending on the purpose of your transfer and how much you’re sending, you may need to provide the recipient’s tax identification number (TIN). For businesses, this may be the 4 – 10 digit registration number (Matični broj subjekta or MBS), 13-digit unique identification number  (Jedinstveni identifikacioni broj or JIB) or 12-digit tax ID (Poreski identifikacioni broj or PIB). 
• Additional Documents: Your provider may ask for further documents like copies of your passport or driver’s licence, proof of address and source of funds to comply with verification checks and regulatory compliance.

How Much Does it Cost to Send Money from the UK to Bosnia and Herzegovina?

When sending money from the UK to Bosnia and Herzegovina, you may encounter the following types of fees:

Transfer Fees

Your service provider may charge a transfer fee for sending your money from the UK to Bosnia and Herzegovina. 

Transfer fees can vary depending on the provider and the amount being sent. 

Online money transfer services usually charge around £0 to £10, whilst transfer fees charged by banks are around £10 to £30. 

Exchange Rate Markup

Exchange rate markup refers to the difference between the mid-market exchange rate (the rate at which currencies are traded) and the rate offered by the service provider. 

Providers often add a margin to the exchange rate, resulting in slightly lower rates for the sender and getting you fewer marks for your pound. 

Online money transfer services typically have an exchange rate markup of 1% and 3% above the mid-market exchange rate, whilst banks have a higher markup of 2% to 5% above the mid-market rate. 

Currency Conversion Fees

Currency conversion fees may apply if the transfer involves converting currency from British pounds (GBP) to Bosnian Convertible Marka (BAM). 

These fees can vary depending on the provider and the exchange rate used for the conversion.

Online money transfer services charge around 0% to 2% of the transfer amount for currency conversion, whilst banks charge between 1% to 3% of the transfer amount.

Recipient Fees

Sometimes, the recipient’s bank in Bosnia and Herzegovina may charge fees for receiving the transferred funds. 

These fees can vary depending on the bank’s policies and the type of account the recipient holds.

Recipient fees for online money transfers are usually between £0 and £20, whilst bank transfers can incur fees up to £30.

Additional Charges

Further charges may be associated with specific payment methods or services, such as credit card fees, debit card fees, or fees for expedited transfers. 

These charges can vary depending on the provider and the chosen payment method.

Express transfers typically cost between £5 and £30 for online money transfer services or £20 to £50 for bank transfers.

How Long Does it Take to Send Money from the UK to Bosnia and Herzegovina?

Generally, sending money from the UK to Bosnia and Herzegovina through online money transfer services like Revolut and Remitly is faster than a traditional bank transfer.

Online money transfer services can take a few minutes to 24 hours to reach the recipient in Bosnia, while bank transfers usually take 2 to 5 business days. 

Banks have longer processing times due to the strict verification processes that ensure the security and legality of transactions. This process involves verifying the sender and recipient’s identity and confirming the transaction’s legitimacy.

Additionally, international transfers may involve multiple intermediary banks, each with its own processing times, further delaying the transfer.

Converting currency from GBP to BAM during the transfer process can introduce delays, especially if there are fluctuations in exchange rates or if additional verification is required for currency conversion.

Banking hours, weekends, and public holidays can impact transfer processing times. Transfers initiated outside banking hours may be delayed until the next business day.

Similarly, transfers funded by debit or credit cards tend to be faster than those funded by bank transfers, as card payments are processed more quickly.

Frequently Asked Questions