1. Bank Transfers
One of the most common ways to send money abroad is through a bank transfer. Most major banks in Kyrgyzstan, such as KICB, Optima Bank and MBank, offer international transfer services. Here’s what you need to know:
- Visit your bank: You’ll often need to visit your bank in person, as services in Kyrgyzstan may not be as modernized as those in Western countries. KICB bank offers a convenient mobile application to complete the transfers. Don’t forget to bring your ID or passport.
- SWIFT Code: Ensure you have the recipient’s bank details, including the SWIFT code, which is essential for international transfers. SWIFT codes differ from country to country so it is best to find the code before hand. A wrong code is one of the reasons why a transfer can not be completed and you would need to return to the bank branch or fill the form online again.
- Fees: Bank transfers typically come with higher fees, and transfers can take anywhere from same day to 7 business days. It’s worth shopping around to see which banks offer the best rates.
- Exchange Rates: Banks usually offer less favorable exchange rates, so it’s smart to monitor the rates and time your transfer for the best deal.
Personally, I use KICB Bank for SWIFT transfers. Their mobile application is convenient, and if I complete the sending form before 14:00, the transfer usually goes through on the same day. The fees table can be found here. For example, transfers to the UAE are typically completed on the same day, while transfers to EU countries take about 2-3 days.