No matter where you live or what kind of work you do, banking is needed in our daily lives because of the tools and services it offers to manage our money.
Turkey boasts many well-organized banks that offer integrated services to Turkish and foreign customers, supporting the country’s economy and attracting investment.
Banks in Turkey are financial institutions that offer various services to individuals and companies; some are private banks, while others are state banks.
So, the question is, what is the best bank in Turkey?
In the first step, let’s be familiar with the factors to choose the best bank:
What are the best bank factors you should know?
Well, finding the best bank in Turkey is a bit subjective, you know?
It depends on what you’re looking for and what suits your financial needs and preferences.
Turkey has a bunch of really good banks that offer all kinds of services like retail banking, corporate banking, and even international services.
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When you’re looking for the best bank in Turkey for your needs, there are a few factors you should consider:
- Compare the checking and savings accounts, loans, credit cards, investment options, and foreign exchange services each financial institution offers. Pick a financial institution that supports your long-term objectives.
- Compare the costs of various accounts and services, including monthly service fees, ATM withdrawal fees, and transaction fees. Try to choose a financial institution with reasonable rates and clear pricing.
- Think about the bank’s branch and ATM network, particularly if you want to do your in-person banking. You may find it easier to use the services of a certain bank if they are part of a larger network.
- Check out how well the online and mobile banking systems are. Having access to safe and simple online banking services is a huge convenience.
- Find out how well-known the bank is at handling questions and complaints. Insights may be gained by reading reviews written by previous customers and asking for suggestions.
- To get the most out of your money, compare the interest rates various banks and savings accounts offer.
- Check whether the bank provides expat-specific services, such as multi-currency accounts or English-language help, if you are an expat or foreigner in Turkey.
- You should ensure your money is protected by investigating the bank’s financial soundness and credit ratings.
- Insurance products, investment options, and loyalty programs are supplementary services you should investigate more.
9 Best bank in Turkey
Opening a bank account in Turkey is necessary for establishing permanent residency or making financial investments. It is required to purchase food and housing, two necessities for daily life.
Making or opening a bank account in Turkey is a breeze for anybody with the necessary paperwork.
If you want to find the best bank in Turkey, you should check out a few different ones. Talk to their representatives and take a close look at what they offer.
That way, you can decide based on your specific needs. You might also want to talk to some local financial advisors or expatriate communities in Turkey.
They can give you personalized recommendations that take into account your specific situation.
In the second step of this procedure, it is necessary to become familiar with the best banks in Turkey to continue:
– Ziraat Bank
Since its founding in 1863, Ziraat Bank has been one of Turkey’s most prominent financial institutions, and its initial focus was helping farmers by creating a small charitable fund.
At the time, most of the country’s population comprised farmers, who faced significant economic challenges.
Did you know that Ziraat Bank is based in Ankara, the capital of Turkey? They have a bunch of branches both within Turkey and even outside of the country.
This feature allows for much flexibility when handling money and makes it easy for people from all walks of life, including foreigners, to open bank accounts.
In 2015, the Turkish President, Recep Tayyip Erdoğan, opened the first branch of the Ziraat Islamic Participation Bank.
It’s a branch of the Ziraat State Bank, but with a difference – it follows Islamic law. President Erdoğan was the first to open an account in this bank.
It became quite popular because it introduced a non-interest system and made it easy for Arabs and Syrians to open accounts with simple procedures.
website: https://www.ziraatbank.com.tr/en
– Deniz bank
The Turkish maritime transport industry was financed by Deniz Bank, founded in 1938 as a state bank.
1997, the bank was bought out and moved from the state to the private sector. The largest bank in the Emirates, Emirates NBD, then agreed with the “Russian Sber” Bank to purchase 99.85% of the bank’s shares in Turkish Deniz Bank for 3.2 billion USD.
This deal shows how much foreign investors believe in the banking sector and the future of the Turkish economy.
Now, Gulf investors own shares in a total of 9 banks in Turkey, thanks to this purchase. Deniz Bank is Turkey’s fifth largest private bank, with a whopping 751 branches. Most of them, 708, are in Turkey, while the remaining 43 are abroad.
website: https://www.denizbank.com/
– Kuveyt Türk
Islam’s interest-free and best banks in Turkey include Kuveyt Türk, founded in 1989. Did you know that Kuveyt Türk has over 220 branches in Turkey?
They even opened a branch in Mannheim, Germany 2015, the first Islamic bank in Germany to offer all banking services by Islamic law.
Quite a few Kuwaiti and Turkish investment entities play a significant role in supporting Kuveyt Türk.
One of the most important ones is the Kuwait Finance House. This bank has become important because it’s an Islamic bank that caters to the needs of Arabs in Turkey.
