Types of Banks in Turkey
- State-Owned Banks
- Ziraat Bankası: One of the biggest banks controlled by the state, catering to both individuals and companies. Among the many services that Ziraat provides are internet banking, loans, and savings accounts. It is renowned for having locations in both rural and smaller cities.
- Halkbank: Another state bank focused on serving the public, especially small and medium-sized enterprises. They provide personal banking and investment services.
- VakıfBank: Known for working with charitable trusts (vakıf) and public services, this bank also offers commercial and personal banking.
- Private Banks
- Garanti BBVA: A major private bank with extensive ATM networks and branches across Turkey. It’s popular among foreigners due to its user-friendly online banking services and availability of English-speaking staff.
- Akbank: One of the largest private banks in Turkey, known for its innovation in mobile banking and offering a range of financial products such as savings accounts, credit cards, and loans.
- İşbank (Türkiye İş Bankası): A widely used bank with good online and mobile services. It offers a variety of accounts and investment options.
- Yapı Kredi: This bank is known for its modern banking solutions, including digital platforms and mobile banking apps that offer services in English.
- International Banks
- HSBC: Provides services to both locals and expatriates. It’s popular with foreigners due to its international banking expertise.
- Citibank: Offers international banking services but has a more limited presence compared to other banks.
- ING Bank: A foreign bank that has integrated well into the Turkish banking system and offers competitive services in savings and loans.
Banking Services
- Opening a Bank Account
- Foreigners can open both savings and current (checking) accounts in Turkey.
- Documents required: Passport, Turkish residence permit or foreign identity number (Yabancı Kimlik Numarası), proof of address (utility bill or rental agreement), and tax number (Vergi Numarası), which can be obtained from the local tax office (Vergi Dairesi).
- Most banks will also allow you to open foreign currency accounts in euros or dollars.
- Fees and Charges
- Some banks charge fees for account maintenance, while others may offer fee-free accounts depending on the balance maintained.
- ATMs of the same bank usually have no fees, but withdrawing cash from a different bank’s ATM may incur small charges.
- Credit Cards and Debit Cards
- Banks issue both debit and credit cards, which are widely accepted across Turkey.
- You can pay bills, make purchases, and withdraw cash using your debit card. However, using a foreign card at Turkish ATMs may incur fees, so it’s good to have a Turkish bank account.
- Some banks, like Garanti BBVA and İşbank, offer credit cards with cashback and rewards programs.
- Mobile and Online Banking
- Turkey has a well-developed mobile and online banking system, and many banks offer English-language support on their digital platforms. You can perform most banking transactions online, such as money transfers, bill payments, and even currency exchange.
- Popular banking apps include Garanti BBVA Mobile, İşCep (from İşbank), and Akbank Direkt. These apps are user-friendly, and many offer options in English.
- ATM Network
- ATMs are widespread in cities and towns. Many offer multi-language options (including English) and allow you to withdraw cash in Turkish Lira (TL), Euros, or US Dollars.
- Be aware of daily withdrawal limits and possible fees if you’re using an ATM outside of your bank’s network.
Transferring Money
- If you need to transfer money internationally, most Turkish banks offer SWIFT services, though fees can be high.
- Alternatively, you can use services like Wise (formerly TransferWise), Western Union, or PayPal for international transfers, which are often more cost-effective and quicker than bank transfers.
Currency Exchange
- Banks typically offer currency exchange services at competitive rates. You can exchange foreign currencies directly in your bank account or in cash at branches or ATMs.
Important Tips
- Language: While some banks, particularly the international ones, offer services in English, many local banks may have limited English-speaking staff. It’s helpful to learn a few banking terms in Turkish or have a Turkish speaker assist you when visiting a bank.
- Banking Hours: Most banks are open from 9 AM to 5 PM on weekdays. Some branches in busy locations (like malls or airports) might offer extended hours.
- Tax Identification Number (Vergi Numarası): You will need a tax ID for most banking services. It’s relatively easy to obtain at a local tax office, and you don’t need to be a Turkish resident to get one.
Choosing the Right Bank
- Consider whether you’ll be doing most of your banking online, in-person, or internationally. If you’re frequently moving money between countries, an international bank or a private bank with good online services may be best.
- If you plan to live long-term in Turkey and need local services like loans or investment products, a state-owned or private Turkish bank might suit you better.
Overall, Turkish banks are generally reliable, and the country’s financial infrastructure is well-developed. By choosing the right bank and understanding the basic processes, you’ll find it relatively easy to manage your finances in Turkey.
ATMS in Turkey
Availability and Locations
- Cities and Towns: ATMs are common in cities, towns, and even smaller villages, often located outside banks, shopping malls, airports, metro stations, and convenience stores.
- Tourist Areas: In tourist destinations like Istanbul, Antalya, Cappadocia, and Bodrum, ATMs are even more prevalent and offer services in multiple languages, including English, German, Russian, and Arabic.
Using ATMs in Turkey
- Languages: Most ATMs offer a range of languages, including Turkish and English. When you insert your card, you’ll usually be prompted to select your preferred language.
- Foreign Cards: Most ATMs accept foreign debit and credit cards, particularly those issued by Visa, MasterCard, and Maestro. However, it's always good to check if your bank charges any fees for using ATMs abroad. In addition, some ATMs may ask whether you want the transaction to be processed in your home currency or Turkish Lira (TL). Always choose Turkish Lira (TL) to avoid a poor exchange rate, as choosing your home currency often results in extra fees.
- Withdrawal Limits: ATMs in Turkey generally have daily withdrawal limits ranging between 1,500 TL to 5,000 TL. The exact limit may vary depending on the bank, as well as your own bank’s limits for foreign withdrawals. If you need to withdraw more, you can make multiple transactions, but this may incur additional fees from your bank.
- ATMs with Foreign Currency: Some ATMs, especially in big cities or tourist areas, offer the option to withdraw foreign currencies like Euros or US Dollars. However, note that withdrawing foreign currency may incur higher fees, and the exchange rate might not be favorable.
- Fees:
- If you use an ATM that isn’t part of your bank’s network, you may be charged a withdrawal fee by both your home bank and the Turkish bank.
- Fees can range from 2-5% of the amount you’re withdrawing, or a fixed fee depending on the bank’s policy.
- To avoid extra costs, it’s a good idea to withdraw larger amounts at once to reduce the number of transactions.
- Some banks in Turkey offer partnership agreements with international banks, allowing you to withdraw cash with reduced or no fees. Check with your home bank to see if they have a partnership with Turkish banks like Garanti BBVA, İşbank, or HSBC Turkey.
- Declined Transactions: Occasionally, foreign cards may be declined by some ATMs. If this happens, simply try another ATM. It's also advisable to notify your bank before traveling to Turkey so they don’t block your card for suspected fraudulent activity.
ATM Safety Tips
- Stay alert: Just like anywhere else, it’s important to be aware of your surroundings when using an ATM. If the location seems unsafe or isolated, consider finding an ATM in a more secure area such as a mall or bank branch.
- ATM skimming: Be cautious of any suspicious devices attached to the ATM’s card slot, which may be used to capture card data. If the machine looks tampered with, use a different ATM.
- Transaction receipts: Always take your transaction receipt or, if you choose not to print one, ensure no one can view your account details on the screen.
- Emergency numbers: If your card gets stuck in an ATM, each ATM will display a bank’s helpline or emergency contact number. Have your bank’s customer service number saved in case of emergencies.