Best Money Transfers in Ashgabat

Currency in Turkmenistan

TMT · Turkmen manat (not freely convertible; the official exchange rate is set by the state and differs from the informal market rate, with strict foreign-currency controls)

Regulator in Turkmenistan

Central Bank of Turkmenistan (CBT)(opens in a new tab)

Local accounts in Turkmenistan

Turkmenistan has no IBAN: state banks number accounts internally, the manat is not freely convertible, and any external transfer is mediated through the state banks' correspondent arrangements.

Payments in Turkmenistan

Honest summary: Turkmenistan's financial system is closed. The state owns the banks, the manat is not convertible, cash is heavily used, and card payments run mainly on the national Altyn Asyr card system rather than on open international rails. International transfers are restricted and routed through the state banks under foreign-exchange controls, there is no national instant-payment network open to outsiders, and access to US dollars within the country is limited and controlled.

Sources: Central Bank of Turkmenistan · World Bank: Turkmenistan overview · IBAN registry: Turkmenistan (no IBAN entry)