In Turkey’s dynamic economy, the banking industry is an important aspect of the financial system. Banks handle the majority of money and capital market transactions and activity. Most state banks were founded to finance a specific industry, such as agriculture (Ziraat Bank), although private banks are more likely to have close ties to huge industrial conglomerates and holdings.
The so-called money-changers and Galata bankers were the first to engage in banking activities in the early 1800s. All quasi-banking activities were carried out by money-changers during this time, and the Galata bankers were largely ethnic minorities in Istanbul. Following the Crimean War, the Ottoman Empire’s financial situation deteriorated, necessitating external financial assistance. During this time, officials from a number of foreign banks traveled to Istanbul with the intention of giving high-interest credit to the Empire. The Ottoman Bank (Osmanli Bankasi) was founded in 1856 and functioned as the Central Bank of the Ottoman Empire until the 1930s.
Best banks in Turkey
There are a total of 53 banks in Turkey. Out of which 34 operate as deposit banks. There are 13 development and investment banks and nine private banks. There is a central bank, founded in 1930, among all the Turkish banks. We will help you to choose from the top banks in Turkey.
Yapi Kredi Bankasi is one of Turkey’s first banks to conduct international business. It offers a large selection of options for ex-pats, making opening a bank account in Turkey easy.
- Utility bill payments
- Standing payments
- Rent payments
- Money transfer
- Online banking is available.
İşbank is Turkey’s biggest bank and the country’s first bank to open. It operates many English-speaking branches for ex-pats. İşbank provides plenty of ex-pat banking services.
- Online banking
- English-speaking branches
- Money transfer
- Payments tracking.
HSBC branches are available all over the country. The bank is a convenient choice for ex-pats with a foreign bank account. English-speaking staff is available at all times. You can fill the application online.
- HSBC Advance, Premier, and Credit Card accounts.
- Commercial and Business banking.
- 24/7 online banking.
The bank is built-in 1948 with the headquarters in Istanbul. The Turkish bank currently runs 800 branches in Turkey. It has been ranked seven years in a row as “Most Important Banking Brand in Turkey.” Also 126th most valuable banking institution.
Denizbank is a large private banking firm founded in Istanbul in 1938. It has its headquarters in Istanbul and Sişli. The bank has 740 branches across Turkey. Today, the bank offers a wide range of financial services including Retail, Private, Business, Agricultural, Corporate Banking, Commercial Banking, and Public finance.
Documents you need to open a Turkish bank account
- Any identification proof like ID card, passport, or birth certificate.
- Turkish Tax Number.
- The residency permit is optional. It depends on your bank.
Read more below on how to open a bank account in Turkey.
Check how to open a bank account in Turkey?
Follow these steps to open an account.
In Turkey, whether you are a student or an employee or a tourist, one of the necessities is to open a bank account. By paying the fees, like college fees, rent, all purchases, and currency exchange, you can benet from it.
- Choose the bank for you. Open the website or app and fill in all the information. Or you can go to the nearest branch.
- Submit an address paper to the bank as proof.
- Go to the tax department with your passport. Getting a tax number for foreigners for free and the process will take place within minutes.
- You can go to any bank you choose and open an account in dollars, euros, or Turkish lira after receiving the tax number.
- A bank account can be open in Turkey for a non-resident. So it is not necessary to be in Turkey to complete the process of opening a bank account. Conducting transactions online from outside Turkey makes it possible to open an account for foreigners. But some banks may need a Turkish mobile phone number to send a text message to confirm.