Choosing a business bank in Uzbekistan when your customers are abroad

For a business in Uzbekistan receiving payments from overseas customers, choose a bank first by its ability to receive the required currency from the customer’s country, and only then by fees and app convenience. An Uzbek company cannot simply move these settlements outside its local banking arrangements: the foreign-trade monitoring rules require settlement under a foreign-trade contract through the company’s account with a commercial bank in Uzbekistan, while a resident’s foreign-currency revenue is credited to accounts with banks in the country. Before applying, check four things: the bank’s correspondents for your customers’ currencies; its approach to countries and banks presenting sanctions risks; its handling of E-kontrakt; and whether a foreign director can manage the account remotely. Financial strength and tariffs matter, but these four factors determine whether customer payments reach the company and how quickly.

Why the payment route comes first

An Uzbek LLC, including one wholly owned by foreigners, is a resident subject to the general currency-control regime. It may open an overseas account only under a presidential or government decision or an international treaty. The Central Bank’s currency-transaction rules require foreign currency received from non-residents to be credited to accounts with Uzbek banks. Paragraph 16 of the foreign-trade monitoring and control rules approved by Cabinet of Ministers Resolution No. 283 of 14 May 2020, as amended from 1 September 2026, additionally requires settlement through the business’s own account. The chosen bank is therefore an essential link in every overseas customer payment. If it lacks a workable route for the currency or country, the company cannot avoid that constraint by using its own overseas account.

The practical approach follows from this. The first UZS account opened after registration becomes the main account. Foreign-currency accounts are secondary and need not be with the same bank; our separate guide explains opening main and foreign-currency accounts. A company can use one bank for convenient domestic services and another with stronger correspondent relationships for overseas receipts. However, banking details are recorded when a contract is entered in E-kontrakt. Changing banks for an existing contract requires amendments, so choose the foreign-currency bank before signing the first overseas customer agreements where possible.

Correspondents: which currencies and routes can the bank support?

An international transfer reaches an Uzbek bank through correspondent accounts with foreign banks. That network determines which currencies and routes are straightforward, slow or unavailable. Many banks publish correspondent lists; review them before visiting a branch. For example, Ipoteka-bank’s list updated on 16 April 2026 identifies USD accounts with JPMorgan Chase, Commerzbank, Raiffeisen Bank International and several German banks; EUR accounts with OTP Bank and the same European banks; a CNY account with Agricultural Bank of China; and RUB accounts with two Russian banks. Some dollar and euro settlements also pass through other Uzbek banks, including the National Bank. Compare two points with your customer base: whether there is a direct correspondent in the required currency, and whether an additional intermediary adds fees, time and another compliance check.

For customers across several countries, compare the network currency by currency. A strong USD network does not imply equally strong RUB or CNY support, and tariffs often vary accordingly. The National Bank’s “Ultra International” SME package, according to its website in October 2026, includes outgoing foreign-currency transfers up to USD 20,000 without a transfer fee within that paid package, with 0.1% charged on the excess. This condition applies only to US dollars; other currencies use the general corporate tariffs. Ask each bank for incoming and outgoing transfer, conversion and currency-sale fees for your actual currencies and expected amounts. Then separately establish how to check a particular transfer route for the first customer.

Sanctions compliance: payments from Russia or through third countries

If customers are in Russia or use banks involved in Russian settlements, sanctions policy may matter more than the correspondent network. In September 2025, Central Bank chairman Timur Ishmetov described the mechanism: after each EU or other sanctions package, the regulator checks databases for residents’ trade contracts and transactions involving sanctioned organisations, sends findings to banks, and the banks suspend those operations. Banks also develop their own screening tools. Alongside the state-level filter, each applies its internal policy. The same transaction may therefore pass, require documents or be rejected depending on the bank.

The sanctions environment changes quickly and directly affects banking infrastructure. The EU’s nineteenth package of 23 October 2025 included banks in Kazakhstan, Kyrgyzstan and Tajikistan. Its twenty-first package of 23 July 2026 included the Zolotaya Korona settlement centre and a bank handling some of its international transfers. Uzbekistan’s Central Bank then stated that the aim was to avoid secondary-sanctions exposure and move technical servicing to a bank outside the restrictions. A route that worked yesterday can therefore close if a payer’s bank or correspondent becomes sanctioned. Before opening an account, ask whether the bank accepts corporate payments from your customer countries, in which currencies, what documents it requests and how it checks the sending bank. Once operating, know in advance what explanations to prepare for a delayed payment. Presidential Decree No. UP-176 of 27 August 2026 provides that, from 1 January 2027 following amendments to the Currency Regulation Law, a court may halve a non-repatriation fine where return of funds is restricted by international sanctions or banking or payment-system restrictions. The provision nevertheless illustrates that the company, not its bank, bears the risk of revenue not arriving through the chosen route.

