Best Banks in Turkey

Banks in Turkey are aptly supervised and propose a diverse array of amenities to both individuals and businesses.
The primary banking institutions in Turkey consist of Ziraat Bank, Is Bank, Garanti BBVA, Yapi Kredi Bank, and QNB Finansbank. These five banks represent over 60% of the resources in the banking industry of Turkey.

Banking is an essential aspect of our daily lives, irrespective of our location or profession, as it offers several conveniences and advantages for managing our finances. As Tolerance Homes, we suggest that if you intend to buy a property and relocate to Turkey, it would be wise to open an account in Turkey.

Over the past decade, the Turkish Banking system has undergone numerous changes and significant regulations that have contributed to its growth. As a result, it has become easier for foreign investors to open a bank account in Turkey, even if they do not have a direct connection to the country.

Tolerance Homes offers assistance to its clients in opening a bank account in Turkey. Bank accounts can be established in Turkish Lira or any preferred currency, such as US Dollars, Euros, and others. Opening a bank account in Turkey has numerous benefits, including simplifying payments, money transfers, tax collection, and even property purchases with installments.

General Information About Banks in Turkey

Banks in Turkey are among the main pillars of encouraging investments in various sectors. Because these banks rely on a strong and secure financial system, and provide many financial services that facilitate payments, money transfers, and investments. This system that banks in Turkey rely on is based on strong and solid foundations. It uses the latest up-to-date technologies that will provide integrated services to customers, allowing them to follow all banking procedures by downloading applications designated for banks in Google Play and App Store on mobile phones. 

Through these official banking applications for banks in Turkey, customers can easily transfer and receive money, exchange currencies and all procedures related to buying and selling, open accounts for precious metals such as gold, silver, and issue credit cards to foreigners.

Ziraat Bank

On November 20, 1863, Ahmed Shafif and Medhat Pasha established the Ziraat Bank of Turkey with the official approval of Sultan Abdul Hamid II. The bank was initially a small charitable fund that provided support to the farmers, who made up the majority of the population at the time. Due to their struggles and hardships, the farmers were in great need of financial loans to improve their agricultural business. However, there was no institutional financial structure available to provide them with this support. Therefore, the establishment of the Ziraat Bank was the perfect solution that ensured farmers had access to financial loans to purchase necessary equipment for their agricultural work.

Over time, the Ziraat Bank has expanded its banking activities, and with each stage of development, it has set new objectives to become a bank that caters to all segments of society. Today, the bank's headquarters are located in the Altindag district of the capital, Ankara. It has branches both within and outside Turkey and employs 25,697 staff members across all its branches and headquarters.

Turkiye Is Bank

Garanti BBVA

Yapi Kredi Bank

Founded in 1944, Yapi Kredi bank is the fourth-largest financial institution in Turkey based on its assets. The bank also caters to customers in the Netherlands, Azerbaijan, Russia, and Malta. Its diverse range of services encompasses retail banking, corporate and commercial banking, private banking, and wealth management segments. Yapı Kredi was one of the pioneering commercial banks in Turkey.

The bank is a joint venture owned by two prominent Fortune Global 500 companies, namely, Koc Holding and UniCredit. Its headquarters are located in Istanbul, and the bank has a workforce of 19,000 employees. Yapi Kredi offers its services through a network of 935 branches spread across Turkey, along with one overseas branch, which is supported by 4,348 ATMs, four call centers, and 544 thousand POS terminals. As of the end of 2018, the bank's total assets stood at $69 million, with a net profit of $740 million.

QNB Finansbank

Established in 1987 by a renowned banker in the Levent Business District of Istanbul, Turkey, this financial institution grew at an exponential pace to become the bank with the highest number of overseas subsidiaries. QNB Finansbank has branches in various parts of Europe, the Middle East, and Africa.

Currently, QNB Finansbank has a workforce of over 10,000 employees and operates approximately 700 branches across Turkey. The bank's quarterly profits consistently exceed $500 million, and it manages clients with loans amounting to over a quarter of a billion, which is a remarkable feat for a bank of its caliber.

How Do Turkish Banks Work?

The official monetary unit of the country is the Turkish lira, with a value of approximately 5-6 US dollars for every 100 lira. In daily life, people use banknotes and coins with denominations of 10, 25, 50 kurush (equivalent to kopecks), as well as 1 lira. The workings of banks in Turkey are similar to those in other countries, with ATM machines being readily available, and credit facilities and deposit accounts being accessible to almost all citizens.

Standard banking hours in Turkey are from 8:30 am to 5:00-5:30 pm, with a lunch break. Most banks do not operate on weekends, and it is advisable to plan ahead when visiting a bank branch.

However, at tourist areas and airports, branches are often open late or operate 24/7. Visitors and residents alike have access to dollar ATMs in Turkey, where it is possible to withdraw funds in other currencies such as euro, dollar, and lira. The commission charged for withdrawing funds from ATMs in Turkey is dependent on the bank's terms and often amounts to between 4-8% of the sum withdrawn. ATMs in Turkey also come in Russian and English language options, making them easier to use.

International Banks in Turkey