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Kuveyt Turk, also known as Kuveyt Turk Participation Bank, is a Turkey-based bank that offers quality banking services in accordance with the principles of Islamic law.
Kuveyt Turk is known for its gold banking and precious metal transactions in Turkey. The bank also offers the option of physically delivering the metals. Now let’s move on to detailed information about Kuveyt Turk.
Who is the Owner of Kuveyt Turk Bank?
Kuveyt Turk does not have a single owner, it has shareholders.
The shareholders of Kuveyt Turk Bank are:
- Kuwait Finance Corporation (62.24%)
- T.R. General Directorate of Foundations (18.72%)
- Islamic Development Bank (9%)
- Wafra International Investment (9%)
- Other Real and Legal Partners (1.04%)
Islamic Banking at Kuveyt Turk
Apart from gold banking, the main service offered by the bank is Islamic banking, which is interest-free and based on dividend payments.
Participation banks do not provide loans directly, but they generate income from funds obtained by purchasing or renting certain items in foreign currency.
All services offered by the bank are audited and reviewed by Islamic authorities.
Services Provided by Kuveyt Turk Bank
Among its many banking services, Kuveyt Turk offers unique services, especially the following:
- Gold transactions
- Islamic banking
- Issuing a credit card
- Pay bills online
- XTM branches
- Physical gold delivery
- Money transfer via MoneyGram
- Withdrawing physical gold via ATM
- Mortgage
- Precious metal transactions
- Physical silver withdrawal
- Credits
- Swift Code transfers outside Turkey
- Money transfer to other banks within Turkey
- Exchange office
- Issuance of prepaid cards and debit cards
- Investing in the stock market
- Insurance products
- Investing in mutual funds
- Payment of taxes and duties
Swift Code for Kuveyt Turk Bank
Swift Code for international money transfer from outside Turkey to an account at Kuveyt Turk: KTEFTRIS
Opening an Account at Kuveyt Turk Bank for Foreigners in Turkey
You can easily open an account at Kuveyt Turk as a foreigner by going to the nearest branch with the following documents:
- Passport
- Certificate of residence
- Residence permit or work permit
After submitting the necessary documents, you will be given a contract, and after signing it, you will be given an account card.
The bank also issues credit cards to foreigners.
You can use the mobile application or internet branch to open a foreign currency, precious metal or TL account.
Kuveyt Turk Branches Outside Turkey
Kuveyt Turk bank in Turkey has two main subsidiaries outside Turkey:
- Germany: KT Bank AG (Berlin, Frankfurt, Mannheim and Cologne)
- Bahrain: Kuveyt Turk Katılım Bankası A.Ş. Foreign Branch
XTM branches of Kuveyt Turk Bank
XTM Branch is the new banking platform where you can quickly manage your banking transactions related to Kuveyt Turk Bank. XTM is as highly protected as a branch office and as functional as an ATM, with a richly integrated multimedia custom interface, built entirely from local internal resources.
You can connect to computers with English, Arabic and sign languages and easily carry out your financial transactions in your own language.
This platform provides the ability to communicate with customer service employees remotely and is considered one of the latest banking technologies in the world.
Kuveyt Turk Gold Banking
- You can buy up to 0.01 grams of 995/1000 carat gold from Kuveyt Turk Bank.
- You can get a gold check or transfer gold.
- You can withdraw all gold deposits from Kuveyt Turk branches at any time. (If the amount is large, you must call customer service first so that the required amount can be prepared.)
- You can withdraw 1, 1.5, 2.5, 5, 10, 20, 50 and 100 grams of gold from the branch.
- There is also the option of withdrawing 1 kg of gold bullion produced by Produced by Argor Heraeus SA3 from the branch.
- You can withdraw 1 gram of gold, quarter gold and lira gold from Kuveyt Turk gold ATMs.
- Some days there are also “Gold Days” where a committee from the bank branch accepts the physical gold deposits you bring after reviewing them.
- A fee is charged to convert electronic gold into physical gold.
Kuveyt Turk Silver Account
You can easily open a silver account at Kuveyt Turk bank.
The bank offers silver of 1000 purity.
You can buy at least 0.01 grams of silver.
The bank offers the opportunity to withdraw physical silver for at least 50 kg . In addition to safe minibus fees, the bank also collects physical silver withdrawal fees.
Kuveyt Turk Platinum Account
Can open a platinum account at the bank . You can carry out all the transactions you want to invest with Platinum.
Money Transfer from Turkey
Wise is one of the best ways to transfer money easily, quickly and securely from Turkey; It offers lower transfer fees than Western Union and other banks.
Advantages of Wise
- Wise is completely safe for all types of transfers.
- You can send money out of Turkey approximately eight times cheaper than traditional methods .
- Transfer fees are simple and there are no hidden fees.
- The conversion process is easily done online .
- The money is automatically transferred to the recipient’s bank account.
- wise; It covers approximately 750 different currencies that it can transfer, including Turkish Lira, US Dollar, Euro, British Pound and Egyptian Pound .
By clicking here , you can make transfers more easily from Western Union and other banks directly online via Wise.
Kuveyt Turk Mobile Application
You can carry out all your transactions at Kuveyt Türk Bank by going to the nearest branch in the city. You can also access the bank’s website by clicking here.
You can also download the application, which supports English and Turkish languages, for Android system and iOS system.
How can a foreigner open an account in Kuveyt Turk bank?
Foreigners residing in Turkey can open an account at Kuveyt Turk Bank by going to the nearest branch with the documents listed below.
Can I withdraw physical gold from Kuveyt Turk bank?
Yes, you can withdraw physical gold from an ATM or by going to a branch.
Can I withdraw physical silver from Kuveyt Turk bank?
Yes, you can withdraw physical silver from bank branches, but there are some conditions for this.