It has managed to attract a lot of investment and business from the Gulf region, which has helped boost the Turkish economy.
website: https://www.kuveytturk.com.tr/
– Garanti bank
The Garanti Bank, the other best bank in Turkey, was established in 1946, and its headquarters are now in Istanbul.
The Spanish financial institution Banco Bilbao Vizcaya Argentaria, better known as BBVA, owned 49.85 percent of the shares of Garanti Bank.
2015 marks the beginning of their collaboration, as it was already agreed upon. According to the information on their website, Garanti BBVA has 872 branches throughout Turkey, with 282 branches in Istanbul.
In 2020, their total income was equivalent to 42.3 billion Turkish Lira. In the year 2020, they had a total workforce of 18.636 people.
website: https://www.garantibbva.com.tr/
– Yap Kredi Bankasi
Yap Kredi Bankasi was established in 1944, and its headquarters are in Istanbul. The bank also has a smaller sister firm known as Yap Kredi Sigorta, which is only in charge of the processes of insurance policies.
According to the information provided on the website of Yap Kredi, the company had a total of 16.631 workers in the year 2019 and had a revenue of 21.2 billion Turkish Lira in the same year.
Yap Kredi Bankas is the best Turkish financial institution, with 846 locations nationwide.
website: https://www.yapikredi.com.tr/
– Turkish Halk Bank
Turkey’s most sought-after bank for business people inside and outside the country is Turkish Halk Bank, founded in 1933 in the country’s capital, Ankara.
Its many services are bill payment, fund transfers, SWIFT code transactions outside of Turkey, credit card issuance, mortgages, participation funds, and gold investments.
Halk Bank is great because it’s easy for Turks and foreigners to open a bank account there.
Plus, you can do all your account management, transactions, and bill payments right from the Halk Bank app on your phone.
Just download it, and you’re good to go! Did you know that Halk Bank has over 1000 branches all across Turkey? And guess what, they even have 5 branches in other countries too!
website: https://www.halkbank.com.tr/
– AlBaraka Bahraini Bank
In 1984, the AlBaraka Bahraini Group founded Turkey’s first participatory Islamic bank, the AlBaraka Turkish Bank, which opened for business the following year. This bank is one of the best banks in Turkey.
AlBaraka Turkish Bank is supported by diverse international investors, including AlBaraka Banking Group and the Islamic Development Bank.
Thousands of people in Turkey and beyond have access to AlBaraka Bank’s banking and financial services thanks to the bank’s 236 branches inside Turkey and 2 branches in Iraq.
website: https://www.albaraka.bh/
– İş Bankası
As the biggest private bank in equity and assets, İş Bankası is one of Turkey’s best and most considerable banks. It was established in 1924 by Mustafa Kemal Atatürk, who also created the Republic of Turkey.
Did you know that İş Bankası has its headquarters in Istanbul? Specifically, it’s located in Levent, at İş Bank Tower 1.
İş Bankası has a total of 1,271 branches. Of these, 1,249 branches are located in Turkey, while the remaining 22 branches are spread across different countries.
You can find İş Bankası branches in countries like Europe, the Middle East, and some Asian countries.
Some countries where you can find their branches include Germany, France, United Kingdom, Switzerland, Netherlands, Bulgaria, Northern Cyprus, Russia, Georgia, Iraq, Bahrain, Egypt, and Shanghai.
According to their website, İş Bankası made 25.4 billion Turkish Lira revenue in 2019. In 2019, they had a total of 24,053 employees.
website: https://www.isbank.com.tr/
– AKBank
Istanbul serves as the home base of AKBank, established in 1948 in Adana. Did you know that AKBank and Citigroup formed a strategic partnership in 2007?
Citigroup acquired a 20% stake in AKBank’s equity as part of the agreement. By the way, we checked out AKBank’s website and discovered they have 716 branches all over Turkey.
Surprisingly, 8 of those branches are located in Istanbul! In 2019, their revenue amounted to a whopping 21 billion Turkish Lira. Oh, and by the way, as of 2019, they had around 2 thousand employees.
website : https://www.akbank.com/
The last word,
In sum, the best bank in Turkey is a relative phrase, determined largely by each customer’s unique set of circumstances and preferences.
Turkey has a wide selection of renowned banks, each with specializations and offerings.
Make a well-informed decision by weighing the pros and cons of each bank, including their services, fees, ATM and branch locations, online and mobile banking options, customer service quality, interest rates, international clientele service, and other features.
The best bank in Turkey helps you achieve your financial objectives, has the services you need, and is easy to work with and affordable.
To make the best banking selection, it’s important to do your homework, evaluate your alternatives, and maybe even consult some local experts or expat groups.
Finally, it is your turn to share your ideas and tell us what is the best bank in Turkey.
