The Turkish banking system is well-regulated and diverse, featuring a mix of public, private, and international banks. Whether you’re a local or a foreign investor, banks in Turkey offer various services, including online banking, business accounts, and multi-currency options.
The Banking Regulation and Supervision Agency (BDDK) oversees the banking industry in Turkey, ensuring stability and customer protection.
Whether you’re looking for everyday transactions, investment opportunities, or international transfers, choosing between Turkish banks depends on your financial needs.
In this guide you will learn about:
Top 10 Banks in Turkey
Turkey’s banking industry includes a combination of state-owned, privately owned, and foreign banks. As of June 2023, there were 55 banks operating in the country, according to Statista. Leading institutions such as Ziraat Bankası, Akbank, İş Bankası, Garanti BBVA, and VakıfBank provide a broad spectrum of services, ranging from retail and commercial banking to corporate, private, and investment banking. Let’s take a closer look.
1. Turkey Is Bankasi
Türkiye İş Bankası, also known as İş Bank, is one of Turkey’s largest and oldest banks. Founded in 1924, Türkiye İş Bankası offers a wide range of financial services, including investment banking, retail and corporate banking, and asset management.
The bank operates internationally in countries like Germany, Russia, and the UK. It is known for its strong digital banking services and plays a significant role in the country’s economy.
2. Akbank
Founded in 1948, Akbank is one of the leading private banks in Turkey. Akbank offers a wide range of services, including retail, investment banking, and corporate banking.
The bank is well known internationally, with centers in Frankfurt. Additionally, Akbank has a strong digital banking platform, offering customers quick and reliable services.
3. Garanti BBVA
Garanti BBVA is majority-owned by the Spanish banking group BBVA, making it one of the top international banks in Turkey. Founded in 1946, Garanti BBVA is one of the biggest private banks in the country.
Known for its innovation, digital banking, and customer-focused approach, Garanti BBVA is one of the top banks in Turkey for foreign investors.
4. VakifBank
Founded in 1954, VakifBank is one of the older state-owned banks in Turkey. From large infrastructure projects to supporting small businesses, VakifBank plays a key role in the Turkish financial industry.
Whether you’re looking for corporate and retail banking services, investment banking, or asset management, VakifBank offers locals and foreigners great financial services. Additionally, with branches in Germany and the US, international banking is also a big plus.
5. Ziraat Bank
The oldest and largest bank in Turkey, Ziraat Bank was founded in 1863. While initially formed to support Turkish farmers, locals and foreign nationals can now enjoy a full range of banking services.
Known for its strong digital banking services, Ziraat Bank offers a range of banking opportunities, including retail, corporate, and investment banking. You will find Ziraat Bank throughout Turkey, as well as in countries like the US, UK, and Germany.
6. Yapi Kredi Bank
Yapi Kredi Bank is one of the largest private banks in Turkey. Founded in 1944, the bank is part of the Koç Holding group, with a partnership with UniCredit in Italy.
Whether you’re looking for a banking partner in Turkish investments, retail and corporate banks, or asset management, Yapi Kredi Bank has everything needed for local and international banking.
7. Türk Ekonomi Bankası
Founded in 1927, Türk Ekonomi Bankası (TEB) is a private bank in Turkey offering a range of full-service baking options. From asset management and investment banking to corporate and retail banking, Türk Ekonomi Bankası is one of the best banks in Turkey.
After partnering with the French BNP Paribas, Türk Ekonomi Bankası can hold its own on the international banking stage, with a focus on digital banking and innovation.
8. QNB Finansbank
One of the major private banks in Turkey, QNB Finansbank was founded in 1987. From investment banking to asset management, you will find a full range of banking services.
After becoming part of the Quatar National Bank Group, QNB Finansbank is now a well-known international financial institution. Serving both foreign nationals and local Turkish citizens, QNB Finansbank is an ideal option for all those living in Turkey.
