Kazakhstan currency conversion

TeddingBear

I am looking for advice about saving in the UK when I am working abroad and paid in a different currency.
I am a UK citizen currently living in England. I have just accepted a job in Kazakhstan and I will be moving over there in June. My new employer is a different 'branch' of my current employer but they are separate for all financial matters. I will be paid into a Kazakh bank account in Tenge, the Kazakh currency, but I want to save as much as I can in the UK. It is a 18 month fixed term contract and I will be returning to England when it is over. I am expecting to be able to save the equivalent of about £2000 per month, so £36000 while I am there. What is the cheapest and safest way to transfer money from tenge to pounds? Is it better to open a savings account over there and transfer the whole lot back to England at the end of the contract, or to transfer a smaller amount each month? I am currently saving in an ISA in England but my industry is not paid on anything like the same scale in the UK, so I am no way near the annual limit.
Any advice would be greatfuly received as I am panicking a little about how quickly this has come around.

eDicky

The Kazakh tenge (KZT) was quite volatile for a while last year so I hope it's more stable these days if that's what they are going to pay you.

The best value transfer brokers probably don't handle it, XE is the most likely:

xe.com/currency/kzt-kazakhstani-tenge

You can try to look at how its value has been moving and see what is likely to affect it, etc, to decide how quickly you want to convert it as you earn.

Shimrod

I can't comment on the best place to convert, but I would suggest you transfer your money back to the UK on a regular basis. You might not get the best exchange rate overall, but it avoids any shocks towards the end of your contract if the currency markets suddenly shift against you. You don't need to do it every month, choose a best fit based on costs (e.g. quarterly). The important thing to do is keep to your schedule - it is the same as when investing - don't try to time the market, as you will invariably get it wrong.