How to open an account and card in banks of Kyrgyzstan in 2024?
Kyrgyzstan is a country with fairly loyal legislation in relation to citizens of the Russian Federation. Here you can open a bank account and get a card relatively easily. Kyrgyzstan bank cards are also convenient for those Russian citizens who do not plan to live in Kyrgyzstan, but do not want to lose the opportunity to pay for purchases in foreign online stores, book air tickets, book hotel rooms in foreign hotels, and accept currency transfers from other countries. Despite the fact that banking in Kyrgyzstan is not the most advanced in the post-Soviet space and lags behind that of Kazakhstan and Georgia, due to the employment of Russian IT in Kyrgyz banks, the level is slowly gaining momentum. As for Visa and Mastercard from banks in Kyrgyzstan, just like in other countries, they operate all over the world without any restrictions.
Why is it worth opening an account in Kyrgyzstan?
The procedure for opening an account in Kyrgyzstan is relatively simple. There are no language barriers, since bank employees speak Russian perfectly. And in general, the country has a loyal attitude towards Russians, and not every CIS country can boast of this today.
Some Turkish and European banks operate in Kyrgyzstan.
In Kyrgyzstan itself, cards of Russian banks of the Visa and MasterCard systems do not work; you can only use cards of the MIR system. But their work cannot be called stable; not all terminals accept them.
A less common option is cards of the UnionPay payment system, which are of Chinese origin and therefore did not require the introduction of restrictions for Russian banks. The instruments issued by it work outside of Russia, including in Kyrgyzstan.
Citizens of the Russian Federation can easily obtain Visa and MasterCard cards here, which work all over the world. Here are their main advantages:
the ability to send and receive money around the world;
making transfers “from card to card” with Russia (for some banks);
booking tickets, hotels and everything you can with any foreign Visa and Mastercard;
minimum package of documents for those wishing to open an account;
Possibility of entry and registration using an internal passport of the Russian Federation;
there are no requirements to confirm employment or income, provide an apartment rental agreement, etc.;
receiving the card in the shortest possible time (3-5 days);
relatively low cost of maintenance and services.
Thus, issuing a card in Kyrgyzstan is much simpler than in other popular “card tourism” countries. When opening an account in Armenia, now any bank will ask you to confirm your place of residence with a lease agreement; when opening an account in Georgian banks, confirmation of employment or income is required, while if the employer is located in the Russian Federation or the Republic of Belarus, then the chances of opening an account are greatly reduced, but Turkish cards, after the introduction restrictions on outgoing Swift for Russians have become convenient only for those living in Turkey.
Thanks to a competent international policy, the risks of Kyrgyzstan are minimal in comparison with, for example, Belarus, whose banks may fall under Western sanctions.
All these arguments speak of the unconditional advantages of issuing Kyrgyzstan bank cards for Russians; Kyrgyzstan is probably second only to Kazakhstan, where it is possible to open cards remotely; on the other hand, Kazakhstan cards can no longer be replenished from the Russian Federation using the card-to-card method; such opportunities remain only in Kyrgyzstan and Armenia.
Options for opening an account and card
Until relatively recently, it was possible to open an account either in person or remotely. The first method assumes that a person first studies the banks’ offers, then comes to Kyrgyzstan in person and submits a package of documents to the selected bank. Remote – that the account will be opened by proxy, which will require the help of an intermediary service, and the client will receive a bank card by mail. However, recently, banks in Kyrgyzstan have stopped offering the possibility of remote account opening.
In addition to the methods of opening an account, you need to immediately study the possible ways to replenish the card. It should be taken into account that in most cases card transfers are not accepted from Russian banks that are under sanctions, but not always and everywhere. Now all types of transfers are available – by number, by card number, through transfers, including SWIFT, the most popular of them:
By card number: VTB, Post Bank, MTS Bank, Alfa-Bank;
By phone number: Sberbank and Tinkoff Bank;
Through the Golden Crown transfer system.
It is worth mentioning Elcard, a card of the national payment system of the Kyrgyz Republic, which is issued in local banks. It can make payments on the territory of Kyrgyzstan, withdraw cash, and is most often used to receive salaries, pensions and various benefits.
Bank selection
One of the most serious stages is choosing a bank in which to open an account. These services are offered:
Bakai Bank is one of the most reliable financial institutions in the country. The bank has been operating in the Kyrgyz market for more than 25 years, offering services to both individuals and legal entities. The bank has branches in all major cities. This is the only Kyrgyz bank that has an international credit rating, a very good mobile application and offers a wide range of card products. As of March 2024, card servicing is $10 per year, you can link a Russian phone number, card with a credit bin. The card issuance period is 5 working days.
Commercial bank of Kyrgyzstan. This financial institution has more than a hundred branches, and there is a branch in Moscow. Among its services is issuing cards to Russian citizens, but this does not mean receiving them remotely. In order not to fall under sanctions, the bank provides only consulting services for collecting the package of necessary documents. But in Kyrgyzstan itself, in this bank you can open a foreign currency account and receive Elcard and VISA cards. However, its tariffs are quite high. You will have to pay $70 to open an account. Moreover, card renewal is also a paid service.
Kyrgyzkommertsbank also has an extensive network of branches; it is located not only in Bishkek, but also in other large cities. The bank can issue Visa and MasterCard cards.
