The Best Banks in Turkey for Foreigners (2024)

FAQs

The Best Banks in Turkey for Foreigners? ›

The QNB Finans Bank is one of the largest Arab banks in Turkey and one of the most prominent financial institutions in the Middle East and Africa. It provides services to more than 1.5 million customers in Turkey and has 515 branches and 118 thousand employees in all its components around the world.

The QNB Finans Bank is one of the largest Arab banks in Turkey and one of the most prominent financial institutions in the Middle East and Africa. It provides services to more than 1.5 million customers in Turkey and has 515 branches and 118 thousand employees in all its components around the world.

Yes, you need to have a residence permit for opening a bank account in Turkey, as all banks impose such conditions. In some cases, you might need a work permit, so you should first of all obtain such documents, helped by one of our lawyers in Turkey.

Citi was first established in Turkey in 1975 and began to operate as a branch in 1981.

Can a tourist open a bank account in Turkey? Yes, there are no restrictions for tourists. They must prepare a copy of their foreign passport with notary certified translation and buy a SIM card from a local operator. Turkish tax individual number is also required.

Yes. US citizens can open a bank account in Turkey fairly easily if they're officially resident in Turkey already. Many of the major banks offer specific expat banking services.

Wells Fargo does not have offices outside of the U.S. that provide services to consumer or small business customers. For assistance with your accounts when traveling internationally, refer to our international access codes for phone numbers, or visit our travel resource center.

In general, credit and debit cards are widely accepted in Turkey, and you should be able to use them at most ATMs, businesses, restaurants, and hotels.

Through its local office in Istanbul, Wells Fargo provides trade, payments, deposits, credit, and other financial solutions to financial institution customers across the region.

Is my money safe in a Turkish bank? ›

Yes. The big banks are very well regulated in Turkey, so your money will be safe. However, Turkey's exchange rate is not that stable, so if you are planning to move large sums of money, be sure to consider how exchange rate fluctuations might affect your money after it is moved.

Find your place on the Turkish seaside

Most loans to foreigners are also denominated in foreign currency, though a few lenders, like HSBC, offer Turkish lira loans. You could go direct to one of the Turkish banks that offer mortgages to foreigners, such as Akbank, Denizbank, or Garanti BBVA.

However, larger banks such as US Bank, TD Bank, Bank of America, Chase, and Wells Fargo will allow non-residents to set up a checking account and a savings account. Instead of your SSN, they'll ask for an Individual Taxpayer Identification Number (ITIN) and other documents.

Belize – Best choice for low deposit and remote opening

Generally, Belize is considered one of the easiest countries to have a bank account. The reason behind the popularity of Belize is its stability. To begin with, Belize's offshore banking system is among the most stable in the world based on its liquidity rates.

Enpara.com is Turkey's first online-only bank.

It is not illegal for U.S. citizens to have foreign bank accounts. There are many legitimate reasons for a U.S. taxpayer to maintain a foreign bank account, including confidentiality, portfolio hedging and asset protection.

And, while it is absolutely legal to own a foreign bank account, there are some additional reporting and tax requirements that US persons should be aware of so that they can remain in IRS tax and reporting compliance and avoid unnecessary fines and penalties.

You can open a new demand or time deposit account with a simple instruction through HSBC Bank Telephone Banking 0850 211 0 111 or HSBC Bank Retail Internet Banking www.hsbc.com.tr. Prospective customers can visit any HSBC Bank Branch to open an account.

How to get a residence permit in Turkey? ›

The first thing you should know is that you must apply for a residence permit within a month of arrival in Turkey. Decide for which type of residence permit you want to apply for, and then complete the online application at the website of the Turkish Ministry of Interior https://e-ikamet.goc.gov.tr/.

Documents needed to open an account: Valid ID document (Passport, ID card or driving license) Proof of your address with at least 1 utility bill document (gas, water, electricity bill etc.).

Net Income (2021) JP MORGAN CHASE BANK NATIONAL ASSOCIATION is the 41st largest bank in Turkey in terms of total assets.

All Wells Fargo cards should work internationally wherever the card's network is accepted – however, there's often a 3% foreign transaction fee, plus ATM withdrawal costs if you're overseas.

Is it better to use a card or cash in Turkey? Both methods have their pros and cons. However, we suggest you have both because you need cash to spend money in local streets as local shops or vendors don't accept card payments. On the other hand, a wide range of hotels and restaurants accepts card payments.

The currency of Turkey is the Lira (TL). We always advise changing your sterling before you travel for the best rates.

