Personal accounts: Turkmenistan
An honest assessment before work starts, the quote is fixed in writing.
Turkmenistan is one of the most closed economies in the world. Banks operate under the Central Bank of Turkmenistan and are almost all state-owned, while international payments go mainly through the State Bank for Foreign Economic Affairs. The key point for a foreigner is currency controls: the state does not allow free exchange of manats into dollars, so money in manats effectively cannot be taken out of the country.
How currency exchange works
| Question | How it works |
|---|---|
| Official rate | 3.5 manats per dollar, stable for several years |
| Who can use the official rate | only in cases set out in law, such as paying for study and medical treatment abroad or construction projects, and with state approval |
| Unofficial rate | about 19.5 manats per dollar according to the US State Department in 2025 |
| Taking manat funds out | practically impossible; companies have been unable to repatriate profits for years |
Unofficial currency exchange is prohibited and risky, so any income in manats should be treated as money that will stay in the country.
We will calculate online the cost of opening a personal account and maintaining it for a year.
What account a foreigner can open
| Your status | What is realistic |
|---|---|
| Foreign employee of a company or representative office with a residence permit | a foreign currency account at a state bank, sometimes also a manat account for local spending |
| Employee of an oil and gas project with dollar revenue | foreign currency payments through authorised banks, usually without transfer problems |
| Non-resident with no visa or link to the country | an account is practically unavailable, and entry requires an invitation |
According to the US State Department, there are no official bans on accounts for foreigners, but in practice foreigners are mostly allowed to open foreign currency accounts, not manat accounts.
What the bank will ask for
- A passport with a valid visa or residence permit.
- Registration at the place of stay.
- An employer letter or documents of the organisation that invited you.
- A tax number if you work in the country.
- An explanation of the account's purpose and the source of funds for receipts from abroad.
Entry and stay
Most foreigners need a visa to enter Turkmenistan, which requires an invitation from an organisation in the country approved by the migration service. Foreign companies must hire mainly local staff: the state generally requires Turkmen citizens to make up at least 90% of the workforce. So the circle of foreigners living and working in the country is narrow, and banks are used to serving them through the employer.
Risks to know about
- Money in manats effectively cannot be taken abroad.
- International cards and transfers work with restrictions, and large transfers are reviewed slowly.
- Internet access is limited, and online banking does not work as in most countries.
- Official economic data is considered unreliable, so assessing a bank's risk is difficult.
What makes more sense instead
If you work in Turkmenistan, keep only the amount for current expenses in a local bank, and your savings and foreign currency salary in a bank in another country where money moves freely. For employees and entrepreneurs in the region we choose accounts in countries with clear rules.
What we do
Murblz specialists give an honest assessment of whether you need an account in Turkmenistan and what can be done with it, help with documents for the bank through your employer, and choose a reliable account in another country for savings and salary. If you are moving to the region for a long time, we plan in advance which expenses to pay from the local account and which from abroad. We fix the estimate in writing; the decision to open an account always rests with the bank.
What we do
- Personal account - opening assistance
See also
Company formation · Business account · Investment property
FAQ
Can a non-resident open an account in Turkmenistan?
Can manats be exchanged into dollars?
Can money be taken out of Turkmenistan?
Is a visa needed to open an account?
Where should I keep savings if I work in Turkmenistan?
Do international cards and transfers work in Turkmenistan?
How much does help with opening an account cost?
Need a personal account in Turkmenistan?
We assess which Turkmen bank will open an account for a non-resident, explain the currency restrictions upfront and prepare the documents. Every country is in the searchable catalogue.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
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