The State Bank for Foreign Economic Affairs of Turkmenistan

Partnership for development!

Rates of commission for services of the State Bank for Foreign Economic Affairs of Turkmenistan

Services Fees
All types of letterhead Free of charge
Consultation and supplemental information Free of charge
Opening of account (current and settlement and deposit account for legal entities non-resident
of Turkmenistan on Contract with the State Commodity and raw materials exchange of Turkmenistan)
For legal entities and entrepreneurs without formation legal entity:
in national currency 28 TMT (290 USD) [1]
in foreign currency 30 USD (290 USD) [1]
For private clients:
in national currency 20 TMT
in foreign currency 7 USD
Maintenance of account (per quarter)
For legal entities and for entrepreneurs without formation
legal entity (in case of having transactions within a quarter):
in national currency Free of charge
in foreign currency 25 USD
For private clients:
in national currency Free of charge
in foreign currency Free of charge
Closing an account (under the bank’s initiative inclusive) Free of charge
Payments
Intra-bank (except for transfers to the “Loro” accounts of banks residents (respondents) Free of charge
Intra-bank transfers to "Loro" accounts of banks residents (respondents)
up to 50 USD inclusive 5.75 USD
from 51 USD up to 500 USD inclusive 11.5 USD
from 501 USD up to 1 000 USD inclusive 17.5 USD
over 1000 USD 0,17%, min 23 USD, max 460 USD
Transfers to other banks (except for budgetery and equal payments)
In national currency
up to 200 manat inclusive 2.3 TMT
from 201 manat up to 20 000 manat inclusive 0,12%, min 4 TMT
from 20 001 manat up to 100 000 manat inclusive 0,06%, min 20 TMT
from 100 001 manat up to 200 000 manat inclusive 0,05%, min 50 TMT
from 200 000 manat and over 0,035%, min 80 TMT, max 345 TMT
Payments from account №23901-23904 0,06%
In foreign currency
Within Turkmenistan:
up to 50 USD inclusive 7 USD
From 51 USD up to 500 USD inclusive 14 USD
From 501 USD up to 1 000 USD inclusive 23 USD
over 1 000 USD 0,23%, min 35 USD, max 575 USD
Outside of Turkmenistan for legal entities and entrepreneurs without formation legal entity: OUR (at remitter’s cost) BEN (at beneficiary’s cost) SHA (foregn bank’s commission partly at beneficiary’s cost)
up to 500 USD inclusive 35 USD 25 USD 28 USD
from 501 USD up to 1 000 USD inclusive 65 USD 40 USD 52 USD
from 1001 USD up to 5 000 USD inclusive 80 USD 66 USD 75 USD
from 5001 USD up to 25 000 USD inclusive 90 USD 69 USD 85 USD
from 25 001 USD up to 50 000 USD inclusive 115 USD 92 USD 100 USD
over 50 000 USD 0,20% min 150 USD; max 600 USD 0,20% min 120 USD; max 400 USD 0,20% min 130 USD; max 500 USD
Outside of Turkmenistan for private clients: OUR (at remitter’s cost) BEN (at beneficiary’s cost) SHA (foregn bank’s commission partly at beneficiary’s cost)
up to 500 USD inclusive 30 USD 18 USD 25 USD
from 501 USD up to 1 000 USD inclusive 45 USD 23 USD 35 USD
from 1001 USD up to 5 000 USD inclusive 60 USD 35 USD 46 USD
from 5001 USD up to 15 000 USD inclusive 70 USD 50 USD 60 USD
over 15 000 USD 0,25%, min 100 USD 0,25%, min 70 USD 0,25%, min 80 USD
Conversion of foreign currencies: 1%, max 20 000 USD
Enquiries and adjustment on transfers:
Outgoing payments:
Enquiries on transfer 40 USD
Amendment or cancellation of transfer 40 USD
Incoming international payments:
Enquiries on transfer 23 USD
Enquiries on transfer of 6 months prescription 80 USD
Changing date of value on payment for 1 day 110 USD
Foreign exchange at the Interbank Exchange Currency Market (IECM)of Turkmenistan
Purchase of currency 0,3%
Sale of currency 0,3%, max 10 000 USD
Operation with cash money and cheque:
Cash withdrawal in national currency:
Cash withdrawal from check books:
For legal entities 1.15%
