Published on and written by Cyril Jarnias
Relocating to Kazakhstan, whether for an energy contract, a finance job in Astana, or an engineering assignment in Almaty, quickly raises a key question: how to best manage your money on the ground, while staying aligned with your tax and banking obligations abroad. The country has a more modern and digitized financial system than one might often imagine, but with specific rules for foreigners, especially since the tightening of controls on non-residents.
This article covers the full range of banking services for expatriates, including account opening, daily payment methods, taxation, international transfers, and solutions tailored for freelancers and entrepreneurs.
A two-tier banking system, highly regulated but open to foreigners
Kazakhstan operates with a two-tier banking system. At the top, the National Bank of the Republic of Kazakhstan (NBK) steers monetary policy and ensures the stability of the system. Below, all commercial banks, known as “second-tier” banks, provide services to the general public and businesses.
The Kazakh banking sector is governed by the 1995 banking law and supervised by the Agency for Regulation and Development of the Financial Market (ARFM), which oversees client protection and anti-money laundering measures, among other things.
The sector is characterized by several key trends that are important for an expatriate.
First, it is already highly digitized: more than 85% of transactions are contactless or online, mobile apps act as “super apps” (Kaspi.kz is the most emblematic example), and the population is massively equipped with smartphones and connected to the internet. For a newcomer, this means a large part of daily management will be done via phone rather than at a teller window.
The deposit insurance cap in Kazakhstan could be raised to 15 million tenge, enhancing saver security.
This banking landscape is dominated by a few major players, complemented by a series of medium-sized banks and a handful of foreign banks.
Banks to know when settling in Kazakhstan
For an expatriate, not all banks are created equal. Some are very focused on the local mass market, others more oriented toward large corporations, and still others have developed a clearly “foreigner-friendly” offering.
Overview of the main institutions
The table below presents, based on asset data, some of the major names in the Kazakh banking landscape.
| Rank (assets as of 01/01/2024) | Bank | Assets (Billions KZT) | Controlling Shareholder | Key Positioning |
|---|---|---|---|---|
| 1 | Halyk Savings Bank of Kazakhstan | 14,943 | Holding Group ALMEX JSC | Largest bank in the country, very dense network, comprehensive offering |
| 2 | Kaspi Bank | 6,689 | Kaspi Group JSC | Mass-market super-app, customer experience champion |
| 3 | Bank CenterCredit | 5,261 | B. R. Baiseitov | Universal bank, strong credit presence |
| 4 | Otbasy Bank | 3,996 | National Managing Holding « Baiterek » JSC | Savings and mortgage loan specialist |
| 5 | ForteBank | 3,444 | B. Z. Utemuratov | Retail bank, ForteMarket marketplace |
| 6 | Jusan Bank | 2,869 | First Heartland Securities JSC | Universal bank, digital and investment focus |
| 7 | Eurasian Bank | 2,759 | Eurasian Financial Company JSC | Retail and corporate bank |
| 8 | Freedom Bank Kazakhstan | 2,211 | Freedom Finance JSC | Very fintech bank, Freedom super-app |
| 9 | Bereke Bank | 2,076 | National Managing Holding « Baiterek » JSC | Retail bank, attractive deposits and loans |
| 10 | Bank RBK | 2,044 | KCC Financ LLP | Corporate bank, management in Russian |
| — | Citibank Kazakhstan | 1,087 | Citibank, N.A. | International bank, corporate clientele |
Among these players, three names consistently come up when talking about expatriates: Halyk Bank, Kaspi Bank, and Citibank Kazakhstan. Next come banks like Bank CenterCredit, ForteBank, Jusan Bank, Bank RBK, VTB Bank Kazakhstan, or Altyn Bank, which may be interesting depending on one’s profile.
Halyk Bank: the safe bet, massive network and full services
Founded in 1923, Halyk Bank is the oldest and largest bank in the country. Its importance for a foreigner lies in several factors.
First, its network: more than 600 branches span the territory, making it the most accessible bank outside major metropolitan areas. It is also the leader in number of ATMs, a practical point if you travel professionally to different regions.
Discover the complete range of financial solutions offered by Halyk, tailored for both individuals and businesses.
Checking accounts, savings solutions, consumer loans, mortgage loans, debit and credit cards, premium services, and the Halyk Club loyalty program.
Business accounts, SME loans, merchant acquisition solutions (payment terminals), guarantees, and treasury products.
