Official Currency
The official currency in Bosnia and Herzegovina is the Convertible Mark (BAM), often denoted as KM. It’s abbreviated with the symbol “KM” and is pegged to the Euro at approximately 1 EUR = 1.95583 BAM.
It is available in denominations of 10, 20, 50, 100, and 200 KM banknotes, and 5, 10, 20, and 50 feninga (cents) and 1, 2, and 5 KM coins.
Paying with Cards
Credit and debit cards are widely accepted in major cities like Sarajevo, Mostar, and Banja Luka, especially in hotels, restaurants, and larger shops.
Visa and Mastercard are the most commonly accepted, while American Express and Diners Club may have limited acceptance. Smaller towns, rural areas, and local markets often prefer cash, so it’s wise to carry some BAM for smaller transactions.
Tips for Card Payments
- Always check for card logos at the entrance or cashier before paying.
- Contactless payments are increasingly popular in urban areas.
- Inform your bank about your travel plans to avoid card blocks due to international transactions.
- Some establishments may charge a small fee for card payments, though this is rare.
Where to Exchange Money
You can exchange money at banks, exchange offices (mjenjačnice), and some hotels.
Exchange offices are common in tourist areas and often offer competitive rates compared to banks. Airports and train stations also have exchange booths, but rates there may be less favorable due to convenience fees.
Tips for Exchanging Money
- Avoid exchanging money at airports or tourist-heavy spots to get better rates.
- Check the exchange rate and ask about commissions before proceeding.
- Popular currencies like EUR, USD, and GBP are easily exchanged. Other currencies may be harder to exchange outside major cities.
- Always count your money before leaving the exchange counter.
Do You Need Cash?
Yes, carrying some cash is recommended, especially for:
- Small shops, cafes, or markets in rural areas.
- Public transportation, such as buses or trams.
- Taxis, as some drivers may not accept cards.
- Tipping, which is appreciated (5-10% in restaurants if service isn’t included).
ATMs are widely available in cities and towns, allowing you to withdraw BAM directly. Look for ATMs from reputable banks like UniCredit, Raiffeisen, or Sparkasse to avoid high fees. Be cautious of “independent” ATMs, which may charge higher withdrawal fees.
Practical Tips
- Keep small denominations (1, 5, 10 BAM) for convenience in markets or small vendors.
- Compare exchange rates online before your trip to ensure fair deals.
- Mobile payment apps like Apple Pay or Google Pay are gaining traction in urban areas but aren’t universally accepted.
- Always have a small amount of EUR as a backup, as some tourist-oriented businesses may accept it informally.