CJSC FINKA Bank offers its clients Visa Gold cards. This is a paid service; you will have to pay 2,000 soms for registration, plus there will be quite high maintenance costs – 1,000 soms per year. You will have to pay 5% to withdraw foreign currency cash, but the card can be linked to a Payoneer corporate account.
Optima Bank has more than 50 representative offices in various regions of the country. In addition to Bishkek, there are branches in the cities of Jalal-Abad, Osh and others. It offers various types of Visa cards to its customers, but at the same time imposes more stringent requirements than other banks.
Demir Bank is a Turkish financial institution that has more than 30 branches in different regions of the country. The most popular service is the issuance of a Visa Classic card. This is a paid service, it costs 306 soms, but in general the rates at the bank are low, and servicing the card costs less than 100 soms. There is an option for accelerated card issuance, for which you need to pay extra. The bank has a good mobile application. You can open accounts in KGS, USD, EUR, GBP, RUB, KZT, TRY
Bank “Bai-Tushum”. Offers opening of all types of Visa cards, including Gold, Classic and Virtual. But a Russian citizen who wants to get a card here will first have to deposit a certain amount into his account. Since this will be a foreign currency account, the amount may be 1000 rubles or the equivalent in dollars and euros. Opening an account is also a paid service. But you won’t have to buy a local SIM card; your account can be linked to a Russian one.
In total, there are more than 20 large banks with a large number of branches operating in Kyrgyzstan, so it’s not difficult to find a suitable option
What to look for when choosing a bank
All banks in Kyrgyzstan offer opening accounts for individuals, but the conditions may vary. When choosing, pay attention to:
account opening price;
maintenance cost per year;
tariff plan for various services, including cash withdrawal;
availability of withdrawal limits, restrictions on transfers and other operations.
This information can be found on the bank’s website or you can request a tariff plan from a consultant by phone or through an electronic application.
Rules for entering the country for Russians
If you have to go to get the card yourself, you need to understand the entry rules from the very beginning. Despite the fact that the rules have been somewhat tightened, Russians still do not have to present a foreign passport to enter Kyrgyzstan. An internal Russian passport is sufficient. From the documents you need:
An internal passport of the Russian Federation or a foreign passport; children under 14 years of age will need a birth certificate if they do not have a foreign passport.
Medical insurance is not a required document. But if you are going to travel for a fairly long period of time, then it is better to purchase it to avoid troubles.
Russians come to Kyrgyzstan without a visa, without registration you can stay no more than 30 days, you can make a visa run or border run, and reset this period, but only until you accumulate 90 days in 180 days. Digital nomads do not have to register and only need to renew their permit to operate. If a Russian citizen registers, he can reside in Kyrgyzstan until the end of the registration period, employment contract, study, etc.
Documents required to open an account
Most banks ask for a standard set of documents to open an account:
An application form in which the client provides basic information about himself.
A foreign passport, which has a stamp with the date you crossed the border, a Russian internal passport, which has your registration address.
If the client stays in Kyrgyzstan for more than 30 days, he is obliged to register at his place of residence and present the relevant document to the bank.
Some banks may require additional documents depending on the situation, such as a work permit or study contract. It is not possible to open an account at Optima Bank using only a passport; they may require:
a copy of the employment contract – from non-residents who are employees;
constituent documents and patent – from entrepreneurs;
a copy of the study contract or a certificate from the place of study – for students and schoolchildren.
To open an account you will also need a mobile phone with a local SIM card. Some banks may also link a Russian number to your account, but you need to check first.
Some banks insist on the presence of Kyrgyz registration even in cases where the Russian stays in Kyrgyzstan for less than 30 days. Registration in such cases is carried out through the hotel. If a person stays in the country longer, he often rents an apartment. — You can register through its owner. To do this, you will need to contact the MFC and provide the relevant documents.
Terms and cost of registration
Many banks offer standard cards for free. In other banks this service may be paid. In any case, you need to check the tariffs immediately before contacting a financial institution.
Usually it takes 5-7 days to issue a standard card at a bank, sometimes more. In some banks, standard terms are up to 14 days, but you can speed up the procedure for a fee. Its size also depends on the bank and can be 500-1500 soms. In this case, the processing time for the card will be only 1-2 days.
In addition to opening the card, you also need to pay for the service. The amount depends on the type of card, but on average the cost of service for the standard version will be 250 soms.
How to inform the Federal Tax Service about the presence of an account in a foreign bank
If a Russian citizen lives abroad for less than 6 months during a calendar year, but at the same time opens a bank account there, then he is obliged to notify the tax authorities of the Russian Federation about this. The fact is that in Russia banks themselves must inform the tax authorities about the opening of accounts for legal entities and individuals. This also applies to foreign representative offices of Russian banks. Foreign banks are not obliged to do this, so the citizen needs to inform the Federal Tax Service about opening an account within a month from the date of the event.
In accordance with the law on currency control, the Federal Tax Service must be notified of any changes to the account. Not only about opening or closing, but also about changing details. All this is given the same period of time – 30 days from the date of action on the account. A report on cash flows in this account is also submitted to the Federal Tax Service. This is done no later than June 1 of the year following the reporting year.
Exceptions are made only for those cases when, at the time of concluding an agreement on opening an account, a person planned to spend more than six months abroad (that is, 183 calendar days), and at the end of the year, that is, on December 31, his plans came true. If the deadline turns out to be shorter, although the original plans were so, then the notification of opening an account can be submitted as early as June 1.