For entrepreneurs without formation legal entity 1.725%
Cash withdrawal from demand deposit 1.15%
For I - II group disabled persons (upon presentation of the relevant certificate and in case that only wages transferred to the account of demand): 0 %
Cash withdrawal in foreign currency:
Up to 30 000 USD inclusive 1,75%
Over 30 000 USD 2.3%
Exchange of decrepit USD banknotes
in national currency Free of charge
in foreign currency 10%
Exchange of small banknotes for big ones and vice versa
in national currency free of charge
in foreign currency 1,5%
Authentication of banknotes 0,15%, min 1 USD
Collection
Encashment (issuance and dispatch of documents 0,20%, min 66 USD
Return unpaid documents 135 USD
Amendments to terms in collection’s order, including cancellation 135 USD
Documentary letter of credit 2
  • Import
Open a letter of credit 0,12%, min 115 USD, max 3 500 USD per each month
Pre-advising letter of credit 115 USD
Negotiation, check-up and acceptance of documents 0,17% of amount of documents, min 115 USD, max 3 500 USD
Documents with discrepancies 115 USD
Amendment to letter of credit 85 USD
Increase amount of letter of credit See "Issue of letter of credit"
Cancel a letter of credit under client’s request 115 USD
Expiration of letter of credit in upon its non-utilization 85 USD
Deferred payment or acceptance 0,06% of amount of payment, min 115 USD per each month
  • Export
Pre-advising letter of credit 60 USD
Advising letter of credit 0,17%, min 115 USD, max 600 USD
Confirmation letter of credit 0,23% of amount of letter of credit, min 230 USD, max 3 500 USD per each month
Negotiation, check-up and acceptance of documents 0,17% of amount of documents, min 115 USD
Documents with discrepancies 115 USD
Amendment to letter of credit 115 USD
Cancellation of letter of credit upon client’s request 115 USD
Expiration of letter of credit upon its non-utilization 115 USD
Deferred payment or acceptance 0,06% of amount of payment, min 115 USD per each month
Transfer letter of credit in favor of other beneficiary 0,12% of amount of letter of credit, min 115 USD, max 1 150 USD
Negotiation of documents 1.15% of amount of documents, min 230 USD
Reimbursement:
Advise 115 USD
Confirmation 0,12% per each month, min 115 USD
Amendment 115 USD
Reimbursement 115 USD for each payment
  • Guarantees
Issue of guarantee (contra guaranty) 0,30%, min 230 USD, max 6 000 USD
Guarantee control
Conduct of guarantee during its validity 0,12% per each month, min 230 USD
Pre-advising guarantee 60 USD
Advising and transfer guarantee 230 USD
Amendment to issued guarantee 115 USD
Advising amendment under received guarantee 60 USD
Payment request under issued guarantee 0,23% of amount of payment, min 115 USD, max 3 500 USD
Examination draft of guarantee 115 USD
Determination of applicability of guarantee 290 USD
Bank cards Millikart "Altyn Millikart" "Corporate Millikard" "Kumuş Millikart " "Millikart"
Issue of plastic cards considering two year service 5 TMT 20 TMT 10 TMT 20 TMT
Minimum balance of account 60 000 TMT 30 000 TMT
Cash withdrawal 0,5% 0,5% 0,5% 0,5%
Clearing settlement 0,5% 0,5% 0,5% 0,5%
Cash withdrawal and Clearing settlement - For I - II group disabled persons (upon presentation of the relevant certificate and in case that only wages transferred to the account of demand): 0 % 0 % 0 % 0 %
Annual interest rate on account balance 10% - 7% 5% (balance of 2 000 manats)
Lost cards recovery 5 TMT 20 TMT 10 TMT 20 TMT
Blocking of card Free of charge Free of charge Free of charge Free of charge
Spending limit and limit of depositing/crediting funds - In compliance with the cost estimates and established tariffs, but not exceeding the limit of freely circulating currencies - -
SMS informing 0 TMT/month 1 TMT/month 0 TMT/month 1 TMT/month