Finally, the bank has massively invested in digital. Its mobile app, Halyk Kazakhstan, is among the top financial apps in the country. It supports Apple Pay, Google Pay, and Samsung Pay, which facilitates the transition to all-digital.
For expatriates, Halyk has however tightened its conditions: opening an account and issuing cards for a non-resident now requires a residence permit. It is a bank of choice if you are truly settling in Kazakhstan “long-term.”
Kaspi Bank: the super-app that structures daily life
Kaspi Bank is the second largest player by assets, but the first in the minds of many Kazakhstani citizens. A survey cited in the data indicates that about 77% of respondents considered Kaspi their “main bank”, far ahead of Halyk.
The heart of Kaspi’s success is its digital ecosystem. The Kaspi.kz app has become a true super-app allowing you to do almost everything: payments, instant transfers, online shopping, travel bookings, bill and utility payments, access to administrative services, and even participation in an integrated marketplace.
Two products are particularly widely used:
In Kazakhstan, Kaspi Bank offers two popular cards for daily expenses. The Kaspi Gold card is a debit card that allows for free transfers and withdrawals within the bank. The Kaspi Red card, on the other hand, allows for installment purchases, often at an apparent zero rate for a few months. These two products are very common for everyday consumption.
For savings, Kaspi also offers a deposit account (Kaspi Deposit) in tenge or dollars, often for 12 months, with the possibility of partial withdrawal without losing accumulated interest. The Kaspi Bonus loyalty program offers cashback on many purchases within the ecosystem.
For businesses and freelancers, Kaspi Pay allows for accepting payments via QR code, and access to the Kaspi.kz marketplace is possible provided you have a Kaspi account, have used Kaspi Pay for at least two months, and sell goods.
For foreigners, the bank adopts a differentiated approach. Citizens of the Eurasian Economic Union (EAEU) and foreigners with a residence permit in Kazakhstan can obtain a Kaspi Gold card. Others must follow a more regulated procedure, including the obligation to obtain an individual identification number (IIN) and appear in person at a branch to finalize certain steps. The validity of cards for non-residents without a residence permit is limited to one year.
Citibank Kazakhstan: the relay for international flows
Citibank Kazakhstan plays a different role. Present since the 1990s, this Citi subsidiary positions itself mainly in the corporate and institutional segment. It is regularly distinguished as the “best international bank” in the country, notably by Euromoney and Asiamoney.
For an expatriate employed by a multinational, Citibank is often the employer’s partner bank for cash flows and salary payments in foreign currency. It serves as a valuable intermediary for managing accounts in hard currencies, structured deposits, and significant foreign exchange operations. However, it is not necessarily the most suitable solution for local daily life transactions, such as paying for a taxi, groceries, or a daycare via QR code.
Other useful players depending on profiles
Depending on your situation, other banks and fintech players may be relevant.
– Bank CenterCredit, Jusan Bank, ForteBank, Freedom Bank Kazakhstan, or Bank RBK offer mixed individual/business offerings, with comprehensive mobile apps and widely available services in Russian.
– Altyn Bank stands out with a digital card that can be opened in a few minutes via its Altyn‑i app, practical for almost exclusively online use.
Opening a bank account in Kazakhstan: process and requirements
Opening an account for an expatriate follows two logics: on one hand, the political will to attract investors and talent; on the other, the need to combat money laundering and fraudulent uses. The result is a process that is officially “open,” but in practice quite regulated.
General conditions for an expatriate individual
For a non-resident, most banks require a fairly homogeneous set of core documents:
– a valid passport;
– a Kazakh individual identification number (IIN);
– proof of presence or legal stay (visa, migration stamp, police registration, residence permit, student card, work permit, depending on the case);
– a local address (rental contract, utility bill, employer letter);
– sometimes proof of income or source of funds (employment contract, pay stubs, employer letter).
The IIN is a mandatory step: it is obtained at a Public Service Center (PSC) by presenting your passport and a translation if necessary. Without this number, it is impossible to truly integrate into the Kazakh banking and digital ecosystem (opening an account, registering on Kaspi, accessing many online services).
The table below summarizes the main documents required to open an individual account.
| Required Element | Detail |
|---|---|
| Passport | Valid, original, sometimes translated copy |
| IIN | To be obtained at a Public Service Center |
| Proof of Legal Stay | Visa, entry stamp, registration, residence permit, etc. |
| Local Address | Lease, bill, employer letter |
| Source of Income | Employment contract, pay stubs, proof of pension or fees |
| Kazakh Phone Number | Essential for most mobile services and two-factor authentication |
Once these elements are gathered, opening an account in-branch is generally quick, but the compliance processing (KYC/AML analysis) may take longer for a foreigner, especially if the expected flows are significant or complex.
