Albaraka Bank In Turkey | Fees ₺ € $ | Swift Code | How To Open An Account | Foreigner Guide

I will explain in this post everything about Albaraka Bank In Turkey, it’s fees in ₺ € $, swift code, how to open an account and more!

AlBaraka Turkish Bank is a subsidiary of the Al Baraka Banking Group, which owns many branches of AlBaraka Bank around the world and in the Arab countries.

albaraka turk bank

About AlBaraka Bank Turkey

Al Baraka Turk Bank excels in providing interest-free banking services which align with the Islamic financial system. Initially set up in 1984, by 1992 it showcased impressive growth with its assets surpassing $400 million across 10 branches. The expansion continued, and now they operate approximately 230 branches throughout Turkey.

Their commitment to quality banking has been recognized with numerous awards, underscoring the trust and authority they’ve built in the industry. While researching, I found their approach intriguing, especially for those seeking banking services that adhere to Islamic principles.

Services Provided By Al Baraka Bank in Turkey

At Al Baraka Turk, they cater to both foreigners and Turkish citizens with a range of tailored services that respect Islamic finance principles. Here’s what stands out:

  • Islamic Murabaha: A Sharia-compliant mode of financing.
  • Mortgages and credit loans: For home buyers and personal financing.
  • Online bill payments: Convenient utility and service fees handling.
  • Swift Code transfers: Send money abroad from Turkey fuss-free.
  • Domestic fund transfers: Quick and secure, to other banks or immediate to Al Baraka accounts.
  • Credit, prepaid, and debit cards issuance: Flexible options for varied financial needs.
  • Currency exchange and Western Union services: Manage foreign transactions with ease.
  • Investments: Diverse opportunities including stocks, gold, and mutual funds.
  • Insurance products: Safeguard yourself and your assets.
  • Business services: Including import/export operations and safe deposit boxes.
  • Pay taxes and fees: Straightforward processing of government-related payments.

Each service is structured to enhance banking experiences while adhering to ethical standards.

Interest in of Al Baraka Turkish Bank

At Al Baraka Turk Bank, interest rates vary with market and economic conditions, aligning with the Murabaha system of Islamic finance where interest is not static and adheres to Sharia law.

The bank generates profits through funds in current and participation accounts, engaging in commercial and industrial financing while sharing these profits with clients, steering clear of conventional usurious interest.

To understand the profit rates Al Baraka Turk Bank offers, they maintain an accessible online table which details monthly, quarterly, semi-annual, and annual profit percentages, including options with monthly or quarterly profit distributions.

The profit table includes various currencies like the Turkish lira, US dollar, and Euro, as well as gold (labeled XAU), catering to a broad range of investment preferences.

Similar to Al Baraka Bank, Kuwait Turk Bank also delivers banking services in Turkey following Islamic principles, offering a suite of financial transactions that comply with Islamic Sharia.

Al Baraka Turkish Bank branches outside Turkey

Despite sharing the same name and originating from a common parent company, it’s important to note that Al Baraka Turk Bank operates independently and has no direct affiliations with other Al Baraka banks across Islamic and Arabic countries.

Consequently, holding accounts in Al Baraka Turk and, for instance, Al Baraka KSA doesn’t offer any cross-benefits or linked services. Each entity functions autonomously within its own market and regulatory environment.

Al Baraka Turk Bank extends its services beyond Turkey, with a branch in Erbil, Iraq. For assistance or inquiries, you can reach them at this phone number: 212 360 52 14.

Swift Code AlBaraka Bank Turkey

For international transfers to Al Baraka Bank Turkey, simply use their Swift code: BTFHTRIS. This ensures your funds are directed accurately to their Turkish accounts.

Download the application of AlBaraka Bank Turkey

To conduct your banking, head to the nearest Al Baraka Turk Bank branch, or use their website for online services. Additionally, you can download their mobile app, available in English and Turkish, for both Android and iOS platforms.

AlBaraka Turk Branches In Turkey

Discover the locations of Al Baraka Bank branches and ATMs in Turkey by clicking here. Simply choose your desired city and area to find the facilities nearest to you.

Money transfer from and to Turkey

Wise is one of the best ways to transfer money in Turkey easily, quickly and safely, as it is characterized by its lower transfer fees than Western Union and banks.

Wise advantages

  • Wise is completely secure for all types of transfers.
  • You can send money outside of Turkey about eight times cheaper than with traditional methods.
  • Transfer fees are straightforward, and there are no hidden Fees.
  • The conversion process is done easily on the Internet.
  • The funds are automatically transferred to the recipient’s bank account.
  • Wise has around 750 different currencies to transfer, including the Turkish Lira, US Dollar, Euro, British Pound, and Egyptian Pound.

You can transfer via Wise directly online and easier than Western Union and banks by clicking here.

AlBaraka Turk Bank Fees ₺ € $

Al Baraka Turk Bank’s fee structure includes:

Home, Vehicle, and Personal Financing Allocation Fee (Tahsis Ücreti): 0.5% charge for processing.

Appraisal Fee (Ekspertiz Ücreti): Charges as per third-party costs.

Collateral Registration Fee (Taşınır ve Taşınmaz Rehin Ücreti): Also based on third-party costs for home and vehicle financing.

Early Payment Penalty (Erken Ödeme Tazminatı):

  • More than 36 months remaining: 2%
  • Less than 36 months remaining: 1%

Withdrawal Fee (Para Çekme Ücreti): Applies to branch and overseas withdrawals depending on the transaction.

ATM Fees:

  • Domestic cash withdrawal and balance inquiry at own ATMs: Free
  • Domestic cash withdrawal with foreign cards: Variable charges
  • Balance inquiry with foreign cards: 0.27 TRY (0.01 USD or 0.009 EUR)

EFT Processing Fee (EFT Ödenmesi):

  • To named individuals at branch or ATM: Up to 75.95 TRY (2.72 USD or 2.43 EUR), depending on transfer type or timing.

Transfer Fees (Para ve Kıymetli Maden Transferleri):

  • Sending EFTs: Ranges from free for regular transactions at ATMs to higher fees for larger amounts or out-of-routine transactions at the branch.
  • Gold transfers: Fees vary based on the amount of gold (1-500 grams), with specific charges.

Remittance Fees (Havale):

  • Sending remittances at the branch: Charging starts from 6.39 TRY (0.23 USD or 0.20 EUR) for amounts up to 1,000 TRY (35.84 USD or 32.03 EUR) and increases with the transaction amount.

These are just highlight fees; for detailed information, please refer to Al Baraka Turk Bank’s fee table.

Abdullah Habib
Abdullah Habib

Merhaba! I'm Abdullah Habib. In this article, I share the essence of my 7-year journey in Turkey - as an expat and foreign student. With a heart full of stories and a mind rich with insights from my experiences, I've written this piece just for you. So, without further ado, sit back, relax, and enjoy the read!

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