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This blog post is on the best Turkish bank for foreigners and other details regarding why you might choose to open a bank account in Turkey.
Banking is one of our essentials when it comes to daily life regardless of your location and profession in the world due to their services and benefits when it comes to managing our financials. If you are looking to purchase property in Turkey and move to Turkey, Kingsman Estates recommends you open an account in Turkey.
Over the last 10 years, the Turkish banking system has gone through many regulations and developments and arrived at a level that meets the necessary qualifications with all the international investors around the world regardless of their immediate ties in Turkey.
There are many international banks offering different types of services satisfying different ethics and religious doctrines. Whether you have a property in Turkey or not, having a bank account in Turkey can be rather advantageous with extremely high-interest rates provided by Turkish banks with it being around %17 in 2021.
At Kingsman Estates we help our clients open their Turkish lira bank accounts when they purchase their property with us as it is extremely advantageous when it comes to paying utility bill payments, collecting rent, paying taxes, and transferring money to do repairs in their property.
Also in order to acquire a residence permit, you will be required to get a tax identification number, application to the tax office to pay Turkish tax as you will be dealing with Turkish lira instead of foreign currency.
There are a few determinants when it comes to picking your Turkish bank. Most of our international clients are looking for assurance when it comes to banks providing service in English with having an English-speaking staff readily available in each branch. Some banks in Turkey do have an English version of their website as well as their mobile application and most ATM services do have multiple choices of languages for their clients.
Best Turkish Bank For Foreigners
Ziraat Bank was established in 1863 and is a public bank. It sells numerous banking goods and services in Turkey and other countries to retail, small and medium-sized companies and corporate clients. The business has a headquarters in Ankara with 24,374 staff. The bank operated 1,814 branches as of 31 December 2016. In 19 nations, it is present with an emphasis on individuals and land. By 2016, the bank’s gross assets were 91.60 billion US dollars and its net profit was 1.69 billion US dollars.
Garanti Bank was incorporated in 1946 with its headquarters in Istanbul. The Bank provides numerous financial products and services, including personal accounts, small and medium-sized enterprises, private and corporate banking products and services.
Garanti has 937 offices in Turkey, 8 branches and 3 representative offices in the rest of the country. It hires nearly 22,000 people and represents about 14 million clients. As of 2016, the bank has posted a total of 80 billion dollars in assets and 1.301 billion dollars in net profit.
Isbank was established by the Turkish Republic in 1924 and is the first public bank in the world. The bank provides corporate, commercial and other banking services to big corporations, small and/or medium-sized enterprises and other businesses.
It also offers retail banking and other banking services, private banking services and various services affiliated with financial and cash administration, and internet and mobile banking services. With about 55,000 employees, the bank operates from Istanbul. A network of 1.351 branches, 23 other branches and 6.527 ATMs are handled in Turkey. Total bank assets were USD 79.8 billion by 2016 and net profit was USD 79.8 billion.
Focusing on Consumer Banking, Commercial Banking, SME Banking, Corporate
Investment, private banking, and the Treasury, AKBank was founded in 1948. The company is based in Istanbul with around 14,200 employees. By 31 December 2017, the bank served about 14.3 million customers in 800 branches worldwide in Turkey and one branch of business. By 2016, a total of 76 billion dollars was spent and a net deficit of 1 245 billion dollars had been committed.
Yapi Kredi Bank
Fostering customers in Turkey, Holland, Azerbaijan, Russia, and Malta, Yapi Kredi Bank was founded in 1944. It specializes in retail finance, business and corporate banking, private banking, and property management divisions. Headquartered in Istanbul District, he employs approximately 19,000 people.
The Bank maintains a network in Turkey and one branch in the country, 4,348 ATMs, four Call Centres and 544,000 POS terminals. The Bank’s investments totalled 69 million dollars in 2016 and its profit amounted to 740 million dollars.
Established in 1954, Vakifbank provides services in Turkey and other countries in the industrial, financial, small businesses, retail, and investment banking sectors. The bank has a headquarters in Istanbul with around 15,700 staff. The Bank has a network of 921 branches in Turkey and 3 international branches in New York, Bahrain, Arbil and 3,917 branches and 200,691 POS units as of 31 December 2016. The bank totalled $54.4 billion in 2016, while its net income amounted to $694 million.
Denizbank was founded in 1938 by Anonim Sirketi. The bank consists of three segments: wholesale, distribution and treasury and saving account. Denizbank operated on 31 December 2015 a network of 737 branches containing 694 subsidiaries in Turkey and 43 international foreign subsidiaries and 4 756 ATMs. Total assets of the bank were US$34.9 billion in 2016 and net profit amounted to US$360 million.
Now you know more about the best banks in Turkey, if you are looking to purchase property with Kingsman Estates please contact us directly and our dedicated team at Kingsman Estates investor centre will be more than willing to help you with all your needs. We are a boutique Turkish professional estate agency concentrating solely on international investors to purchase property in Turkey whether they are entering the diversifying their portfolio in the Turkish property market.
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