What everyone needs to know about exchange offices in Kazakhstan

Tengrinews.kz - How can Kazakhstanis understand and verify that an exchange office operates legally? We learned the answer to this question from the press service of the National Bank.
Exchange offices
Thus, according to paragraph 4 of Article 10 of the Law "On currency regulation and currency control", individuals in Kazakhstan can buy and (or) sell foreign currency in cash for another foreign currency in cash or national currency in cash only through exchange offices of second-tier banks and exchange offices of authorized organizations (non-bank exchange offices).
What documents should an exchange office have?
According to the rules for carrying out exchange transactions with foreign currency in cash, they are required to place certain documents in Kazakh and Russian in an accessible place.
Thus, non-bank exchange offices (authorized organizations) post:

a copy of the license for exchange operations with foreign currency in cash;
a copy of the valid supplement to the license issued by the territorial branch of the National Bank.

Bank exchange offices post:

a copy of the written confirmation of the territorial branch of the National Bank;
or a copy of the exchange office certificate.

In addition, each exchange office must post the following information in a place accessible to customers.
Exchange rates - information on the purchase and sale rates of foreign currency for tenge.

"An information stand for customers containing information on the purchase rate and the sale rate of foreign currency in cash for tenge, established for each foreign currency with which the exchange office conducts purchase and sale operations," the National Bank told us.

Information on the territorial branch of the National Bank that oversees the operation of the exchange office.

"Information for clients of the exchange office, containing information about the branch of the National Bank that monitors the activities of the exchange office, and about the possibility of sending a complaint to this branch, if there are any comments on the work of this exchange office," the press service said in a statement.

In addition, there must be a copy of the current act of the National Bank, establishing the limits of deviation of the purchase rate from the sale rate of foreign currency for tenge for transactions carried out through exchange offices.
Information about the cashier who provides customer service.
Information about the official Internet resource of a legal entity that has the right to carry out exchange transactions with foreign currency in cash.
Also, at the request of an individual, the cashier of the exchange office provides information about the main features of banknotes suitable or unsuitable for circulation, about the procedure and conditions for accepting for collection non-payment or unsuitable for circulation foreign currency banknotes (with the exception of an automated exchange office).
Should a check be issued?
As explained by the press service of the National Bank, the exchange office confirms the exchange transaction by issuing a control check.

"Bank and non-bank exchange offices are required to issue a check to the client after the transaction is completed to confirm the exchange transaction," the press service told us.

Thus, knowing these rules, you can protect your rights when exchanging currency and avoid possible misunderstandings.
Read also: How US-Russia talks could impact tenge exchange rate, National Bank head responds