Specifics for corporate accounts
For a foreign company wishing to open an account in Kazakhstan, the bar is higher. The bank will require:
To open a bank account, a foreign company must provide several essential documents. This includes a Business Identification Number (BIN) for the company and an IIN for its legal director. The articles of association, a certificate of registration in the country of origin, and the minutes authorizing the account opening must also be presented. The list of ultimate beneficial owners, signature specimens of authorized persons, a tax register, and proof of real economic activity (such as local contracts, a lease, or partner letters) are also required.
All foreign documents must be notarized, apostilled, or legalized according to the Hague Convention, then translated into Russian and/or Kazakh. The overall timeframe typically ranges from two weeks to one or two months, depending on the quality of the file, the chosen bank, and the possible use of a specialized provider.
For non-residents, some advisors mention a corporate account opening cost around 2,900 euros, notably in banks like Bank CenterCredit, Jusan Bank, ForteBank, Halyk, or RBK, with an average timeframe of three to four weeks.
An increasingly strict environment for non-residents’ bank cards
Since 2022–2025, Kazakhstan has significantly tightened the conditions for issuing payment cards to foreigners without resident status. Originally, these tightenings respond to fears of the banking system being used as a relay for illicit flows, notably via “money mules,” online casinos, or dubious platforms.
Validity period limitation and enhanced control
The first very concrete measure for an expatriate is the reduction of card validity for non-residents to 12 months. This rule, effective from January 2025, does not apply retroactively to cards already issued, but all new cards are affected, except for exceptions (diplomats, investors, certain professional categories).
Simultaneously, a draft regulation from the Financial Market Regulatory Authority provides for:
For foreigners without permanent residence, the remote issuance and reissuance of cards is prohibited, requiring a visit to a branch or a proxy. Dual identification is mandatory, sometimes with a monthly update of the passport photo. The ‘one card – one owner’ principle applies, with a few exceptions. Enhanced transaction monitoring is performed during the first three months, and detailed questionnaires on account usage, source of funds, and other accounts held in the country are required upon opening.
These rules are not intended to block ordinary expatriates, but they make the process more cumbersome for those without a residence permit or stable presence.
Differences in treatment between banks
Not all banks manage this general framework in the same way.
Several Kazakh banks offer services to non-residents, but conditions vary. Halyk Bank requires a residence permit. Kaspi Bank is accessible to EAEU citizens and residence permit holders, with options limited to one year for other profiles. VTB Bank Kazakhstan issues Mir cards to non-residents, generally valid for 12 months. Some banks (Eurasian Bank, Nurbank, Home Credit Bank) have temporarily suspended issuance for foreigners.
For an expatriate, this implies that it is better to anticipate account opening and accept the idea of having to appear in person at the teller window, or even having to change banks if internal policies evolve.
Local currency, payments, and cash in daily life
Understanding how the currency and payment methods work is essential to avoid unpleasant surprises, whether at ATMs or when paying a significant bill.
The Kazakh tenge in practice
The national currency is the tenge (KZT), subdivided into 100 tiyn, although tiyn coins have virtually disappeared from circulation. The most common banknotes are 500, 1,000, 2,000, 5,000, 10,000 and 20,000 KZT; for coins, we find notably 1, 2, 5, 10, 20, 50, 100 and 200 tenge.
The banknotes are known to be very secure, with a high number of anti-counterfeiting features, and display national symbols: monuments, institutional buildings, emblematic landscapes. For an expatriate, the main reality is the volatility of the exchange rate, sensitive to oil prices and decisions of the National Bank.
ATMs, foreign cards, and currency exchange
In major cities (Almaty, Astana, Shymkent), ATMs are omnipresent: in bank branches, shopping malls, train stations, tourist areas. They almost all operate 24/7 and offer a menu in Kazakh, Russian, and often English.
Visa and Mastercard are widely accepted for withdrawals and payments. UnionPay is accepted in some places, while American Express is much rarer. Cards from international neobanks (Revolut, Wise, Curve) generally work well for everyday operations.
Most ATMs do not charge an additional fee for the transaction (Halyk, Kaspi, or Bereke are frequent examples of banks without “ATM surcharges”), but your home bank may charge a foreign withdrawal fee. Also pay attention to the “dynamic currency conversion” message offered by some terminals: it is better to decline the automatic conversion and choose billing in local tenge, which lets your bank apply its own exchange rate, often more favorable.
