Kazakhstan Guide: Money
Our money guide provides information on bank accounts, money exchange, credit and debit cards and money transfers. If you need to open a bank account, we will explain how to do it - step by step.
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Cost of living in Kazakhstan
Things to factor in when you plan for your new life
The national currency of Kazakhstan is the tenge, which converts as 3,450 KZT to 10 USD; so if you have a lot of savings, or you’re lucky enough to get paid in dollars or euros, your money can go far in Kazakhstan. However, in comparison to the average national wage, living costs can be quite expensive due to the unstable nature of the currency and the fact that nearly everything in Kazakhstan is imported.
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How to open a bank account in Kazakhstan
Accounts, credit cards and paperwork required
In order to open a bank account in Kazakhstan, all foreigners need to present a Kazakh tax ID number, or RNN number. This number can be obtained at the tax office, where you will need to present your passport and migration card. Once your tax number has been issued, you can open an account in the bank of your choosing.
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ATMs and transferring money
Services available for Kazakhstan
It’s easy to withdraw money in all the major cities in Kazakhstan, with ATMs usually found on every street or so. It may prove to be more of a challenge in the smaller towns or villages so make sure you’re stocked up on cash if you’re planning on venturing to any of these parts. The main currency of Kazakhstan is the tenge, but some large sums of money, like when you’re buying a house or a car, may be asked for in US dollars.
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Income tax in Kazakhstan
Who is liable to pay income tax?
Kazakhstan residents are required to pay income tax based on their worldwide income, but non-residents are only taxed on their Kazakhstan income so if you’re an expat with your fingers in a lot of pies, this can be a great place to do business.
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