Article 7. Payments and (or) money transfers for foreign exchange transactions of residents and non-residents The Law on Currency Regulation and Currency Control

Home / RLA / Article 7. Payments and (or) money transfers for foreign exchange transactions of residents and non-residents The Law on Currency Regulation and Currency Control

1. Payments and (or) money transfers for foreign exchange transactions of residents and non-residents are carried out through bank accounts with authorized banks in accordance with the procedure established by the currency legislation of the Republic of Kazakhstan.

It is allowed to conduct without opening and (or) using bank accounts in authorized banks:

1) payments and (or) money transfers of individuals, as well as payments and (or) money transfers in their favor in the national currency on the territory of the Republic of Kazakhstan;

2) money transfers of individuals in the cases provided for in paragraph 4 of this Article;

3) payments for the sale of goods in duty-free shops, as well as for the sale of goods and services to passengers en route during international transportation;

4) transactions of individuals with national and foreign currency in cash carried out with authorized banks, as well as in exchange offices of authorized organizations;

5) payment of salaries by legal entities and branches (representative offices) of foreign organizations to employees;

6) operations when paying expenses of an individual related to his business trip outside the Republic of Kazakhstan, including representative expenses, as well as operations when paying off an unspent advance issued in connection with a business trip outside the Republic of Kazakhstan;

7) payments between individuals and non-resident legal entities operating under customs control at airports, ports and border crossings open to international traffic;

8) payments between non-residents and residents for servicing ships of foreign states at airports and seaports in the territory of the Republic of Kazakhstan, as well as payments by non-residents for air navigation services, airport activities and services of seaports for servicing international flights;

9) payments between residents and non-residents operating in the territory of the Republic of Kazakhstan in the national currency within the amount established by the legislation of the Republic of Kazakhstan on payments and payment systems;

10) payments through the issuance (transfer) of a check, promissory note;

11) transactions for the purchase and (or) sale of foreign currency in cash between authorized banks and authorized organizations for the purpose of carrying out exchange operations with foreign currency in cash;

12) payments by individuals for goods, works and services under transactions concluded and executed on the territory of the special economic zone, the boundaries of which fully or partially coincide with the sections of the customs border of the Eurasian Economic Union;

13) payments and (or) money transfers for currency transactions carried out outside the Republic of Kazakhstan by resident individuals, foreign institutions of the Republic of Kazakhstan;

14) payments and (or) money transfers for transactions with non-residents carried out through accounts with foreign banks opened by residents in the cases and in accordance with the procedure established by this Law, as well as payments and (or) money transfers through correspondent accounts of authorized banks with foreign banks;

15) money transfers from non-residents' accounts in foreign banks, carried out by them to fulfill the obligations of a resident, in cases provided for by the rules of currency transactions in the Republic of Kazakhstan.

2. Foreign currency in cash received by legal entities and branches (representative offices) of foreign organizations when conducting currency transactions on the territory of the Republic of Kazakhstan (with the exception of the territory of the special economic zone, the boundaries of which fully or partially coincide with the sections of the customs border of the Eurasian Economic Union) must be credited to bank accounts with authorized banks.

The procedure for residents and non-residents to conduct transactions on a bank account with an authorized bank related to the withdrawal, crediting and use of foreign currency in cash is determined by the rules for conducting currency transactions in the Republic of Kazakhstan.

3. Payments and (or) money transfers for capital movement transactions, as well as payments and (or) money transfers under currency agreements, for which, in accordance with this Law, it is necessary to obtain an account number, are carried out only through bank accounts.

4. Individuals may, without opening and (or) using an account with an authorized bank, within the amount established by the National Bank of the Republic of Kazakhstan, make the following money transfers for foreign exchange transactions:

1) gratuitous money transfers in the territory of the Republic of Kazakhstan, from the Republic of Kazakhstan and to the Republic of Kazakhstan;

2) money transfers on the territory of the Republic of Kazakhstan, from the Republic of Kazakhstan and to the Republic of Kazakhstan in payment of fines, taxes and other mandatory payments in favor of the state;

3) other money transfers from the Republic of Kazakhstan and to the Republic of Kazakhstan that are not related to an individual's business activities and transactions under currency agreements, for which, in accordance with this Law, it is necessary to obtain an account number.

The procedure for individuals to transfer money without opening and (or) using a bank account with an authorized bank, including the threshold value for the transfer amount without opening and (or) using a bank account, is determined by the rules for currency transactions in the Republic of Kazakhstan.

This Law regulates public relations related to the implementation of currency transactions, defines the goals and objectives of currency regulation and currency control.

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Republic of Kazakhstan

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