How do you open a bank account in Kazakhstan?
- See the data table below for detailed numbers
- Check the FAQ section for common expat questions
- Use our free assessment to get personalised results
Kazakhstan's banking landscape has some surprises for newcomers. Here's what you need to know before you arrive.
Banking Overview in Kazakhstan
| Feature | Details |
|---|---|
| Currency | Kazakhstani tenge (KZT) ₸ |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Kazakhstan
Foreigners can open bank accounts in Kazakhstan. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Kazakhstan. While you may be able to send money to Kazakhstan, full local account features may not be available. Check their website for the latest on Kazakhstan-specific services.
N26
N26 is not currently available in Kazakhstan. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Kazakhstan, consider these factors:
- Exchange rate: The currency is KZT. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Kazakhstan is approximately €688 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
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Get Your Free VerdictFrequently Asked Questions
How long does it take to open a bank account in Kazakhstan?
Opening a bank account in Kazakhstan typically takes 1-3 weeks depending on documentation readiness and the bank chosen. Digital banks may be faster.
Can I open a bank account remotely before moving to Kazakhstan?
Remote account opening is generally not available in Kazakhstan. You will likely need to visit a branch in person with your documents.
What is the local currency in Kazakhstan?
The local currency in Kazakhstan is Kazakhstani tenge (KZT), represented by the symbol ₸. Most payments can be made by card, though cash may still be important in some contexts.
Can I open a bank account in Kazakhstan as a foreigner?
Yes, foreigners can open bank accounts in Kazakhstan. The difficulty level is rated as medium. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
Do I need a residence permit to open a bank account in Kazakhstan?
Many banks in Kazakhstan require a residence permit or proof of address before opening an account. Requirements vary between banks, so shop around.