Banking for Expats in Azerbaijan

If you’re a new expat in Baku, here’s what you need to know about the financial sector.

Posted on

2 August 2017

| Last updated on 2 August 2017

Azerbaijan has gone through reforms in the past few years, but their banking system is still somewhat unstable. There are some bank that are state-owned, but privatisation has swept over the country. There are also several international banks.

The Central Bank of Azerbaijan regulates all banks and financial policies in the country. Due to the unstable banking system in play, the best option for expats is to go with an international bank.

Opening an account

In order for you to open a bank account, you’ll need to provide the following:

Your passport and entry visa
Your temporary identity card
A completed application form from the bank

A bank card account can be given in the local currency (Manat), British pound, Euro and US dollar.

That being said, it is easy to open a bank account here. Many banks also allow you to open a bank from overseas and even non-residents can open an account. EU citizens rarely need to show more than a passport to open a personal account if they do so in person.

SEE ALSO: Guide to Taxes in Azerbaijan

Credit cards

International credit cards are usually accepted at major hotels and restaurants in Baku. However, keep in mind that Azerbaijan is still very much a cash-based country. Some shops and restaurants don’t accept cards and cash is also needed for public transportation.

There are a total of 45 banks licenced in Azerbaijan. Many of them are Turkish-run. If their website is in English, they’ll likely cater to non-residents. The International Bank of Azerbaijan (IBAR) is, as its name implies, a bank that concentrates on serving international clients. Therefore, it has the most comprehensive card products amongst all banks.