After the major Kazakh banks stopped issuing bank cards to foreign nationals in January 2025, Russians are now opting for banks in Uzbekistan, Kyrgyzstan, and Tajikistan, Kommersant said.
The Financial Market Regulation Agency of Kazakhstan announced in mid-January that bank cards for non-residents would now be issued for a maximum period of 12 months. While some banks have completely halted services for foreigners, others now require applicants to appear in person.
As a result, demand for banking services in Uzbekistan, Kyrgyzstan and Tajikistan has surged, with intermediaries offering new options to Russian customers.
However, some banks have introduced limits on transfers and cash withdrawals, ranging from $3,000 to $10,000 per month. While, the accounts can be credited through Russian banks or mobile apps.
Experts note that the market for foreign bank cards for Russians is rather inflated, and the expiration of Kazakh-issued cards is unlikely to cause a surge in demand or panic.
Card tourism
Amid sanctions imposed on Russia’s banking sector following the invasion of Ukraine in February 2022, Visa and Mastercard initially cut off sanctioned Russian banks. By March 11, they fully ceased operations in Russia.
Other international payment systems followed, with previously issued cards now functioning only within Russia. In response, Russian travel firms began offering trips to Tashkent specifically for opening bank accounts.
