Kuwait Turk bank (Kuveyt Türk Katılım Bankası) is a famous bank in Turkey for its high quality banking services Which adheres to the standards of Islamic law.
Kuwait turkish participation bank is also famous for its Gold banking in Turkey and precious metals transactions as the bank offers physical metal delivery.
Who owns Kuveyt Turk bank?
Kuveyt Turk bank ‘s owned by the following shareholders: Kuwait Finance House,General Directorate for Foundations,lsamic Development Bank and Kuwait Public Institution for Social Security.
The biggest shareholder in the bank is Kuwait Finance House which owns 62.42% of the shares.
Islamic banking in Kuwait Turk Bank
Besides gold banking the main service that the bank offers is Islamic banking which is interest free and based upon Profit share payment.
Participating banks do not issue loans directly, but raise income from the funds raised from buying or leasing certain items in currency.
All the services that the bank offers are audited and reviewed by İslamic authorities.
Services provided by Kuwait Turk bank
Kuveyt Turk bank provides many unique services from a range of banking services, most particularly:
Issuance of credit cards
Paying bills online
Physical gold delveiry
Money transfer through MoneyGram
physical gold withdrawal through ATM
precious metals transactions
Physical silver withdrawal
Conducting Swift Code transfers outside Turkey
Transferring funds within Turkey to other banks.
Foreign currency exchange
Issuance of prepaid cards and debit cards.
Investing in the stock exchange
Investing in mutual funds
Payment of taxes and fees
Swift code for Kuveyt Turk bank
To make international transfers to an account in the Kuwait Turk bank from outside Turkey, you can use Swift Code: KTEFTRIS
Opening an account in Kuveyt Turk bank for foreigners in Turkey
You can easily open an account in Kuveyt Turk as a foreigner by visiting the nearest branch with the following documents:
- proof of residence
- Residence permit or work permit
After submitting the required papers you will be provided with a contract and after signing you will be issued a debt card.
The bank also offers credit cards to foreigners.
You can use the mobile application or internet branch to easily open an account for foreign currency, Precious metals or TL.
Kuwait Turk bank branches outside Turkey
The Turkish Kuwati bank has two main subsidiaries outside of Turkey mainly:
- KT Bank AG in Germany which Turkish citizens can open an account in online.
- Kuveyt Turk Participation Bank Inc. Bahrain Overseas Branch
XTM branches of Kuveyt Turk bank
XTM Branch, the new banking platform for Kuwait Turkish Bank, where you can manage your banking transactions quickly. XTM is entirely built from local internal sources as functional as an ATM with an integrated multimedia special interface that is highly protected and rich as a branch. You can connect to English, Arabic and sign language computers and conveniently perform your financial transactions in your own language.
The bank provides the ability to communicate with customer service employees remotely and is considered one of the latest banking technologies in the world
Gold Banking in Kuveyt Turk
- You can buy at Kuveyt Turk bank as little as 0.01 gram of gold in 995/1000 carats.
- You can get Gold Cheques, do Gold Transfers.
- You can withdraw all of the gold deposits at any time from Kuveyt Türk branches (You have to call customer service first so the bank can provide the required amount if its large).
- You can withdraw from the branch 1, 1.5, 2.5, 5, 10, 20, 50 and 100 grams.
- There is also the option to withdraw 1 KG of Gold Bullion from the branch produced by Produced by Argor Heraeus SA3
- You can withdraw 1 gram of gold, quarter a golden lira from Kuveyt Turk golden ATM’s.
- On some days the bank branch has “Golden days” where a committee comes and accept Physical gold deposits after examining it.
- There are charges for turning electronic gold to Physical gold.
Silver account in Kuveyt Turk
You can easily open a silver account in Kuwait Turk bank.
The bank offers silver at 1000 (one thousand) purity.
You can buy as little as 0.01 grams of silver.
As of 2020 the bank offers Silver physical withdrawal for minimal 50 KG and the bank will charge secure van charges plus charges for silver physical withdrawal.
Platinum account in Kuveyt Turk
You can open a Platinum account in the bank and perform all transactions to invest in Platinum.
Transfer money 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 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.
Download Kuveyt Turk Bank Mobile application
You can perform all your transactions in the Kuwait Turk bank by visiting the nearest branch in the city. You can also enter the bank’s website by clicking here . You can also download the application which supports English and Turkish languages, for the Android system and for the İOS system .
How can a foreigner open an account in Kuveyt Turk bank?
Foreigners residing in Turkey can open an account in the Kuwait Turk Bank by visiting the nearest branch with the documents mentioned in the article.
Can i withdraw physical gold from Kuveyt Turk bank?
Yes, You can withdraw physical gold from ATM or by visiting the branch.
Can i withdraw physical silver from Kuwait Turk bank?
Yes, You can withdraw physical silver from the bank branches but there are some conditions for that.