ASTANA – One of the challenges people face when they arrive in a new country to live and work is getting a bank card. In Kazakhstan, foreign nationals also face the same struggle due to cumbersome regulations and sometimes unclear banking policies. The Astana Times delves deeper into the process of obtaining a bank card for foreigners in Kazakhstan.
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This issue has become vital, as foreign nationals increasingly arrive in Kazakhstan under the Neo Nomad Visa to live and work.
Banks still open to foreign clients, says NBK
The National Bank of Kazakhstan (NBK) stated that banks in the country provide services, such as opening accounts and issuing payment cards, in accordance with Kazakhstan’s legislation and internal regulations.
“There are no restrictions imposed by the NBK on opening accounts or issuing cards for foreign citizens,” the bank said in a written comment for The Astana Times.
Foreigners can also continue using cards issued in their home countries to make payments and withdraw cash in Kazakhstan, as the country has a well-developed infrastructure for servicing global payment systems.
The specific list of documents and the rules for opening a bank account can vary depending on the second-tier bank.
Stricter controls
On March 28, Kazakhstan’s Agency for Regulation and Development of the Financial Market published a draft resolution introducing stricter regulations for issuing payment cards to foreign nationals without a permanent residence in the country.
Under the proposed rules, foreign nationals will be required to undergo mandatory two-factor identification. This includes providing a photo of their passport at least once a month. Notably, each foreign national will be limited to one active payment card.
The remote issuance or reissuance of cards for foreigners will no longer be permitted. People will have to visit a bank in person or be represented by an authorized representative. This is aimed at reducing the risks associated with the use of false documents or fraud.
The agency will also enhance control over the legal status of foreigners in the country. Special attention will be given to cardholders who do not reside in Kazakhstan or who apply in border regions.
A key aspect of the proposal is the monitoring of all incoming and outgoing transactions during the first three months following the issuance or reissuance of a card. This measure is intended to help identify suspicious or potentially illegal financial activity.
The agency clarifies that these new rules are designed to introduce additional control measures to prevent or minimize illegal activities and money mule schemes in the financial market.
Insights from a local bank
Many foreigners are also interested in accessing services from Kaspi.kz, one of the country’s most popular fintech companies. The process requires registering on the app using a local phone number. From the main page, users must select Kaspi Gold and then Apply for Kaspi Gold.
According to information updated on April 11, the bank offers two options for foreign users: those with a residence permit and those without. Foreigners with a residence permit can complete most of the process online.
Those without a residence permit must visit the bank’s office in person to sign a consent form for the collection and processing of personal data, using Kaspi’s electronic digital signature system.
The validity period of the Kaspi card for foreigners without a residence permit in Kazakhstan is one year. When it expires, the card will need to be reissued.
In both cases, people should have a mobile phone with a local number, a valid passport, an Individual Identification Number (IIN) issued by one of Kazakhstan’s public service centers, and documentation proving their right to stay in the country. Among these documents are a visa, a border crossing stamp for citizens from the Eurasian Economic Union member states, temporary registration, a work permit, a student card, or similar official proof of legal presence.
Each application is screened against sanction lists and in accordance with anti-money laundering procedures. An account can be only opened upon successful completion of those verifications, the bank’s press service reported for this story.
Notably, cards issued before Jan. 19 remain valid until their expiration date.
