Make Payments in BAM - Convertible Mark
Pay in Convertible Marks of Bosnia and Herzegovina (BAM)
Mondial Change allows you to make international payments in BAM (Convertible Mark) with ease. Manage your convertible mark beneficiaries, track your transactions in real-time, and benefit from a secure online platform. We do not apply any exchange commission on your BAM operations (a spread is applied on the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Convertible Mark (BAM)
It is currently not possible to receive payments in BAM.
Mondial Change Answers All Your Questions on Payments in Convertible Marks of Bosnia and Herzegovina (BAM)
What is the timeframe for a BAM payment to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a Convertible Mark transfer to be credited to the beneficiary's account. However, these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if BAM payments are credited beyond 2 business days to the beneficiary's account. External events such as processing times by intermediary banks, public holidays, execution time, or compliance checks can have a significant impact on payment receipt times.
What are the fees for a payment in Convertible Mark (BAM)?
The fees applied to transfers in Convertible Mark (BAM) generally range from 0 to 10 euros, depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual BAM exchange volume and the number of Convertible Mark payments made during the year.
Are there minimum or maximum amounts for payments in Convertible Mark (BAM)?
Mondial Change and its partners verify that your Convertible Mark flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Convertible Mark (BAM)?
For BAM payments via the SWIFT network, you must provide at least the following information:
• Full name of the beneficiary
• Full address of the beneficiary
• IBAN
• SWIFT code of the beneficiary's bank
Is it possible to modify a payment in Convertible Mark (BAM) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Convertible Mark (BAM) even after it has been sent via SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then such amendments are not possible, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Convertible Mark (BAM) cannot be executed?
January 1: New Year's Day (Nova Godina)
January 2: Second Day of New Year
Variable Date: Eid al-Fitr (Ramazanski bajram)
Variable Date: Eid al-Adha (Kurban bajram)
Variable Date: Catholic Easter (Uskrs)
Variable Date: Orthodox Easter (Vaskrs)
May 1: Labor Day (Praznik rada)
May 2: Second Day of Labor Day
November 25: Statehood Day of Bosnia and Herzegovina (Dan državnosti – Federation only)
November 21: Dayton Peace Agreement Day (Republika Srpska only)
January 9: Republika Srpska Day (Republika Srpska only)
March 1: Independence Day (Dan nezavisnosti – Federation only)
November 21: Dayton Agreement (certain regions)
History of the Convertible Mark
The Convertible Mark (BAM) has been the official currency of Bosnia and Herzegovina since 1998, replacing the Bosnian Dinar. It was established following the Dayton Accords, which ended the war in the former Yugoslavia. The BAM is issued by the Central Bank of Bosnia and Herzegovina (CBBH) and is subdivided into 100 feninga. Upon its introduction, it was pegged to the German Mark, and since 2002, to the Euro. This fixed parity grants the BAM remarkable stability among the currencies of the Balkan region.
Monetary Policy of the Convertible Mark
The Central Bank of Bosnia and Herzegovina (CBBH) operates under a currency board regime, where each Convertible Mark is fully backed by Euro reserves. This system prevents any discretionary monetary creation, thus ensuring maximum price stability. The CBBH does not set a key interest rate and does not actively intervene in the markets, in line with the strict framework of the currency board.
Characteristics of the Convertible Mark
The Convertible Mark (BAM) is distinguished by its fixed peg to the Euro, ensuring great stability in an economically fragile region. Although it is not freely convertible on global markets, international transfers are possible via SWIFT. The banknotes and coins feature cultural and historical elements reflecting the country's diversity. The Bosnian banking system is modern, connected to international networks, and allows for frequent electronic payments, particularly in the tourism, trade, and professional services sectors.