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FINANCES WHILE IN BOSNIA AND HERZEGOVINA

Be sure to inform your bank that you will be traveling to Bosnia and Herzegovina in order to prevent having your account locked. Bosnia and Herzegovina is still predominantly a cash economy. Although the use of credit cards has become more widespread in recent years, travelers still should not expect to use them to cover all expenses. Automated Teller Machines (ATMs) are available in sufficient numbers at international banks in Sarajevo and other major cities and towns. Travelers checks can be cashed in banks in major cities, but often with delays of a few weeks or strict monthly limits. Cash transfers from abroad may also involve delays, but Western Union transfers are available in many banks and post offices throughout the country. The Convertible Mark (KM), the national currency, is tied to the euro under a currency-board regime, which guarantees its stability. All official payments must be made in convertible marks. Any bank in Bosnia and Herzegovina should be able to exchange U.S. dollars into convertible marks with the usual bank commission (between one and two percent).

RECOMMENDATION: AUBiH advises students coming for a four-month semester to bring a credit or debit card in order to extract money from an ATM. This is the easiest option for foreigners.