To exchange cash, prioritize authorized banks and exchange offices that offer tight rates without commission. The most easily exchangeable currencies are the US dollar, euro, and Russian ruble, followed by the yuan, British pound, and currencies of neighboring countries. Ensure bills are clean and not torn. Note that large denominations may sometimes get slightly better rates.
Weight of digital and residual place of cash
Despite the rise of digital payments — more than 85 to 90% of transactions are now cashless — cash remains in use in certain contexts: small shops, traditional markets, transportation in some cities, rural areas, or for tips.
For an expatriate, the most practical combination is generally:
– a local card (Kaspi or Halyk) connected to a mobile app, for most daily payments, QR codes, bills, and P2P transfers;
– one or two international cards (Visa/Mastercard) with low foreign exchange fees, for incidental withdrawals, major expenses, and travel outside the country;
– a cash reserve in dollars or euros for emergencies or less banked areas.
Managing international transfers to and from Kazakhstan
When living and working in Kazakhstan, one often needs to orchestrate flows between several countries: local salary, repayment of a mortgage abroad, financial support for family, investments, etc. Different options are available to you.
Classic SWIFT bank transfers
Most Kazakhstani banks offer international transfer via SWIFT. The cost depends on the bank, the amount, and the fee allocation (OUR, SHA, or BEN models). For example, at Altyn Bank, a typical operation may be charged at a fixed rate (e.g., 5,500 KZT for a standard transfer, 15,500 KZT for a transfer where the sender assumes all fees). Modification or investigation fees in case of problems are also provided.
For significant amounts (like a real estate purchase or quarterly savings transfers), the SWIFT network remains a robust solution. It is advisable to compare the fees offered by several local banks and check processing times, which are generally one to three business days.
Specialized transfer services
As a complement, an ecosystem of transfer services is accessible for more frequent and medium-sized flows. Examples include MoneyGram, Western Union, Golden Crown, or KoronaPay via local banks like CenterCredit or Altyn, with the possibility of cash withdrawals or account credits.
International companies like Wise, Paysend, Remitly, or TransferGo allow sending money from many countries to bank accounts or cash pickup points in Kazakhstan. Their main advantages are total transparency on applied fees and often more competitive exchange rates than those offered by traditional banks.
In practice, many expatriates combine:
– a local account to receive salary and pay on-site expenses;
– an account in their home country or a third jurisdiction for long-term savings;
– a cost-optimized transfer service to periodically send a portion of their income to this savings account.
Expatriate taxation: articulating local income and international obligations
The financial management of an expatriate is not limited to where to place money: how it is taxed in Kazakhstan and in the home country weighs as much on net disposable income as the interest rate on a savings account. Kazakhstan applies a relatively simple system in its principles, but it envisions different rules depending on resident or non-resident status.
Becoming a tax resident in Kazakhstan
The tax resident status depends mainly on time spent in the country: beyond 183 days of presence during any 12-month period ending in the year, you are in principle a Kazakhstani tax resident. There is also a notion of “center of vital interests” to decide more complex situations (citizenship, family, available housing in Kazakhstan).
A tax resident is taxed on worldwide income. A non‑resident is only taxed on Kazakh-source income, such as salaries for work performed in the country, certain real estate income, or local dividends.
The main personal income tax rate is 10% for salaries, for both residents and non-residents on employment income. Other income (dividends, interest, capital gains) may be taxed at 5, 10, 15, or 20% depending on the case, with exemptions, notably for certain listed securities or local bank deposits.
Filing obligations and interaction with tax treaties
Salaried employees paying most of their income as salary via a Kazakh employer often do not need to file an annual return for this income, as withholding tax is applied directly. However, as soon as you receive income not covered by this withholding (foreign dividends, rental income from a property abroad, capital gain on the sale of an apartment in another country), an annual return is required.
Kazakhstan has signed more than 50 double taxation treaties with countries such as the United States, the United Kingdom, France, and China.
– to exempt certain income in one of the two countries;
– or to apply a tax credit in your home country for tax paid in Kazakhstan.
On the Kazakh side, a resident who wants to obtain a tax credit for foreign tax paid on worldwide income must in principle provide a tax certificate apostilled by the administration of the concerned country, accompanied by a certified translation.
For an American, British, or European expatriate, it is therefore necessary to articulate:
– local taxation, with a relatively low rate on salary (10%);
– the rules of the home country, often more complex, but which recognize tax already paid in Kazakhstan via the mechanisms of tax treaties and tax credits.
