Banks in Turkey for Foreigners and Locals

If you're planning to move to Turkey or are already living here, you'll need to navigate the local banking system. In Turkey, there are many banks to choose from, including state-owned banks like Ziraat Bank and Halkbank, as well as private banks like Garanti Bank and Akbank.

Turkish banks offer a range of services for both locals and foreigners, including current accounts, credit cards, and loans. You can also open a Turkish bank account with a foreign passport.

For foreigners, some banks in Turkey offer specialized services, such as foreign currency accounts and international money transfer services.

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There are 53 banks operating in Turkey as of January 2020, which can be categorized into deposit banks, foreign banks, and Islamic banks. These banks offer a range of services, including investment, savings, and financial partnerships.

Some key state-owned deposit banks in Turkey include Ziraat Bankasi, Halkbank, and Vakifbank, which are primarily owned by the government. Privately-owned deposit banks, such as Akbank T.A.S. and Anadolubank A.S., are also significant players in the Turkish banking sector.

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Foreign banks, like Citibank A.S. and HSBC A.S., operate in Turkey with either full or partial ownership through foreign investment. There are also several Islamic banks in Turkey, including Kuveyt Turk Bankasi and Turkiye Finans Bankasi, which operate under the principles of Islamic finance.

Here are some examples of state-owned, privately-owned, and foreign banks in Turkey:

Turkish banks are considered one of the irreplaceable foundations in the field of investment in many sectors in Turkey.

They adopt a solid and secure financial system that provides several financial services to facilitate all payment and transfer transactions inside and outside Turkey.

These banks use the latest technologies to provide an integrated service to customers, allowing them to follow up on all matters related to payment and transfer via mobile phone quickly and safely.

You can quickly transfer and receive money from inside and outside Turkey through the applications of official Turkish banks.

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Foreign currency exchange, investing in gold, silver, and platinum, and issuing credit cards to foreigners are just a few of the services provided by Turkish banks.

Banks in Turkey also provide services related to mortgages and credit loans, making it easier for people to invest in properties.

Bill payment services, such as water, gas, electricity, internet, and mobile phone, are also available through Turkish banks.

Cardholders can shop and buy online easily, thanks to the facilities provided by Turkish banks.

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Al Baraka Turkish Bank is one of the first participatory Islamic banks in Turkey and a foreign bank in the country. It was founded by the Bahraini Al Baraka Group in 1985 in Istanbul.

Akbank is one of the world's top 100 banks, founded in 1948 in the city of Adana. Its assets amount to a staggering 78 billion dollars.

Garanti Bank was founded in 1946 and is a Turkish bank located in Istanbul, a subsidiary of the Doğuş Holding Group.

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In Turkey, there are several banks that stand out for their investment and development support. Turkish Industrial Development Bank is one such bank that provides loans to various investment sectors.

Turkish banks like Turkexim Bank and Eller Bank also offer loan support to investment sectors. Istanbul Bank and Takas Bank are other notable banks in Turkey.

Here's a list of some of the most critical investment and development banks in Turkey:

The Turkish banking sector is home to some of the most prestigious and influential institutions in the country.

The Industrial Development Bank of Turkey (TSİB) is one of the oldest and most respected banks in Turkey, established in 1950.

Garanti Bank, a subsidiary of the Dutch bank ING Group, is the largest bank in Turkey by assets.

Isbank, founded in 1863, is the oldest bank in Turkey and has a rich history of serving the country's financial needs.

Ziraat Bank, established in 1863, is the largest bank in Turkey by market share and has a strong presence in the country's agricultural sector.

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If you're looking for a bank that offers large loans, you might want to consider one of the best banks in Turkey.

These banks have benefited from a new law that helps them use deposited money wisely, making good decisions, and providing a steady cash flow in local and foreign currencies.

One of the factors that contribute to the trust customers have in these banks is the political and economic stability conditions in the country.

The laws that facilitate real estate ownership also play a significant role in the success of these banks.

They learned to monitor potential risks closely, which has improved their ability to make good decisions.

