The Best Banks In Turkey

Are you thinking of investing in Turkey? You therefore need to know all aspects of dealings with Turkish banks, no matter the sector you intend to invest in. Dealing with these banks is easy, due to the amount of interest you can earn.

If you plan to buy a property and move to Turkey, opening a bank account is a great first step. Reading this article will provide you with all the answers you need, and inform you about The best banks in Turkey.

What facilities do banks provide in Turkey?

Turkish banks let foreign investors open accounts in their names. This applies to both individuals and companies. The banks operate under strong and safe financial systems and laws. Below are all the financial services offered by these banks:

• Opening bank account.
• Facilitating electronic payment operations.
• Transferring money inside and outside Turkey.
• You can follow banking procedures using apps from the Google Play store on your phone.
• Exchanging foreign currencies.
• Investing in precious metals such as gold, platinum and silver.
• Issuing credit cards.
• Mortgage and credit loan services.
• Paying various household bills.

The best banks in Turkey?

Banks in Turkey benefited from a new law. This law helped them use the money deposited wisely. They learned the best times to invest. They also monitored potential risks closely. This improved their ability to make good decisions. It provided steady cash flow in local and foreign currencies. As a result, customers trust these banks highly.

This was contributed by the political and economic stability conditions in the country, and the laws that facilitate real estate ownership.

Here is a list of the best banks in Turkey

Turkey Is bank

When talking about the best bank in Turkey, Isbank Turkey quickly comes to mind, as investors describe it as the “business bank” par excellence.

It was established in 1924 as the first public bank in the country. Over time, it climbed the list of the 100 best banks in the world. This ranking is based on asset value and capital management efficiency.

The main headquarters is in Istanbul. It has 1,350 branches in Turkey and other countries. These countries include the Netherlands, Britain, Germany, Kosovo, and Russia.

Therefore, wherever you go in this large country, you can find a branch to provide you with the service you need.

You can also have the possibility of dealing with the bank remotely via the Internet and mobile phone applications.

Turkish VakifBank

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.

It has 939 internal branches and four international branches in Bahrain, Qatar, Erbil, and New York. A few years ago, the bank’s management established another Islamic participatory bank, with financing from the Islamic Development Bank.

Ziraat Bank

It is one of the best and oldest banks in Turkey. It was founded in 1863 during the reign of Sultan Abdul Hamid II.

It began as a charity that gave loans to farmers. Now, it has turned into a bank for all professionals.

The main headquarters is in the Altindag district of Ankara, the capital. It has many branches in Turkey and abroad. It is considered by many to be the strongest bank in Turkey.

Garanti Bank in Turkey

It is also called the Social Security Bank, which is a private bank founded in Ankara in 1946.

It provides services to companies and small and medium-sized commercial institutions and deals with all local and foreign investments.

It has more than 880 branches throughout Turkey, and 8 branches on the islands of Cyprus and Malta. It is undoubtedly one of the best banks in Turkey.

Yapi Kredi Bank

Founded in 1944, with financial assets that made it one of the largest banks in Turkey. It is a commercial bank that deals with companies and has many internal and external branches, and a huge ATM network.

Takasbank

It is one of the Turkish banks dedicated to investment and development, as it is characterized by the ease of granting loans to encourage industrial investments, which contributes to reviving the industrial sector in Turkey to a large extent.

QNB Bank

Founded in 1987 in Istanbul, and quickly attracted several subsidiaries abroad. It has branches in Europe, the Middle East, and Africa, not to mention 700 branches inside Turkey.

It is famous for its large loans, which made it one of the best banks in Turkey and the most attractive to foreign investors.

Islamic banks in Turkey

The Turkish banking system embraces an environment that supports all types of financial transactions, including those that adhere to the provisions of Islamic Sharia and are free of bank interest.

The following are the most prominent banks that are considered among the best banks in Turkey:

Kuveyt Turk Bank

The Kuwait Turkish Bank was founded in 1989. It is a private financial institution. The bank represents several other institutions in Kuwait and Turkey. The largest of these is the Kuwait Finance Corporation.

It uses an interest-free banking system. This system offers fast and efficient services to customers and businesspeople. It takes advantage of modern technology.

Al Baraka Turkish Bank

It is one of the first participatory Islamic banks in Turkey, it is also considered one of the foreign banks in Turkey.

