Make Payments in UZS - Uzbek Som
Pay in Uzbek Soms (UZS)
Mondial Change allows you to make international payments in UZS (Uzbek Som) with ease. Manage your Uzbek Som beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not charge exchange commission on your UZS operations (a spread is applied on the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always transparently communicated before the validation of each of your transactions.
Receive Payments in Uzbek Som (UZS)
It is currently not possible to receive payments in UZS.
Mondial Change Answers All Your Questions About Payments in Uzbek Soms (UZS)
What is the timeframe for a payment in UZS to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a transfer in Uzbek Som to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if UZS payments are credited beyond 2 business days to the beneficiary's account. External events such as processing times by intermediary banks, public holidays, execution time, or compliance checks can have a significant impact on payment receipt times.
What are the fees for a payment in Uzbek Som (UZS)?
The fees applied to transfers in Uzbek Som (UZS) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual UZS exchange volume and the number of Uzbek Som payments made during the year.
Are there minimum or maximum amounts for payments in Uzbek Som (UZS)?
Mondial Change and its partners verify that your Uzbek Som flows are consistent with the data declared during account opening and consistent with your business volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Uzbek Som (UZS)?
For payments in UZS via the SWIFT network, at least the following information must be provided:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
• Reason for payment
Is it possible to modify a payment in Uzbek Som (UZS) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Uzbek Som (UZS) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Uzbek Som (UZS) cannot be executed?
January 1st: New Year's Day (Yangi Yil)
January 14th: Defenders of the Motherland Day
March 8th: International Women's Rights Day
March 21st: Navruz (Persian New Year)
Variable date: Eid al-Fitr (Ramazon Hayiti – end of Ramadan)
May 9th: Victory / Remembrance Day
June 1st: International Children's Day (often observed by institutions)
Variable date: Eid al-Adha (Kurban Hayiti – Feast of Sacrifice)
September 1st: Independence Day
October 1st: Teachers' and Mentors' Day
December 8th: Constitution Day
December 31st: New Year's Eve (often a bank holiday)
History of the Uzbek Som
The Uzbek Som (UZS) has been the official currency of Uzbekistan since 1994, replacing the Soviet ruble and then an initial temporary version of the Som. The introduction of the Som marked the country's monetary independence after the fall of the USSR. The word "som" means "pure" in Uzbek. Inflation has long affected its value, necessitating the issuance of increasingly higher denominations, but recent reforms aim to stabilize the currency.
Monetary Policy of the Uzbek Som
The Central Bank of the Republic of Uzbekistan is responsible for monetary policy. It aims to maintain price stability and manage the exchange rate within a framework of gradual liberalization. The UZS has been operating under a flexible exchange rate regime since 2017. The central bank uses the key interest rate, reserve requirements, and other monetary tools to control inflation. The country continues its reforms to modernize its economy and attract foreign investments.
Characteristics of the Uzbek Som
The Uzbek Som (UZS) is a currency with low international liquidity but is essential to the national economy. It is primarily used for domestic transactions, although the US dollar is still frequently accepted. The Uzbek banking system continues to modernize, and authorities seek to strengthen confidence in the currency. The banknotes are adorned with Uzbek cultural symbols and reflect the country's desire to reinforce its independent economic identity.