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The Arab Turkish Bank is a notable player in the Turkish banking scene. It has more than 200 branches within the country.

One of the bank's standout features is its Islamic Sharia-compliant banking system. This allows customers to deal with the banking system subject to Islamic Sharia.

The bank has a strong presence in mobile applications, making it easy for customers to access their services on the go.

Ziraat is one of the oldest banks in Turkey, founded in 1863 during the reign of Sultan Abdul Hamid II.

It started as a charity that gave loans to farmers, but has since turned into a bank for all professionals.

Ziraat has its main headquarters in the Altindag district of Ankara, the capital, and has many branches in Turkey and abroad.

It is considered by many to be the strongest bank in Turkey.

Ziraat Katilim bank, a participatory bank between the public and private sectors, was opened in 2015 as a subsidiary of Ziraat Bank.

It has 166 branches and specializes in partnership with various projects, in addition to consumer financing and Islamic licensing of credit cards.

Ziraat Bank is indeed one of the best banks in Turkey, especially for those interested in Islamic banking procedures.

Turkey has a diverse range of banks that cater to different needs and requirements. One notable type of bank in Turkey is Islamic banks, which provide interest-free benefits. Kuveyt Turk, established in 1989, is a prominent Islamic bank in Turkey, owned by Turkish and foreign investors.

AlBaraka Turk Bank, established in 1985, is the first participatory Islamic bank in Turkey, owned by Bahraini Al Baraka Group and the Islamic Development Bank. It has 236 branches in Turkey and employs about 3,900 employees.

Other notable types of banks in Turkey include investment and development banks, which provide support through loans to various sectors. Turkish Industrial Development Bank, Turkexim Bank, Eller Bank, and Istanbul Bank Takas Bank are some of the critical investment and development banks in Turkey.

Here are some of the notable banks in Turkey by type:

Islamic banks in Turkey are a great option for those looking for a financial system that adheres to Islamic Sharia and is free of bank interest.

The Turkish banking system supports all types of financial transactions, including those that follow Islamic Sharia.

Arab Turkish Bank allows customers to choose to deal with the banking system subject to Islamic Sharia, giving them flexibility in their financial dealings.

This bank has a strong presence in the country with over 200 branches, making it easily accessible to customers.

Arab Turkish Bank also has a mobile application, allowing customers to manage their finances on the go.

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VakifBank is the second largest bank in Turkey in terms of the size of assets.

It was founded in 1954 on a participatory system between several local companies.

The bank has a significant presence with 939 internal branches and four international branches in Bahrain, Qatar, Erbil, and New York.

VakifBank's management established another Islamic participatory bank, with financing from the Islamic Development Bank.

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Ziraat Katilim is a participatory bank between the public and private sectors, opened in 2015.

It specializes in partnership with various projects, in addition to consumer financing, and Islamic licensing of credit cards.

Ziraat Katilim has 166 branches, making it easily accessible to clients across the country.

It is one of the best banks in Turkey, especially for those interested in Islamic banking procedures.

Ziraat Katilim's focus on Islamic banking procedures makes it a great option for those looking for Sharia-compliant financial services.

Turkish banks offer a wide range of financial services to their customers.

You can open a bank account in Turkey, which is a great option for foreign investors, including individuals and companies.

The banks operate under strong and safe financial systems and laws, giving you peace of mind when managing your finances.

You can follow banking procedures using apps from the Google Play store on your phone, making it easy to stay on top of your finances.

Here are some of the key bank services and features offered by Turkish banks:

Turkish banks offer a wide range of financial services to their customers. They let foreign investors open accounts in their names, both as individuals and companies.

You can open a bank account with Turkish banks, which is a great way to start managing your finances. This service is available to both individuals and companies.

Turkish banks facilitate electronic payment operations, making it easy to pay bills and transfer money. You can also use their services to transfer money inside and outside Turkey.

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Many Turkish banks have mobile apps that allow you to follow banking procedures on the go. This is super convenient and saves you time.

If you're looking to invest in precious metals, Turkish banks offer this service too. You can invest in gold, platinum, and silver.

