Turkey is a popular destination for expats, and understanding the banking system is an important part of living and working in the country. In this article, we will explore the main local banks, the presence of major UK and USA banks, accounts and services specifically aimed at expats, typical bank opening hours, and how to open a bank account as an expat.
Main Local Banks in Turkey
Turkey has several local banks, including:
- Türkiye Is Bankasi (Isbank)
- Akbank
- Garanti BBVA
- Türkiye Garanti Bankasi
- Yapi Kredi Bankasi
- VakifBank
- Ziraat Bankasi
- Halkbank
Contact details for these banks can be found on their respective websites.
Major UK and USA Banks in Turkey
Major UK and USA banks also have a presence in Turkey. Some of these banks include:
- Citibank
- HSBC Turkey
- Standard Chartered Bank
- JPMorgan Chase & Co.
Contact details for these banks can be found on their respective websites.
Accounts and Services Specifically Aimed at Expats
Most banks in Turkey offer accounts and services specifically aimed at expats. These accounts often come with benefits such as multi-currency accounts, international money transfers, and English-speaking customer service.
Some popular expat accounts in Turkey include:
- HSBC Expat Account
- Garanti BBVA Expat Banking
- Isbank Expat Banking
Typical Bank Opening Hours in Turkey
Banking hours in Turkey vary by bank, but most banks are open from Monday to Friday from 9:00 am to 5:00 pm. Some banks may also be open on Saturdays until noon.
Areas of Concern for Expats
One area of concern for expats in Turkey is the high fees associated with banking. It is important to research different banks and compare their fees before choosing a bank.
Another area of concern is the language barrier. While most banks offer English-speaking customer service, not all bank employees may speak English fluently. It is important to be prepared with necessary translations or an interpreter when opening an account or conducting banking transactions.
Opening a Bank Account
Opening a bank account in Turkey as an expat is a straightforward process. Here are the steps to follow:
Step 1: Choose a Bank
Research and compare different banks to find one that best suits your needs.
Step 2: Gather Required Documents
To open a bank account in Turkey, you will need to provide the following documents:
- Passport
- Residence permit
- Turkish tax number
- Proof of address (utility bill or rental agreement)
Step 3: Visit the Bank
Visit your chosen bank in person and bring your required documents with you. Be prepared to speak with a bank employee about your banking needs and to provide additional information if needed.
Step 4: Fill Out Application Forms
Fill out the necessary application forms provided by the bank.
Step 5: Wait for Approval
The bank will review your application and notify you of its decision. If approved, you will be able to access your new account and begin banking in Turkey.
In conclusion, understanding the banking system in Turkey is an important part of living and working in the country. By researching different banks, understanding the typical bank opening hours, and being prepared with the necessary documents, expats can successfully open a bank account and begin managing their finances in Turkey.
