“Card tourism” rules are changing – Kommersant FM

It will become much more difficult to issue a bank card in Kazakhstan; the country’s authorities want to tighten the issuance rules. To issue it, you will need an employment contract, a document on training or a residence permit in the republic. In addition, the client will have to come to the branch in person. The draft resolution was developed by the National Bank of Kazakhstan, and is now at the stage of public discussion until November 9. Details from Daniil Babkin.

When President Kassym-Jomart Tokayev repeated the thesis about unambiguously following anti-Russian sanctions in September 2023, Kommersant FM’s interlocutors did not take this seriously. Experts believed that it would mainly be about the supply of dual-use goods. And, indeed, market participants say that it is almost impossible to import even auto parts from the country.

Now tightening is being prepared in the banking sector, although it is not linked to the Russians and sanctions. The regulator explains that there is a desire to reduce the risks of using cards for illegal transactions, so foreigners without a residence permit will not be able to obtain them.

Whatever Astana’s intentions, the republic was one of the most accessible for Russians to open an account abroad, noted the founder of the “Lawyer in Kazakhstan!” project. Alexander Chichkov:

“The cards are issued by completely different banks. Usually you can order them without a permanent residence permit or residence permit, but, again, some credit organizations require such documents.

You come to Kazakhstan, go to the Public Service Center, get an IIN there, and after that they can issue you a card. They make it very quickly, you can get it in one day. Problems arise only for those who do not have foreign passports.”

Last June and July, Kazakh banks issued half of the total number of cards issued for the year. The regulator associated this with “card tourism,” primarily from Russians. They tried to apply for Visa and Mastercard to pay for purchases around the world.

Clients chose this particular direction, among other reasons, because of the reliability of the banks. In the top 5 credit institutions of countries neighboring Russia, the first four places are occupied by Kazakhstani ones, Forbes estimated.

But now the process will become much more complicated, noted Pavel Samiev, general director of the analytical agency BusinessDrom: “The format of the requirements implies a fairly significant strengthening of bureaucratic processes.

It will probably become more difficult; the client will have to be present in person when the card is issued, provide more documents, prove that he rents an apartment, is employed, and so on.

That is, for many it will become either very difficult or much more expensive. And, in fact, probably, this path will be closed for the majority of those who have not yet opened the map.”

Alternatives to Kazakhstan, of course, remain. But they too may suddenly disappear, given the pressure from the European Union and the United States, emphasized Dmitry Vishnyakov, an independent expert on the payment market:

“The only options left are other states that are located near Russia. First of all, these are Belarus, Uzbekistan, and other CIS countries, in which citizens of the Russian Federation can still open accounts without restrictions or tightening in terms of requirements for documents and status.

Of course, things can change. Regulators of countries communicate with each other, take some example. As one piece of advice, maybe you shouldn’t store a large enough amount of money there.”

Earlier, messages appeared in Telegram channels that Visa demanded that banks in countries neighboring the Russian Federation not issue cards to Russians. The company distributed a document in which it threatened to fine organizations that violate its rules with a fine of up to $1 million.

“Kommersant FM” managed to get acquainted with the paper (it was provided by journalist Gera Ugryumova), and there is not a single mention of Russia or its citizens. However, sources familiar with the situation say that CIS banks perceive the document as anti-Russian.

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