International VISA / MasterCard cards Business Classic / Standard Electron / Maestro Gold
Issue of VISA cards with two year service
Change of VISA card
15 USD 15 USD 10 USD 100 USD
Issue of MasterCard cards with two year service
Change of MasterCard card
20 USD 20 USD 15 USD 100 USD
Insurance deposit 100 USD 30 USD 1 000 USD
  • For legal entities
0 USD
  • For entrepreneurs without formation legal entity
100 USD
Bank initiated change of card 0 USD 0 USD 0 USD 0 USD
Renewal of PIN-code 5 USD 5 USD 5 USD 5 USD
Cash withdrawal in Turkmenistan 1% 1% 1% 1%
Cash withdrawal in foreign banks 3% min 3,5 USD 3% min 3,5 USD 3% min 3,5 USD 3% min 3,5 USD
Balance inquiry in ATMs of foreign banks 0,30 USD 0,30 USD 0,30 USD 0,30 USD
Non-cash payments in Turkmenistan (transactions fee) 0,5% 0,5% 0,5% 0,5%
Non-cash payments in foreign banks (foreign transactions fee) 0,5%, min 0,20 USD 0,5%, min 0,20 USD 0,5%, min 0,20 USD 0,5%, min 0,20 USD
Daily cash withdrawal limit 100 USD 350 TMT 100 USD 350 TMT 100 USD 350 TMT 100 USD 350 TMT
Card blocking on card-holder’s request Free of charge
Interest on overdraft 0,2% for each day 0,2% for each day 0,2% for each day
SMS informing 1 TMT/month 1 TMT/month 1 TMT/month 0 TMT/month
Fines:
Card loss 15 USD 15 USD 15 USD 15 USD
Additional charges for “VISA Gold” credit card:
Interest rate for credit 15%
Interest rate for overdue credit 18%
Annual interest rate on account balance in excess of the security deposit 0 % 0 % 0 % 5 %
Express change of card in the foreign bank 300 USD
Express cash withdrawal in the foreign bank 200 USD
International plastic VISA CARD issued by other banks:
Cash withdrawal in the bank 3% 3% 3%
Cash withdrawal of the ATM Free of charge
Non-cash payments (transactions fee) 3% 3% 3%
Leasing of safe deposit boxes
Administration fee (once) 10 TMT
Monthly payment for leasing:
"Mini " 10 TMT
"Medium" 20 TMT
"Medium-extra" 30 TMT
"Max" 40 TMT
Other services
Issue of certificates 10 TMT
Operations on the visa fee 5 TMT
Confirmation for export-emport transaction 20 TMT
Confirmation for auditors 30 TMT
Issue of document’s duplicate 10 TMT
Postage As per invoice of post company
  1. For foreign entities and separate subdivisions of foreign entities such as representative offices, branches and affiliates with 100% of foreign capital the Head Office of which is within the free economic zones except of enterprises and organizations participating in the projects in accordance with the "Law on Hydrocarbon Resources of Turkmenistan".
  2. The fees on standby L/C are withdrawn either under the rates set for documentary L/C or tariffs set for guarantees depending on the content and purpose of transactions.
  3. The fees withdrawn "per month" mean calendar month or its part.
  4. The fees can be withdrawn for the residents of Turkmenistan – in Turkmen manat under the exchange rate of the Central Bank of Turkmenistan (CBT) as of the day of transaction, and for nonresidents of Turkmenistan – in US$ or in the currency of the transaction equivalent to US$ under the exchange rate of CBT as of the day of transaction.
  5. Taxes, duties, dues and other expenses of the banks-correspondent as such will take place will be withdrawn extra on the actual cost.
  6. The Bank is not responsible for delays, mistakes etc. arising from unclear, and incomplete or inaccurate instructions of the customers.
  7. The Bank can set special tariff rates for major corporate customers, as per concluded agreements.
  8. The Bank is entitled to make amendments to acting rates without preliminary notification.
  9. The rates for the services which are not being subject to VAT, are charged in accordance with the tariffs
    • The rates for the services are VAT inclusive
    • Tax-exempt companies are charged the VAT exclusive fees