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Best Banks for Foreigners in Turkey

February 15, 2024

Best Banks for Foreigners in Turkey

Turkey offers a wide variety of banks that are open to both locals and foreigners, including private and government-owned institutions. Turkish banks are divided into three categories: savings/deposit banks, development and investment banks, and participation banks.

In this article, we provide a detailed report on the top private and government banks in Turkey, including essential details about each one and a guide on how to open a bank account in Turkey.

Key Advantages of Turkish Banks

Turkish banks are recognized globally for their robust and secure foundation, offering a range of services using the latest technologies. Customers can access their accounts quickly and conveniently through mobile apps. With a bank account in Turkey, you can pay all your bills, including water, electricity, gas, and internet, and transfer money to and from Turkey. Additionally, you can exchange currencies and deposit precious metals like gold and silver.

Top Banks in Turkey

Turkey is home to 54 banks, including 34 deposit banks (3 of which are government-owned), 14 development and investment banks (3 government-owned), and 6 participation banks (3 government-owned).

Savings and Deposit Banks

Ziraat Bank

One of Turkey's largest government-owned savings banks, Ziraat Bank has branches across Turkey and internationally, including in Bahrain, Cyprus, Saudi Arabia, the UK, and Germany. It offers various services and loans, including for cars and homes, and agricultural loans.

İşbank

As Turkey's first established bank, İşbank is now the second-largest private savings bank in Turkey, with over 11% market share. It has branches in several countries, including the UK and Bahrain, and offers numerous loans and mobile app services for bill payments.

VakıfBank

Ranked fourth in Turkey with around 10% market share, VakıfBank has international branches in New York, Iraq, Qatar, and Bahrain. It provides comprehensive services, including bill payments and currency exchange rate updates.

Halkbank

A government bank known for offering loans to medium and low-budget customers with ease, Halkbank has branches in key countries like Cyprus, the UK, and Singapore.

Garanti BBVA

A private bank in Turkey, Garanti BBVA controls 9.3% of the market with approximately 884 branches domestically and internationally.

Qatar National Bank (QNB Finansbank)

Owned by the Qatar Central Bank, QNB Finansbank holds a 4.3% market share and has over 30 international centers.

Türk Ekonomi Bankası (TEB)

A longstanding and reputable financial institution, TEB offers free cash withdrawals in various countries and has numerous international partnerships.

Yapı Kredi

Turkey's first private bank, Yapı Kredi is an investment bank with a 9.2% market share. It offers comprehensive financial services, including loans for medium and small businesses and export companies.

Participation Banks

Kuwait Türk

With 71% of its funding from Kuwait, Kuwait Türk offers a range of loans and services such as money transfers and bill payments.

Other notable participation banks include Albaraka Türk, Ziraat Katılım, Türkiye Finans Katılım, and Vakıf Katılım.

Development and Investment Banks

These banks play a crucial role in developing various sectors, particularly the economy, supporting investments, and industrial fields. Their presence attracts many international investors to establish their ventures in Turkey.

How to Open a Bank Account in Turkey

To open a bank account in Turkey, follow these steps:

  1. Provide a document that proves your residential address.
  2. Obtain a tax number from the tax office (free and quick to get).
  3. Visit any bank with your tax number to open an account in Turkish Lira, USD, or Euro.

Foreigners can also open a bank account online, as most Turkish banks support English and some support Arabic on their websites.

Required Documents for Opening a Bank Account in Turkey

  • Turkish residence permit (if available)
  • Passport
  • Tax number
  • Proof of residential address

Turkey's banking systems adhere to the highest international standards, making them attractive and supportive for foreign investors by offering a range of guarantees and facilities.

At Skyline Real Estate, our editorial team is committed to keeping you informed about Turkey's real estate sector, its latest news, and developments. Visit our website regularly and follow us on social media for the latest updates and insights tailored for you.

Keywords

النوك المناسبة للاجانب في تركيا

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