9. Halkbank
Founded in 1933, Halkbank is one of the biggest state-owned banks in Turkey. Initially formed to support small and medium sized enterprises and tradesmen, Halkbank is now a household name in the Turkish banking industry.
Halkbank is a popular option for businesses, offering competitive loan programs. Additionally, with a strong presence in Turkey, it has become a good option for a range of banking services for Turkish citizens.
10. Denizbank
Founded in 1938, DenizBank is a major private bank in Turkey. Originally established as a maritime-focused state bank, it has since expanded into a full-service financial institution.
Whether you’re interested in retail banking, corporate banking, or investment services, DenizBank offers a wide range of financial solutions. After being acquired by Emirates NBD in 2019, the bank has strengthened its international presence, making it a great option for both local and foreign nationals in Turkey.
How to Open a Turkish Bank Account
If you want to open a bank account in Turkey, you should do the following:
- Step one: Prepare required documents: Ensure you have all the required documents and that all the information is up to date.
- Step two: Visit your bank of choice: If you are in Turkey, go to a branch of the bank you wish to open an account with. If you are not in Turkey in person, some banks allow you to open a bank account remotely if you have a power of attorney.
- Step three: Choose your account type: There are a range of account types, including cheque, savings, investment, business, and foreign currency, select an account type that suits your needs.
- Step four: Fill out the application form: Fill out the bank account application form in full and submit your documents.
- Step five: Open your bank account: Once all the requirements are met you will receive account approval.
Document Requirements for Opening a Turkish Bank Account
To open a bank account in Turkey, you will need the following:
- A valid passport: For foreign nationals and Turkish citizens
- A tax identification number: For Turkish tax residents
- Turkish Identity card (Kimlik Kart): For Turkish citizens
- Turkish SIM card: To access mobile banking and receive bank notifications
- Turkey residence permit: For foreign nationals who aren’t citizens
- Proof of income: Some accounts may require roof of income
How to Choose the Best Bank in Turkey
If you’re thinking of moving to Turkey, finding the right bank is an essential part of the process. For example, going through the Turkey Citizenship by Investment program will require finding a bank that works alongside your chosen investment pathway. So, understanding how to find the right fit for investment banking is essential.
Here are a few things to consider when choosing the best bank from our top Turkish banks list:
- Banking services: It’s important to select a Turkish bank that offers the services you need. For example, if you are an investor, look for a bank that specializes in investment banking.
- Banking facilities: These include offering the types of facilities you need, like mobile and online banking.
- Fees: Understanding the fees and charges of your chosen bank is essential. You may want to compare fees and charges before making your decision.
- Accessibility: If you’re living in Turkey, its important to find a bank that has facilities that are accessible. This includes branches and ATM networks.
- Reputation: Look at reviews to see how previous customers have found your chosen bank, including how the customer service is rated.
- Support services: For international customers, finding a bank that has the right support is essential. This includes finding a bank that is able to assist in your home language, if possible. Luckily, most international banks in Turkey will offer these services.
Top 4 Benefits of Opening a Turkish Bank Account
There are several benefits to opening a Turkey bank account, including:
- Ease of property purchases: If you’re considering the Turkey citizenship by investment program, one of the top options is buying property in Turkey. As one of the top ways to invest in Turkey, opening a Turkish bank account will make the overall property purchase process much easier and prevent any unwanted banking delays.
- Foreign currency accounts: Many Turkish banks allow you to open multi-currency accounts, including USD, EUR, and GBP, which is beneficial for international business or travel.
- Services tailored to the financial landscape: Turkish banks will offer tailored banking services to the country’s financial landscape. For example, if you’re thinking of starting a business in Turkey, many banks will offer specific services to get your Turkish business up and running smoothly.
- Citizenship and residency: Some of the most appealing investment options for Turkish citizenship require opening a bank account. You may also be required to show proof of finances to obtain a Turkish residency permit.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
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