Currency control: E-kontrakt, identification numbers and service records

The second filter for overseas customer payments is E-kontrakt, the foreign-trade operations system. Resolution No. 283 permits exports of goods, works and services on invoices without a separate contract, except for specially listed goods, and settlements through commercial banks on that basis. Enter the contract or invoice before operations start. Information on completed works and services is due by the 20th of the month following the acceptance-record month; services are treated as supplied when copies of the acceptance records are attached to the contract record. Professional publications explain that a contract or invoice cannot be performed without the system’s identification number because the bank will not process payment. For advances, the bank checks system information and processes the operation if there are no discrepancies. Amendments requiring bank approval block the contract until agreed. For monthly invoicing, the bank’s speed, clear requirements and online E-kontrakt support directly affect receipts.

Mistakes can cost more than an extra bank fee. Overdue export proceeds appear as overdue receivables in E-kontrakt. Failure to repatriate funds can attract a fine at the tax authority’s request, with disputes resolved in court. Professional publications also report a separate fine for incorrect data or late system entries. The importance of the problem is reflected in UP-176’s one-off national initiative: until 1 January 2027, companies may settle overdue receivables from exports actually made before the decree took effect by paying cash foreign currency through the servicing bank. The uncollected fine is cancelled proportionately to the amount paid, as the Tax Committee reported. The initiative excludes companies at least 50% state-owned and companies at least 50% owned by such organisations. A full account of currency-control obligations for a foreign contract is beyond bank selection. For comparison purposes, identify who handles foreign-trade contracts and how quickly they respond.

IT companies and IT Park residents: what the special rules change

For IT businesses serving overseas customers, bank selection is closely linked to IT Park residency. First, since 12 November 2025, foreign founders of IT Park residents may open accounts remotely from outside Uzbekistan, whereas banks generally require the director of an ordinary foreign-owned LLC to visit. A bank that actually supports remote identification is therefore preferable where this route applies. Second, Resolution No. 283 has special provisions for residents. Paragraph 16² allows overseas subscription payments for software they develop under a public offer without entering the information in E-kontrakt. Under Presidential Resolution No. PP-286 of 16 September 2025, from 1 January 2026 residents may pay for advertising and software subscriptions with corporate cards within annual export revenue, capped at USD 500,000; payments above USD 5,000 must be entered in E-kontrakt.

These options work only if the bank supports them technically: accepting foreign card and subscription payments, issuing corporate cards usable abroad, and understanding resident-specific rules. Ask about your actual scenarios rather than general servicing terms—contract-based overseas receipts, subscriptions under a public offer, and advertising and service expenses. If residency has not yet been obtained, first assess whether the business meets the residency criteria, since it affects both account opening and permitted foreign-currency transactions.

Financial strength and spreading balances across banks

The Center for Economic Research and Reforms’ bank-activity index covered 34 Uzbek credit institutions as at 1 June 2026, including 20 classified as large. The Central Bank’s credit-institutions directory provides the official list divided into state, private and foreign-capital banks. State-participation banks held about 64.5% of system assets as at 1 December 2025. The updated Uzbekistan–2030 Strategy approved in February 2026 envisages reducing state banks from nine to four by 2030, with no sales planned for 2026. Ownership alone is not decisive for an overseas-facing company. A state bank may have broader correspondent coverage, a private bank better online banking and faster replies; privatisation or ownership changes may alter both over time. Review financial indicators and ratings, especially practical support for your countries and currencies.

Deposit protection is another reason to use several banks. Law No. ZRU-1031 of 18 February 2025 on bank-deposit protection limits compensation to UZS 200 million per depositor per bank. National Bank explanations state that protection also covers legal entities, excluding, among others, state organisations and financial institutions. For companies accumulating substantial export receipts, balances above the cap depend on the bank’s own financial strength. Splitting balances reduces concentration risk. A second bank also provides a backup route if sanctions or correspondent changes stop one bank receiving the required currency. Customers can then use the other details, although E-kontrakt amendments will be needed.

Comparing banks before applying

Base comparison on your customers, rather than bank advertising. Prepare a short description of expected receipts: customer countries and currencies, usual sending banks, payment sizes and frequency, and whether invoicing is contract-based or under a public offer. Send it to two or three banks and ask the same questions. Is there a direct correspondent for every required currency? Are corporate payments accepted from these countries through these banks? What documents will the first receipts require? What do incoming transfers, conversion and currency sales cost? Who handles E-kontrakt and can amendments be approved online? Can the foreign director manage the account remotely, and what is required? Written answers from a relationship manager are easier to compare and reduce surprises after opening.

The same description supports onboarding: the bank will ask about the business, counterparties and expected transactions during customer checks. Consistency between selection-stage and KYC answers reduces follow-up requests. After opening, a small payment from a genuine customer against a registered invoice reveals the actual route, timing and deductions better than a tariff alone. With customers concentrated in one country and currency, the choice often comes down to a direct correspondent and clear sanctions policy for that country. With broader geography, plan a main account at one bank and foreign-currency accounts at one or two others from the outset, rather than relying on one route.