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Turkey – Banking

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.

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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.

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