Russians turn to Uzbekistan for "card tourism" following Kazakhstan's restrictions

The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan announced in mid-January that payment cards for non-residents would now be issued for a maximum period of 12 months, with a cap of five cards per client per bank. While some banks have completely discontinued services for foreigners, others now require applicants to apply in person.

As a result, demand for banking services in neighboring countries has surged, prompting intermediaries to offer new solutions to Russian customers.

In Uzbekistan, non-residents can obtain payment cards from Asia Alliance Bank, Aloqabank, and other local banks.

In Kyrgyzstan, similar services are available at Bakai Bank and DemirBank, while in Tajikistan, the International Bank of Tajikistan and the microfinance company Humo offer such options. A key advantage is the streamlined remote application process, allowing customers to open accounts without traveling.

However, some banks have introduced limits on transfers and cash withdrawals, ranging from $3,000 to $10,000 per month. Accounts can be funded through Russian banks or mobile applications.

Experts note that the market for foreign payment cards for Russian citizens is already saturated, 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 outbreak of the conflict in Ukraine in February 2022, international payment systems Visa and Mastercard initially cut off sanctioned Russian banks. By March 11, they had fully ceased operations in Russia.

Other international payment systems followed suit, with previously issued cards now functioning only within Russia. Even UnionPay has quietly limited cooperation with Russian banks.

In response, Russian travel agencies began offering trips to Tashkent specifically for opening bank accounts. Vedi Group was among the first to launch such “card tours.” By April, demand for travel to Uzbekistan had surged, with many Russians seeking to secure foreign payment cards.