It was founded by the Bahraini Al Baraka Group in 1985 in Istanbul, and provides services to thousands of clients inside and outside Turkey, while working as a representative of some public and private agencies dealing with social security services and pensions, in addition to foreign trade services such as import, export, and foreign currency transfers. It has 236 branches inside the country and two branches in Erbil and Baghdad.

Ziraat Katilim bank

It is a participatory bank between the public and private sectors, and it was opened in 2015, to specialize in partnership with various projects, in addition to consumer financing, and Islamic licensing of credit cards.

It has 166 branches, and is one of the best banks in Turkey, especially for those interested in Islamic banking procedures.

Arab Turkish Bank

A joint project between Libya and Turkey started in the 1970s. It offers many banking services to people and businesses. These services include deposits, loans, credit cards, foreign exchange, and investments.

It also allows customers to choose to deal with the banking system subject to Islamic Sharia.

It has more than 200 branches within the country and a strong presence in mobile applications.

Interest rate in Turkey for the year 2024

To fight inflation, the Monetary Policy Committee of the Turkish Central Bank made a decision in March 2024. They raised the key interest rate from 45% to 50%. This was an increase of 500 basis points.

Analysts believe that this will increase borrowing costs by more than 5 times. These decisions will apply to the interests of the Turkish Ziraat Bank and other banks in Turkey.

How to open a bank account in Turkey

It is hard to live in Turkey without opening an account in a Turkish bank. Doing so helps you meet modern life needs. It makes managing your expenses and paying bills easier. You can also enjoy benefits like lending and investing through these banks.

Opening a bank account requires some paperwork that is easy to get.

Here are the documents required by the best banks in Turkey:

• Passport, or residence permit (residence card).
• To get a tax number, visit your local tax department. Bring your passport with you. You will receive a tax number for foreigners.
• Proof of residential address, preferably represented by a residence permit.
• Sign the bank registration form.
• Provide information about the source of your funds and income.
• Submit the papers to the bank branch you want. Then, check on the transaction either in person or online. Turkish bank websites support both the local language and English. Some also support Arabic.

How to open an account in Kuveyt Turk Bank?

Opening an account at Kuveyt Turk Bank is similar to other Turkish banks. Many Arabs like this bank because they can easily communicate in Arabic. The bank also follows Islamic Sharia rules.

Electronic payment methods in Turkey

Electronic payment allows to make financial payments, using the Internet, without having to be present in the place to pay in cash. This feature of Turkish banks allows communication flexibility to a great extent.

Below are the most important electronic payment methods in Turkey:

• Payment using a credit card or bank card is the most common method.
• If you are a business owner, you can open an electronic payment account. This will let you receive online payments from your customers. In this case, you should visit the bank of your choice and apply to open a virtual point of sale. You will be asked for proof that you own a licensed company. But the easiest step is to resort to Turkish electronic payment gateways because their transactions are faster compared to banks.

Among the most prominent Turkish electronic payment gateways are:

• Papara
• HepsiPay
• Ininal
• BKM Express
• Paycell
• Fastpay

Create a Payoneer account in Turkey

The Payoneer platform offers digital payment services for online shopping worldwide. It is available in 190 countries, including Turkey. You can create a Payoneer account in Turkey via the platform’s official website, and manage the account via the mobile application. We will ask for your identity, bank statement, and a paper with your address. You will also need to provide your passport and rental contract. Then you must follow the following steps:

• Open the official Payoneer Bank website
• Click on the sign-up icon, then specify the nature of your work and your purpose of using Payoneer
• Click the subscription registration icon again. Choose the language you want. Then select whether you are an individual or a company.
• Enter your personal information in English (name, surname, email, and date of birth)
• Please provide the country, address, city name, zip code, phone number, and the verification code from the message you received on your phone.
• Create a password for your subscription.
• Choose a security question and write the answer.
• Enter your personal identification number, passport number, or driver’s license number.
• Write the code at the bottom of the page.
• Add your personal or company bank account information, indicating the country of the bank, the type of desired currency, and account information. Within days, you will receive your card from Payoneer Bank to your home according to the specified address.

Although there are some of the best banks in Turkey, that have proven to be efficient in banking transactions, some often prefer the Payoneer platform.