Why Banking in Uzbekistan Feels Different

Uzbekistan is in a transitional economic phase. While local banking has become more digitized and convenient over the last few years, challenges remain for foreigners—especially if you don’t speak Russian or Uzbek. Many procedures still require in-person visits, notarized translations, and a healthy amount of paperwork. But don’t worry—there are ways to make it easier.

Top Expat-Friendly Banks in Tashkent

Here are the banks most recommended by expats for reliability, English-speaking staff, and access to international services:

Ipoteka Bank

Best for: Expats with local income or property
Why: Offers Visa cards, online banking, and flexible services for foreign nationals
Notes: English service is limited to central branches

Hamkorbank

Best for: Personal and business accounts
Why: Known for openness to foreign clients and offers multiple currency accounts
Extras: Has one of the more modern online banking systems

Kapitalbank

Best for: Digital banking experience
Why: Offers a user-friendly app, 24/7 card services, and is popular among tech-savvy residents
Pro Tip: Perfect for younger expats and remote workers

Asaka Bank

Best for: Large transactions and property payments
Why: Strong support for real estate-related financial operations
Warning: Queue systems can be frustrating—use appointment booking

Opening a Bank Account as a Foreigner

Documents you typically need:

• Passport with a valid visa or residence permit
• Registration confirmation (proof of local address)
• Notarized translation of your passport (in some cases)
• Local tax ID (INN) if opening a business account

Most banks require an in-person visit to open an account. Waiting times vary. Some clients report same-day account opening, while others may need several follow-ups.

Tip: Through our Relocation Support Services, we can assist you in preparing documentation, booking appointments, and providing translation at the bank.

International Transfers & Digital Wallets

Tashkent Concierge offers Business Package to help companies and entrepreneurs integrate with local payment systems smoothly.

SWIFT Transfers

Available through major banks, but expect delays (3–5 business days)

Paysend

Great for card-to-card transfers from abroad. Fast, low-fee ($1.5), and convenient. Most local Visa/MasterCard holders can receive.

Wise (formerly TransferWise)

Limited use—only outgoing transfers from Uzbekistan are tricky

Payme, Click, Apelsin

Local apps that help with utility bills, mobile top-ups, and P2P transfers

Can expats bring in foreign currency?

Yes. It’s legal to bring in foreign cash, but anything above the equivalent of $10,000 USD must be declared. Opening a foreign currency account is a smart way to hold and exchange USD or EUR safely within the banking system.

Cash or Card? Understanding Currency in Uzbekistan

The local currency is the Uzbek soum (UZS). While card payments are widely accepted in Tashkent—especially in restaurants, malls, and hotels—cash is still king in many markets, taxis, and smaller establishments.

Taxes & Reporting for Expats

Uzbekistan does not currently have a universal tax reporting system for foreigners unless they run a local business or own property. However, if you plan to live here long-term, it’s wise to understand:

Double-Taxation Treaties

(Uzbekistan has treaties with several countries)

Personal Income Tax

(flat rate of 12%)

(Full support in setting up business)

Business Registration Obligations

Need personalized guidance? Our team can connect you with English-speaking accountants and legal advisors specialized in expat needs.

Avoid These Common Mistakes

1. Assuming any bank will open an account for a tourist

2. Ignoring local currency conversion rules

3. Trying to use Western fintech platforms not supported locally

4. Skipping professional translation for official documents

A Financial Life Without Friction

Banking in Tashkent as an expat doesn’t have to be an uphill battle. With the right preparation and local support, you can get your financial life set up smoothly—and focus on what brought you to Uzbekistan in the first place.

At Tashkent Concierge, we understand that little tasks can become big obstacles when language, regulation, and time are against you. Whether you're relocating for business, lifestyle, or family, our team is here to quietly support your goals behind the scenes.

Need help opening a bank account or finding an English-speaking financial advisor?

Let us handle the process while you focus on living.
Contact Us today to learn how we can help.

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