Withdrawing in the local currency

ATMs that dispense multiple currencies (usually Turkish Lira, Euro and US Dollars) are quite common in Turkey.

Wells Fargo charges a flat $5 fee for withdrawing cash from international ATMs; however, this fee is waived for Portfolio by Wells Fargo® checking account holders with unlimited non-network ATM withdrawals.

Wells Fargo has extensive expertise in International Banking and offers a full suite of products and services to help you succeed in the global marketplace.

Does Wells Fargo charge international fees? ›

The Wells Fargo Active Cash® Card charges a 3% fee for all foreign transactions. For example, If you spend $1,000 during a vacation in Mexico, you have to pay $30 in fees. Balance transfers to this card are charged a transfer fee.

- There is no limit to the amount of foreign and Turkish currency to be brought into Türkiye. - More than US$5000 worth of Turkish currency can not be taken out of the country. - Up to US$5000 worth of foreign currency can be taken out of the country.

The daily cash withdrawal limit is TL 1,500. For transactions in excess of this amount, you can withdraw cash by paying a commission. (The TL 1,500 limit does not apply to our customers who take their retiring pensions via our bank.)

It is also possible to open a bank account in Turkey online via the official websites of the banks. There are no restrictions on which bank to choose or how many bank accounts to open. Foreigners who do not work or reside in Turkey can also open a bank account in Turkey.

There are an estimated 350,000 to 500,000 Americans of Turkish descent living throughout the country, with the largest concentrations being in the New York/New Jersey area and in California.

While there are still an estimated 1,700 U.S. businesses active in Turkey, many with long-standing ties to the country, the share of American activity is relatively low given the size of the Turkish economy.

Work Visa and Work Permits

Upon approval from the Ministry of Labor and Social Security, the prospective employer should notify the U.S. citizen candidate and send the work permit and all appropriate documents to the individual. The U.S. citizen should then apply for a Turkish work visa.

Minimum Down Payment for Mortgages in Turkey

In general, you will be required to have between 30 and 35% of the value of the property you wish to purchase as a down payment.

However, if you are not working in Turkey, the only other way you can apply for a credit card in Turkey as a foreigner is to put the credit limit in your bank account as a deposit. The only bank that provides credit cards and overdraft accounts without a security deposit is HSBC Premier.

HSBC offers mortgages for overseas buyers in Turkish lira, with a maximum LTV of 65% and a 10 year term. Turkish bank Garanti BBVA offers non-resident mortgages, which can be taken out in lira or indexed to pounds, dollars or euros. The maximum term for the loan is 20 years and loans are capped at TL 500,000.

Is your money safe in a turkish bank? ›

The big banks are very well regulated in Turkey, so your money will be safe. However, Turkey's exchange rate is not that stable, so if you are planning to move large sums of money, be sure to consider how exchange rate fluctuations might affect your money after it is moved.

1. Ziraat Bank. Established in 1863 with headquarters in Ankara, this is the largest bank in Turkey in terms of assets. Ziraat Bank provides various banking products and services to retail, small and medium businesses, and corporate customers within the borders of Turkey and even outside.

Visa and Mastercard are widely accepted in Turkey. American Express cardholders may have issues with card acceptance, especially outside the major cities.

Can you use USD in Turkey? Tourist shops, restaurants and hotels sometimes accept US dollars, but outside of the tourist areas, the US dollar is usually not accepted as currency in Turkey. Also, the rate given when paying in US dollars in Turkey is bad and it's much better to use the local currency – Lira (TRY).

So if you need to withdraw money while in Turkey, you can use their ATMs or visit a VakıfBank branch to access your funds. VakıfBank's ATMs are very secure and modern, and the bank has a very large network of branches and ATMs throughout Turkey, so it should be very easy for you to find a location convenient for you.

Wells Fargo does not have offices outside of the U.S. that provide services to consumer or small business customers. For assistance with your accounts when traveling internationally, refer to our international access codes for phone numbers, or visit our travel resource center.

The World's Most Secure Buildings: Federal Reserve Bank of New York.

Is it better to use a card or cash in Turkey? Both methods have their pros and cons. However, we suggest you have both because you need cash to spend money in local streets as local shops or vendors don't accept card payments. On the other hand, a wide range of hotels and restaurants accepts card payments.

Visa and Mastercard are most commonly accepted card networks in Turkey, and American Express credit cards are accepted more widely than Discover cards — especially at expensive hotels and restaurants.

Can I use US dollars in Istanbul? ›

Dont use foreign currencies in small shops in istanbul , which will cost you some money.. In Turkey , it is better to convert your money into Turkish Lira (TL) and also bargain especially in small shops in touristic places.