![]() ![]() The types of bank accounts most relevant to expats are as follows: However, largely due to the macroeconomic environment in Turkey, there are a few peculiarities in certain Turkish bank accounts that set them apart from those around the world. Turkish banks offer world-class financial services, and generally speaking, you should have no trouble accessing the banking services you're used to from your home country. As a bank account holder in Turkey, this means that you should be aware of fluctuations you may not be used to if you come from North America or Europe, for example, where both price inflation and the cost of borrowing have historically been comparatively stable in recent decades. Since 2000, it has battled soaring inflation, high interest rates, bank runs, and financial instability - the ripples of which are being felt right up until the present day, where interest rates are artificially being held down despite high inflation rates. Despite its resilience, the financial sector in Turkey has faced turmoil in the past decades. (The term 'deposit bank' is used in Turkey to refer to retail banks that allow clients to deposit funds into savings, checking, or money market accounts.)Īccording to the Banking Regulation and Supervision Agency (BRSA), the country's banking regulator, as of July 2023, there were a total of 58 banks in Turkey. Turkey has a large and developed financial sector that's dominated by both state-owned deposit banks such as Ziraat Bank and VakıfBank, as well as private deposit banks such as İşbank and Yapı Kredi. Wise goes a step futher still: it gives you full Turkish banking details in the form of a local IBAN account. Multi-currency accounts: Accounts like Wise and Revolut let you open a Turkish lira balance without Turkish residence.Online banks in Turkey: Currently, only Enpara falls into this category.International banks in Turkey: HSBC, ING, Citibank, and others sometimes offer retail banking to expats with proof of residence.Their accounts are almost always available in English, making them a great choice for foreign residents in the country. Turkish deposit banks: Ziraat Bank, VakıfBank, İşbank, and many other brick-and-mortar Turkish banks offer banking services to resident expats in Turkey.As we'll see in this article, there are four main paths to open a bank account online in Turkish, each depending heavily on your needs, preferences, and residence status. Fortunately for you, opening a Turkish bank account is an easy process compared to many countries, and you can generally access a Turkish lira account without much hassle regardless of whether you're a Turkish resident or not.
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