Looking for banks in Turkey is a very common search topic especially for foreign investors who wants to open an account in banks in Turkey, or those who are looking to buy real estate in Turkey or maybe get an investment loan in Turkey.
Relying on a stable and secure financial system and offering a wide range of financial services that enable payments, money transfers, and investments in Turkey, Turkish banks are one of the essential bases for investments in a wide range of industries in Turkey.
You can get investment loan support from banks in Turkey as well which helps boost real estate in Turkey.
What are the best banks in Turkey?
- Vakif Bank
VakifBank is one of the most famous banks in Turkey, as it provides services on a local and global level, especially since it’s several branches in numerous Turkish states as well as in other regions of the world, including New York, Erbil, Bahrain, Austria, Germany, and Northern Cyprus, because Turkey is one of the top countries who host foreign businesses, and it’s the home of many foreigners as well.
- Yapi Kredi Bank
As the first private bank in Turkey, Mr. Kazim Takshent established Yapi Kredi Bank in 1944. The bank currently employs more than 18,000,000 people in more than 1012 locations. The bank was established by two bankers and two prestigious organizations, Yapi Kredi and Couchbank, to provide various financial services to consumers. The bank has consolidated total assets of around 223.8 billion Turkish Lira, ranking fourth among Turkish private banks. Yapi Kredi Bank is one of the largest banking and investment institutions in Turkey and has more than 10.9 million customers.
- Deniz Bank
Bahrain is home to a branch of the Bank as well as five non-financial, three global, and seven local financial partners. Russia too has a branch of the Deniz Bank. Vienna is where the Bank also has operations within the EU. With 724 branches across Turkey and Bahrain, the bank in Turkey has a network that can reach anyone.
- Kuveyt Turk
It’s an Islamic bank in Turkey which is preferred by many as Turkey is known for its massive religious population. Interest-free banking is a policy that Kuveyt Turk Bank has adopted. It is noteworthy that Kuwait Finance Corporation is the largest shareholder of Kuwait Turkish Bank with an equity stake of 62%. Kuwait Turkish Bank is a major financial institution in Kuwait, one of the best interest-free financial institutions in the world, with billions of dollars in assets and modern banking services.
- Ziraat Bank
Ziraat Bank in Turkey is one of the most popular state-owned banks and one of the most popular Turkish banks, which enjoys a good reputation not only among Turks but also among foreigners, especially Arabs, as more and more inquiries are received by Ziraat Bank. Ziraat Bank is one of the most important banks in Turkey, mainly because it’s the first bank in the country, which has earned it great popularity. The bank’s loans, which are the largest in Turkey, have made it a favorite in the business, industrial and commercial world.
- Iş Bank
After the end of World War I in 1918 AD /and the subsequent disintegration of the Ottoman Empire in 1922, Turkey declared a republic and the parliament elected Mustafa Kemal Ataturk as Turkey’s first president. Ataturk recognized that the state needed a new national bank to rebuild Turkey’s economy after the catastrophe of the war.
The bank has 1,354 branches within the borders of the Republic of Turkey, making it one of the largest branch networks in Turkey, where it’s surpassed in the number of branches only by the Ziraat Bank. Iş Bank’s branch network also includes the Turkish Republic of Northern Cyprus with 16 branches and has two branches in Iraq, Kosovo, and the United Kingdom.
The bank has a branch in Bahrain, Shanghai, Cairo, Germany, the Netherlands, France, Switzerland, and Bulgaria. The Russian banking company of the Turkish Iş Bank has 11 branches in Russia. There’s also a subsidiary in Georgia with branches in Tbilisi and Batumi.
- Papara Online Bank
The electronic bank Papara, which is a member of MasterCard, Visa, and the Interbank Card Center, has introduced a prepaid card in Turkey that has the MasterCard logo and is not authorized by any of the official banks.
Two Types of Investment Loans in Turkey:
- Business Loan
Investors can benefit greatly from business financing. Several banks provide business loan options, however, the terms of each bank’s business loan may vary. But generally speaking, these loans are comparable to one another. During the purchasing procedure, the bank mortgages the property. The investor’s preferences are then taken into consideration when a payment plan is developed.
- Housing Loan
The application applies for a home loan, the bank secures the property as collateral, and the applicant is then offered a loan. Up to 30 years might pass between payments. You can borrow up to 75% of the value of the home. 25% of the cost must be paid by the buyer as well.
How to open a bank account in Turkey?
If you want to open a bank account with one of the Turkish-affiliated banks, you must have the following documents ready: -a not older than three-month-old document proving the address in Turkey -The tax number is taken from Turkey’s tax division. -A residential number in Turkey. -A passport, or foreign ID card.
What are the steps to open a bank account in Turkey?
- Find a suitable bank.
- Prepare your documents.
- Get a Turkish phone number.
- Submit your papers to the bank.
What is a property investment loan in Turkey?
Buying real estate in Turkey is one of the most searched topics online for local and foreign investors. There are loan possibilities for homes and businesses if you wish to invest in real estate in Turkey.
You may pick the kind of property that best suits you and learn what kind of financing would work for you, but first, you would have to open a bank account in Turkey, and before that, you would have to look for the best banks in Turkey which Nirvana Property have cited in this article.
In conclusion, banks in Turkey make so much effort to the real estate market in Turkey, and opening a bank account in Turkey will make your day-to-day living so much easier.
how many banks in turkey
There are 51 banks as of April 2022: 3 public deposit, 8 private deposit, 21 foreign deposit, 3 public investment, 9 private investment, 4 foreign investment, 4 participation banks and 3 banks under the supervision of the TMSF
can a foreigner open a bank account in turkey
Yes for sure