Money remittances from abroad last year amounted to Records by KM 4.16 billion. The diaspora again played a key role in the economy. But what is less mentioned in public is that our fellow citizens in the diaspora pay quite cash transactions, and in addition they still wait longer than they should get their remittances to the recipient.
Zahid Ćatić, member of the Association “Bosniak Cultural Sports Center” in Gothenburg, conveyed the focus experience of our people from the diaspora when it comes to payments for BiH.
Bank channels and commissions
“Regular banking channels, as well as Western Union and Pay Pal is a terrible gathering here, and that someone wants to buy a large amount of money, it must be shared in multiple transactions to charge the commission for each transaction. In particular, “Catić tells us.
Bosnia and Herzegovina would begin 2026. could apply for joining the unique area of payment in Euro – Single Euro Paymant Area (SEPA). BiH membership in SEPA citizens, but also companies, as well as institutions, will have a series of benefits in the transfer in euros.
“In the case of SEPA accession, the SEPA member fees will be almost identical to the Domestic Transactions in BiH, the Compensation for SEPA, is expected to be significantly lower, approximately those for domestic transactions within Sepa Zone”, said are for focus from the Central Bank of BiH.
They specify that the fee for the same transaction in SEPA space is usually between 0.1% and 1% of the amount of the transaction, depending on the bank and type of service.
“So, for 100 euros, compensation could only be 0.1 euros to a maximum of 1 euro compared to the current benefits for international transfers, such as the CENTI members or euros, depending on the bank and type of service,” the central bank of BiH.
SEPA and growth plan
The Director of the BiH Banks of BiH EDIS Radica notes that currently remittances from abroad go to regular banking channels, ie classic commitments where there are fairly high costs of such transactions and all takes several days. The same goes for payment from BiH abroad.
“IF BiH in SEPA all these transactions will be realized on the basis of such transactions, may be a little more expensive. The amount of these transactions will be dramatically. For the economy that exports and imports will be realized immediately and will significantly significantly and significantly Cheap the cost of transactions, “the raven points out.
But what does it take to apply for SEPA membership?
From the Central Bank of BiH, which coordinates and maintains the process of harmonizing the activities in order to submit an application, they say that the entry of our country in SEPA is also the fulfillment of one of the countries of growth for the countries of the Western Balkans.
“What is in front of BiH is to adapt to laws and regulations to make BiH payment systems, the current connection between BiH’s current and efficient management, entities and the Banking Agency, and Banks are preparing for the technical and operational implementation of Sep Payment schemes. All relevant institutions in BiH must work coordinated in order to align the requirements of the European Cathedral for the SEPA area – they were told from the central bank of BiH.
They point out that in the first phase of BiH must meet the regulatory requirements that the European Canvas is placed for the entire country.
For example, the criterion of the connection or relationship with the EU means that the country must have a certain level of legal and institutional connection to the EU, as well as EU policies related to payment services and financial transactions. This includes harmonization with EU legislation, such as payment services directives.
Furthermore, as the SEPA allows easy and effective payment between Member States, therefore it is necessary to ensure equal treatment for all financial institutions in BiH, as well as the protection of the interests of end users of payment services. This includes harmonization of regulations that provide free payment services, without discrimination or unjustified obstacles for banks and other payment service providers.
Consumer protection and privacy
“There are also harmonization of the Law on Payment Services and Data Protection, and Payment Management Standards. Also, BiH must provide quality payment services in accordance with international standards, and also develop the necessary infrastructure for efficient payment management within SEPA space. Likewise, it is necessary to Ensure adequate laws and mechanisms that will enable monitoring and control over payment systems to preserve security and trust in SEPA – they stated from the Central Bank of BiH.
Zahid Ćatić says it is aware that the Sepa system guarantees transaction security, as well as simplicity, and that money laundering is very difficult.
“When I talked to our people about this topic, many were angry, why I would be late for Albania, as well as for Northern Macedonia,” His jobs “,” his businesses “, and the state of the company,” Iztić.
From the Central Bank, BiH would receive an additional step towards EU membership, through the transposition of EU legislation, which would increase the investment climate, encouraged the growth of capital market and reduced the gray economy. Also, the entry in SEPA would provide easier connection to the diaspora, which would create stronger cohesion in the economy, encouraged innovation and digitization of financial services.
Asked for the objective difficulties in meeting the conditions needed to become a member of Sepa, the director of the Association of BiH Banks, Edin Razanica told us that the structure of BiH, in general, is complex.
Serbia and Montenegro are in SEPA
“The passability of certain legal solutions, from the proposer to parliaments, sometimes takes more than it would be the maximum objective difficulty that we can see. But, despite that, we are very optimistic and we believe that all the necessary legal changes can be completed”, He said the raven.
In this regard, according to the BiH Bank, I would have a functional payment system, managed by the CBBH, that they are on the national level electronic calculation systems (clearing) are modernized, to use IBAN and SWIFT, which is one of the technical preconditions for SEPA. On the other hand, keep in mind the complexity of the BiH constitutional arrangement, it is clear that a wide range of activities that require coordinated access to all relevant institutions and enable the unobstructed entry of BiH in a SEPA area.
The focus was sought by the statement and from the entity ministries of finance, but we did not receive answers to the conclusion of this text.
By the way, Serbia is 22. Maja officially became a member of Sepa. This rank became 41. Member of the above-mentioned uniform field of payment in euros. However, the accession of Serbia’s financial institutions will be happened in November this year. The earliest date of operational willingness for payment service providers from Serbia is May 2026.
Montenegro has become the first country in the region in the middle of this month, which was fully integrated in SEPA, and last year, SEPA has become a member of the SEPA. In this country, they expect that due to this fact, economic growth will come.
By the way, the members of SEPAs are 27 countries, then Iceland, Norway and Liechtenstein, and Albania, Andorra, Moldova, Monaco, North Macedonia, San Marino, Switzerland, Great Britain and Vatican, writes Focus.
