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Kazakhstan has long ceased to be just a raw material supplier; it has quietly transformed into the undisputed financial hub of Central Asia. If you want to do business here or live as an expat, a local bank account isn’t just a convenienceit’s a necessity. But be warned: the days of “easy” account openings are over. As we head into 2026, the landscape is dominated by strict compliance rules, digital “Super Apps,” and an almost complete departure from traditional branch banking.
This guide is not a history lesson; it is a reality check. We filter out the noise: Which banks are actually safe? Why should you stop searching for old names like “Sberbank”? And how do you navigate the bureaucracy of IIN numbers without losing your mind?
The Elephant in the Room: Market Status (Late 2025)
The Kazakh banking sector has undergone radical consolidation. Forget about spreading your risk across dozens of small institutions. Today, the market is controlled by a few giants that function more like technology companies than traditional banks.
The “Big Players”: Who Really Matters
Currently (as of December 2025), the following institutions control the majority of assets in the country. If you are looking for safety, stick to these Top 5:
- Halyk Bank (People’s Bank): The undisputed Number 1. With assets that form the backbone of the Kazakh economy, Halyk is the “Too big-to fail” option. They have the largest branch network (over 500 locations) and serve more than 11 million customers. This is the ideal choice for conservative investors and large corporate accounts.
- Kaspi Bank: The phenomenon. Kaspi is less of a bank and more like the “Amazon and PayPal” of Kazakhstan rolled into one app. For daily transactions, it is indispensable. You will see Kaspi QR codes on everything from vegetable stalls to luxury boutiques. If you live here, you need this app.
- Bank CenterCredit (BCC): A solid Number 3. BCC has modernized significantly and often offers more flexible solutions for small and medium sized businesses (SMEs) than the giant Halyk.
- ForteBank: Strong in the digital segment and particularly popular with younger demographics and tech savvy professionals.
- Otbasy Bank: Specialized in the state housing savings system. Unless you are planning to buy property long-term, this is likely irrelevant for immediate expat needs.
Crucial Update on Old Names: Many outdated online sources still mention Sberbank Kazakhstan. This entity no longer exists in that form. Following sanctions, it was rebranded as Bereke Bank and, as of October 2024, was acquired by Lesha Bank from Qatar. Similarly, HSBC ceased operations in the country back in 2014—so don’t waste time looking for their branches.
Foreign Banks: Myth vs. Reality
Many expat forums suggest you can simply walk into a familiar western bank. In practice, this is a misunderstanding. While there are around 15 banks with foreign participation, they focus almost exclusively on corporate banking.
- Citibank Kazakhstan: Strictly for institutional investors and multinational corporations. They do not have counters for private individuals.
- Shinhan Bank (South Korea) & ICBC (China): Primarily serve as bridges for trade with their respective home countries.
- VTB Bank: Due to ongoing geopolitical tensions, this Russian owned entity often carries compliance risks for western clients.
Much like the situation with legalizing documents for use abroad, dealing with foreign institutions here is more about bureaucratic trade finance than opening a personal checking account.
Practitioner’s Guide: Opening an Account (2026 Edition)
Here is where theory separates from practice. While locals can open accounts via facial recognition in seconds, foreigners (non residents) must jump through hoops. The “remote opening” option from abroad is effectively dead for individuals.
Step-by-Step to Success
Prepare for the following workflow if you are a tourist or expat without a permanent residence permit (TRP):
- The IIN (Individual Identification Number): Nothing happens without this tax number. You must apply for it personally at a “Public Service Center” (PSC or TSON). Processing time is typically 1-3 days.
- Local Mobile Number: Banks like Kaspi or Halyk send SMS verifications only to Kazakh numbers (+7). Buy a local SIM card before you even step foot in a bank.
- Physical Presence: You must visit the branch. Bring your passport, the IIN certificate, and ideally your entry stamp or visa.
- Compliance Check: Since late 2024, banks have tightened their vetting. Be ready to answer KYC (Know Your Customer) questions about the origin of your funds. Employment contracts or student IDs speed up this process massively.
Insider Tip: Kaspi Bank often prints your personalized card in 60 seconds at self-service kiosks directly in the brancha level of efficiency that makes many European banks look stuck in the stone age. If you are looking for work, check out our guide on navigating the job market in the region, as having a local employer makes banking significantly easier.
Money Transfers & Safety: What You Need to Know
Moving Funds: Wise, SWIFT, and Restrictions
The isolation of the Russian banking system has touched Kazakhstan, but the country remains firmly connected to SWIFT. However, friction exists:
- Wise (formerly TransferWise): Functionality is restricted. While you can often send USD to Kazakhstan via SWIFT, direct support for the local currency (Tenge/KZT) is frequently paused. Expect conversion fees of around 0.45% plus SWIFT charges.
- Cryptocurrency: Digital assets are strictly regulated. While mining is legal and taxed, using Bitcoin for daily payments is not recognized. Don’t rely on crypto to pay your rent.
For those looking for regional comparisons, the situation is similar to the complexities of making large purchases like cars in Turkeylocal systems (like Zolotaya Korona for regional transfers) often work better than Western apps.
Is My Money Safe?
Yes, but know the limits. The Kazakhstan Deposit Insurance Fund (KDIF) guarantees deposits, but the caps differ by currency (2025 limits):
- Savings Deposits in Tenge: Up to 20 million KZT (approx. $40,000 USD).
- Cards/Current Accounts in Tenge: Up to 10 million KZT.
- Foreign Currency Accounts (USD/EUR): Only up to 5 million KZT equivalent.
With a base interest rate hovering around 18% (as of late 2025), Tenge accounts offer high returns but carry currency devaluation risk. Foreign currency accounts are safer but yield almost no interest. This dynamic is driven by broader regional economic factors, similar to how producer prices and inflation shape policies in neighboring Turkey.
Conclusion: Modern, but Bureaucratic
Banking in Kazakhstan is a technological paradox: it features futuristic apps that make Western banks look obsolete, yet requires a physical presence and paperwork that feels distinctly 20th century. The “Wild East” days of offshore banking are gone; today, compliance and transparency rule. Come prepared with your documents, download Kaspi, and you will find a system that works surprisingly wellonce you get past the front door.
