Bosnia and Herzegovina (BA)
Bosnia and Herzegovina (BiH) is a Balkan gem combining Ottoman heritage, Habsburg architecture, Adriatic mountain scenery, and one of the lowest costs of living in Europe.
Banking in Bosnia and Herzegovina
Recommended banks, payment culture and credit score basics.
Banking in Bosnia and Herzegovina is functional and improving. The largest banks are subsidiaries of Austrian, Italian and German parent institutions, providing reliable service and solid digital banking. Opening an account as a foreigner requires a Temporary Residence Permit (privremeni boravak) or Permanent Residence Permit — you cannot open a full account on a tourist stamp. Cash remains common for day-to-day transactions, but card acceptance is growing rapidly in Sarajevo and other cities. The BAM (Konvertibilna Marka) is pegged to the EUR at 1.95583:1 — always a fixed rate, no currency risk.
Recommended banks
Raiffeisen Bank BH
EnglishMonthly fee: KM 3–8/month depending on account type
Requirements: Residence permit (privremeni or stalni boravak), passport, JMB number, local address, initial deposit KM 50–100
- + Largest ATM network in BiH
- + English-speaking staff at main branches in Sarajevo
- + Online banking with English interface
- + Mobile app (Raiffeisen mobile)
- + International wire transfers via SWIFT
- + EUR and USD accounts available alongside BAM
- + Part of Raiffeisen international group — known by expats arriving from Austria/Central Europe
- - Monthly fee for most account types
- - Some branch staff English proficiency variable outside Sarajevo
- - International transfer fees can be KM 20–40
UniCredit Bank BH
EnglishMonthly fee: KM 3–6/month
Requirements: Residence permit, passport, JMB, address proof
- + Italian-owned — familiar to Italian expats
- + Good mobile banking app
- + Wide ATM network
- + Multi-currency accounts
- + Business banking well-developed
- - Smaller network than Raiffeisen
- - Some branch processes slow
Addiko Bank
Monthly fee: KM 0–5/month (some free account options)
Requirements: Residence permit, passport, JMB, proof of income
- + Competitive fees
- + Some free account options
- + Currently part of Austrian Addiko group — RBI announced tender offer for Addiko AG in April 2026 and intends to sell BiH subsidiaries; verify current ownership before opening
- + Good for straightforward salary accounts
- - Limited English support at branches
- - Smaller ATM network
- - Online banking less polished than Raiffeisen/UniCredit
Sparkasse Bank BH
Monthly fee: KM 3–7/month
Requirements: Residence permit, passport, JMB
- + Austrian Sparkasse group affiliation
- + Solid traditional banking
- + Good mortgage products
- + Reliable for savings accounts
- - German/Bosnian only service
- - Smaller network
Wise (Wise.com)
EnglishMonthly fee: Free (account); transfer fees apply per transaction
Requirements: Passport, email, phone number — no BiH residence required
- + Best exchange rates for EUR/BAM and other currency conversions
- + Multi-currency account holds BAM, EUR, GBP, USD and 50+ currencies
- + Low international transfer fees (typically 0.5–1.5%)
- + Wise card not issued to Bosnia and Herzegovina residents — transfers and multi-currency account available
- + No monthly fee
- + Essential for receiving foreign-currency income (remote workers, freelancers)
- - Not a full Bosnian bank account — no JMB linking for official purposes
- - Cannot receive employer salary payroll in all cases
- - ATM withdrawal limit
Payment culture
Cash (gotovina) is still widely used in Bosnia, especially in traditional restaurants, markets, small shops and service businesses. Cards (kartica) are accepted at supermarkets, major restaurants, hotels, petrol stations and larger shops. Contactless payment is available at most point-of-sale terminals in Sarajevo but less common in smaller cities. QR payment apps are not yet widespread in BiH (unlike some other Balkan countries). Always carry KM 50–100 in cash for daily expenses.
Cash access
ATMs (bankomati) are widely available in all cities and towns. Raiffeisen and UniCredit have the most ATMs. Foreign Visa/Mastercard works at all major bank ATMs. Fees for foreign cards: KM 3–8 per withdrawal depending on your home bank. Revolut and Wise cards have lower fees. Note: smaller towns and mountain resorts can have limited ATM availability — withdraw before leaving the city.
IUKB (Interesno udruženje kreditnih biroa / Credit Bureau of BiH)
The credit bureau in BiH is operated by IUKB (Interesno udruženje kreditnih biroa). Banks access your credit history automatically when you apply for credit. Individuals can request their credit report from the bureau or through their bank.
Free annual check: One free credit report per year is available upon written request to the credit bureau. Contact your bank for access.
Foreign credit history does not transfer to BiH. You start with no credit profile — build it through timely bill payments, regular salary deposits and eventually a small credit card or overdraft facility after 6–12 months of banking. Credit takes 1–2 years to establish for a mortgage or larger loan.
International transfers
SWIFT international wire transfers available through all main banks (Raiffeisen, UniCredit, Addiko). Fees: KM 20–50 per outbound SWIFT transfer. Incoming transfers: KM 5–15. Wise and Revolut are popular for better rates and lower fees — Wise is the most cost-effective for EUR/BAM conversions given the fixed peg. Western Union and MoneyGram are available at post offices and some banks for urgent cash transfers.