Here are some of the financial services offered by Turkish banks:

Takas is a Turkish bank that specializes in investment and development. It was founded in 1987 in Istanbul.

One of its notable features is the ease of granting loans to encourage industrial investments. This has contributed significantly to reviving the industrial sector in Turkey.

Takas has a strong presence in the region, with branches in Europe, the Middle East, and Africa.

Opening a bank account in Turkey is a straightforward process that requires some basic paperwork. You'll need to provide your passport or residence permit, which will also help you get a tax number from the local tax department.

To get a tax number, simply visit your local tax department with your passport and you'll receive a tax number for foreigners. This is an essential step in opening a bank account in Turkey.

Here are the documents you'll need to open an account at most Turkish banks: Passport or residence permitProof of residential address (preferably a residence permit)Bank registration formInformation about the source of your funds and income

Once you've gathered all the necessary documents, simply submit them to the bank branch you want to open an account with and you're good to go!

Opening a bank account in Turkey online is a convenient option, but you'll need to download the dedicated application on your mobile phone and follow the instructions. You'll also need to provide all the necessary documents, personal information, and ID number.

You can choose from electronic banks, and some popular ones include Vakif Katılım Bankasi, Ziraat Katılım Bankasi, Emlak Bankasi, Albaraka katılım Türk, Kuveyt Türk bankası, and Türkiye Finans Bankasi.

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To open an online account, you'll need to research and compare the services and fees of different banks in Turkey. Interest rates on savings and deposit accounts can vary widely among banks, and can also change frequently.

You can check the websites of different banks or contact them directly to get the current interest rates they offer. As of my knowledge cutoff, the Central Bank of the Republic of Turkey (CBRT) sets the benchmark interest rate, called the one-week repo rate, which is used by many banks to determine their deposit and lending rates.

The interest rate in Turkish banks was fixed at 8.5 percent on March 23, 2023.

Here's a list of the documents you'll need to open a bank account in Turkey:

If you're a foreigner looking to open a bank account in Turkey, you'll want to consider Garanti bank, which was founded in 1946 and has its headquarters in Istanbul. Garanti bank has a significant presence in the country, with 872 branches in Turkey, including 282 in Istanbul.

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Garanti bank is also a notable choice due to its partnership with the Spanish bank BBVA, which has a 49.85% shareholding in the bank. This partnership was agreed upon in 2015. Their revenue in 2020 was 42.3 billion Turkish Lira, and they had a workforce of 18,636 employees that same year.

Turkey has a range of banks that cater to investment and development, with several notable institutions providing support through loans to various sectors.

Some of the most critical investment and development banks in Turkey include Turkish Industrial Development Bank, Turkexim Bank, Eller Bank, Active investment bank, and Istanbul Bank Takas Bank.

These banks play a vital role in facilitating growth and development in Turkey's economy.

Here are some of the key investment and development banks in Turkey:

Garanti Bank is another prominent bank in Turkey, with over 880 branches throughout the country and a presence on the islands of Cyprus and Malta.

Al Baraka Turkish is one of the first participatory Islamic banks in Turkey, founded by the Bahraini Al Baraka Group in 1985 in Istanbul.

It provides services to thousands of clients inside and outside Turkey, and works as a representative of some public and private agencies dealing with social security services and pensions.

Al Baraka Turkish Bank has a significant presence in Turkey, with 236 branches inside the country, as well as two branches in Erbil and Baghdad.

The bank is owned by foreign investment entities, including the Al Baraka Banking Group and the Islamic Development Bank, which hold 66.51% of the bank's shares, while local investors hold 12.91% and the public offering in Turkey holds 20.57%.

Al Baraka Turkish Bank offers a range of services, including foreign trade services, such as import, export, and foreign currency transfers, to nearly 1,000 banks in 80 countries.

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Garanti is a well-established bank in Turkey with a strong presence. It has more than 880 branches throughout Turkey.

Garanti's reach extends beyond Turkey's mainland, with 8 branches on the islands of Cyprus and Malta.