Sandwiched between Russia and China, two of the biggest countries on the planet, is The Republic of Kazakhstan. Although less likely to make headlines than its neighbours, Kazakhstan happens to be the largest country in Central Asia, and the ninth largest in the world. In this guide we will provide any information you may need ahead of sending or receiving money to Kazakhstan using the best money transfer services on the market.
Despite its enormous size – the country spans 2.725 million km² – Kazakhstan’s remittance market is not of equal proportions. Instead, the country’s economy relies heavily on the global demand for oil. The lack of international remittances sent to Kazakhstan can be explained by the fact the country has one of the lowest population densities in the world, due to historical and geographical factors predating this generation.
The official currency of this country is Kazakhstani tenge (KZT) introduced in 1993 to replace the Soviet ruble. When sending money to Kazakhstan, customers should consider that this currency is one of the less traded currencies on the market. Unlike USD, GBP, EUR and JPY, there is less of a demand for KZT and this means it is harder to acquire. Alternative options like sending USD to Kazakhstan are commonly used to remedy this situation.
Although it is uncommon to find a service provider that facilitates KZT currency transfers, when you find a company who offers this currency, you will want to secure a good rate of exchange, to make the transfer worthwhile.
Money transfer service providers are the best way to send an international remittance to Kazakhstan. Using our comparison engine and reading our company reviews will give you the best idea of what services are most suitable for cross-border payments to this Asian country.
It is likely you will need to prove your identity when sending money to Kazakhstan. This means proving an ID document such as passport or domestic identity card. You may also be asked to provide a reason for the money transfer, which will be reviewed by the authorities in Kazakhstan.
The numerous online money transfer options available worldwide make it easy to receive money in various different ways.
Not all service providers will offer each of these payment methods, so it is important to review the options available before initiating payment with a chosen company: some money transfers cannot be cancelled or recalled.
Similar to the documents required to send money into the country of Kazakhstan, the receiver will also need to prove their identification when collecting a foreign money transfer, whether it be through a specialist company or their bank. The recipient should also be prepared to provide the reference number or confirmation/collection code associated with the payment.
The current exchange rate for the Kazakhstani Tenge (KZT) is 437.109005 KZT per American Dollar (USD) as of the time this was written. The KZT reached a high of 437.1090 KZT per USD and a low of 435.4575 KZT per USD during the last 90 days. The average exchange rate for the last 90 days was 436.2468 KZT per USD.
The average volatility rate for the KZT against the USD was 0.27% for the last 90 days. This is a normal volatility rate, and the KZT has stabilized even further in recent months, culminating in an average volatility rate of 0.19% for the last 30 days. You can reasonably expect only minor fluctuations to continue going forward, barring any unforeseen circumstances.
The fastest way to send money to Kazakhstan is through Ria Money Transfer’s fast option. With Ria Money Transfer’s fast option, your money should reach its Kazakhstani destination in a matter of minutes. This fast option is also relatively affordable, as it costs less than most of Ria Money Transfer’s slower competition.
The main drawback to Ria Money Transfer is that some users complain of hassles and a platform which isn’t the easiest to use. When it comes to their fast option, you can rest assured you’re getting a good deal when it comes to both speed and cost.
The cheapest way to send money to Kazakhstan is through Ria Money Transfer’s slow option. Ria Money Transfer’s slow option comes with very low upfront rates for their money transfer services. The company’s slow option also charges relatively low hidden currency conversion costs. When all factors are considered, Ria Money Transfer’s slower option is the cheapest way to go.
It should be noted that Ria Money Transfer’s slow option is very slow. It should normally take 3-5 business days for your money to reach its Kazakhstani destination.
The easiest way to send money to Kazakhstan is through Payoneer. Payoneer is easy to use partially because you can switch between their different money transfer methods to suit your needs. With Payoneer, you have several options for sending money. We recommend that you use Payoneer to send money to the recipient’s debit card, which offers greater convenience and security when compared to other methods. With this method, the recipient can withdraw the money right away upon the transfer’s completion.
You also have other options available to you with Payoneer. You can look up all of the services they offer on their intuitive platform in order to decide whether they are the right choice for you.
The overall best way to send money to Kazakhstan is through Ria Money Transfer. For the sake of getting the overall best deal, we recommend using their fast option unless you don’t mind waiting. Ria Money Transfer’s fast option gives you the best balance between cost and speed. If you are not in a rush and would prefer cheaper rates, their slow option is also alright. With Ria Money Transfer, you have a service that is more accessible and generally well-rounded than the competition.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com