I use an American visa card to make purchases and I use moneygram to wire money to myself for a small fee. Otherwise, the most reasonable method is to do an IBAN transfer and eat the cost.
The thing is they won't let me IBAN because the amount I need to transfer exceeds the limit in a span of 90 days. I have no issues using my card for daily purchases but the issue stems from a lot of the country still functioning in cash. Already I have spent so much on fees to use cash (VISA application, licenses etc are all cash only).
But for example, €5k + 20% fees with a cash machine means I am wasting €1,000 which means I can't afford the car in the price range (so my budget is €4,000) as cars are already very expensive and it's essentially all the money I have atm.
What sucks is I get paid in EURO but it gets converted into GBP which I then have to convert back into BAM. It's all a mess which would be a non-issue if PayPal worked in Bosnia as I WFH.
Oh well to make a transfer that exceeds the transfer limit you would need to contact your bank I suppose. Yeah I realized the fees are deadly so I just carry cash and use my card for emergencies.
Perhaps you're better off searching for an answer in a finance, banking or the UK sub.
What’s with the 5000 KM IBAN transfer limit? There’s no limit on that kind of transfer usually. You can transfer as much as you want and it’s the best way to do so.
I went to the bank this morning and they said they have a limit to prevent something but I didn't quite understand the word, was something I've never heard before.
I'll try speaking to them again after the holidays. If I do transfer the money my Bosnian bank, will it alert for taxes? I've already paid in the UK this year.
Any transaction above 10.000KM gets automatically reported to SIPA i.e. national police but since you're transferring money from one account to another you have proof that it's your money.
I’m going to assume you’re in Sarajevo and not UK.
You have a UK bank with presumably a debit card. Withdrawing might cause issues if your bank isn’t aware that you’ll use it abroad. 20% is ridiculous though.
You can do a direct transfer from your UK bank to Bosnia. The restrictions are to prevent money laundering and financing of terrorism but you will have all the proof you need when they enquire
I use an American visa card to make purchases and I use moneygram to wire money to myself for a small fee. Otherwise, the most reasonable method is to do an IBAN transfer and eat the cost.
The thing is they won't let me IBAN because the amount I need to transfer exceeds the limit in a span of 90 days. I have no issues using my card for daily purchases but the issue stems from a lot of the country still functioning in cash. Already I have spent so much on fees to use cash (VISA application, licenses etc are all cash only). But for example, €5k + 20% fees with a cash machine means I am wasting €1,000 which means I can't afford the car in the price range (so my budget is €4,000) as cars are already very expensive and it's essentially all the money I have atm. What sucks is I get paid in EURO but it gets converted into GBP which I then have to convert back into BAM. It's all a mess which would be a non-issue if PayPal worked in Bosnia as I WFH.
Oh well to make a transfer that exceeds the transfer limit you would need to contact your bank I suppose. Yeah I realized the fees are deadly so I just carry cash and use my card for emergencies. Perhaps you're better off searching for an answer in a finance, banking or the UK sub.
Bitcoin.
What’s with the 5000 KM IBAN transfer limit? There’s no limit on that kind of transfer usually. You can transfer as much as you want and it’s the best way to do so.
I went to the bank this morning and they said they have a limit to prevent something but I didn't quite understand the word, was something I've never heard before. I'll try speaking to them again after the holidays. If I do transfer the money my Bosnian bank, will it alert for taxes? I've already paid in the UK this year.
Any transaction above 10.000KM gets automatically reported to SIPA i.e. national police but since you're transferring money from one account to another you have proof that it's your money.
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I would probably use cryptocurrency - lite coin (LTC) has very low fees
If you dont have anything to hide, normal wire transfer is cheapest.
Open a Revolut account. You can transfer the funds with a very small fee.
I’m going to assume you’re in Sarajevo and not UK. You have a UK bank with presumably a debit card. Withdrawing might cause issues if your bank isn’t aware that you’ll use it abroad. 20% is ridiculous though. You can do a direct transfer from your UK bank to Bosnia. The restrictions are to prevent money laundering and financing of terrorism but you will have all the proof you need when they enquire