In practice, precise management of this articulation requires the intervention of a tax advisor or accountant specialized in cross-border situations.
Fintech, open banking, and e-residency: new building blocks for financial management
Beyond traditional banks, Kazakhstan is strongly pushing financial innovation. This translates into a multiplication of fintechs, a progressive deployment of open banking, the introduction of a central bank digital currency (the “digital tenge”), and the establishment of an e-residency program.
A very dynamic fintech ecosystem
Between 2018 and 2024, the number of Kazakhstani fintechs grew from about 50 to more than 200, supported by venture capital investments multiplied by more than ten. Many startups do not position themselves against banks, but in partnership with them, as illustrated by Freedom Bank which acquired online players (ticketing, e-commerce, payment processing), or solutions like Prosper Pay, which allows early access to a portion of salary.
For an expatriate, this translates into: adapting to a new cultural and professional environment.
Kazakhstan has developed an integrated digital financial ecosystem, marked by versatile applications and practical payment solutions for individuals and businesses.
Platforms like Kaspi or Freedom centralize banking services, payments, e‑commerce, and access to public services in a single interface.
Peer-to-peer money transfer tools via phone number, interoperable between several banks, are widely generalized.
The ability to pay almost anywhere via QR codes, thanks to Kaspi QR solutions and those of its competitors.
Platforms dedicated to businesses, such as invoicing solutions for freelancers or multi‑currency accounts (e.g., OneSafe).
The launch of the digital tenge by the National Bank, with already several banks issuing cards backed by this digital currency, also illustrates the country’s advance in certain aspects of digital finance.
The Astana International Financial Centre (AIFC) and e-residency
The AIFC is a special financial zone based in Astana, with a legal framework inspired by English law and designed to attract international investors. It offers, among other things, a lighter regulatory environment for foreign currency operations and certain financial products, as well as tax incentives.
The e-residency program complements this framework. Any person over 18, regardless of where they live, can apply for e-resident status of Kazakhstan, receiving:
– a digital identity;
– a specific e-residency IIN;
– a Kazakh eSIM;
– the possibility to open an account with partner banks (subject to internal validation).
This status is valid for 12 months, renewable upon payment of an annual fee. It does not grant any right of residence or tax resident status, but it allows an entrepreneur or freelancer to manage a company registered with the AIFC and benefit from simplified access to certain Kazakh financial services, including remotely.
Banks remain free to accept or decline these clients, applying their own KYC/AML policy. E-residency is therefore not a “free pass,” but an additional infrastructure that facilitates remote relationships.
How to choose your bank and structure your financial management as an expatriate
Faced with the diversity of offerings and the complexity of rules, the best approach is to build a layered financial architecture, combining a local bank, international accounts, and, where appropriate, fintech tools.
For most salaried expatriates in the medium or long term, an effective combination looks like this.
On one side, a digital-oriented mass-market local bank — Kaspi or Halyk are natural candidates — serves as the base for current expenses: receiving salary in tenge, paying rent, groceries, utilities, transfers between colleagues or relatives living in Kazakhstan. The focus is on mobile app ergonomics, ATM network density, and ease of using QR codes. Deposits remain covered by the deposit insurance fund up to the set limits.
For building long-term savings and covering foreign exchange risk, it is common for expatriates in Kazakhstan to maintain accounts in hard currencies (euro, dollar, pound) in their home country or via an international bank. Institutions like Citibank, present locally, can facilitate these flows, but many expatriates also use European, British, or American banks or neobanks directly.
Between the two, transfer services like Wise, Paysend, or MoneyGram allow for arbitraging foreign exchange fees and speed, while offering some flexibility (transfer to account, to cash, to card).
Depending on the personal situation, different structures can be added: a business account via a local bank or a service like OneSafe for freelancers; an e-residency structure with the AIFC for a consulting business billed internationally; as well as a retirement contract or investment plan adapted to Kazakh tax rules and those of the home country.
In all cases, two principles remain constant. The first is to scrupulously respect the rules for documenting fund flows (source of funds, proof of income), in a country where banks are strengthening controls on non-residents. The second is to take into account, well in advance, the cross-border taxation between Kazakhstan and the home country, taking advantage of double taxation treaties, but without presuming that local tax (often lower) will be enough to settle the issue.
By combining a good local bank, a few global tools, and a minimum of tax anticipation, the financial management of an expatriate in Kazakhstan can become not only fluid on a daily basis but also effective in the long term.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
