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Turkish banks vary between private and government banks, as they provide many financial services that facilitate payments, money transfer and investment in Turkey.

Banks in Turkey are characterized by a strong financial system, in addition to a wide variety of services, some Turkish banks have branches abroad, in Europe, America and the Arab countries.

Banks in Turkey

An overview of banks in Turkey

There are 54 banks in Turkey, divided into 34 deposit banks, 14 investment banks, and 6 participatory banks. The number of bank branches in Turkey is a total of 11,322 branches nationwide, and about a quarter of a million employees work in Turkish banks.

The total banking assets of Turkish banks reached about 5 trillion and 350 billion Turkish liras in 2020, and the ratio of bank assets is equal to the liabilities.

As of June 2020, the total loans granted by banks in Turkey amounted to about 3.258 billion Turkish liras, as the loans granted in Turkish lira amounted to 2 trillion and 113 billion Turkish liras, while foreign currency loans amounted to 1.145 billion Turkish liras.

In June 2020, consumer loans increased compared to the previous quarter and generated 699 billion TL. Housing loans, credit cards, and personal finance loans amounted to TL 234 billion, TL 115 billion and TL 342 billion, respectively.

Turkish banks

List of banks in Turkey

In the following list, the names of the most important banks in Turkey

Bank name
Ziraat bank
iş bank
Halk bank
Vakif bank
Garanti bank
Yapi Kredi Bank
Kuveyt Turk Bank
Al Baraka Bank Turkey
Turkish Post Bank
Ak Bank
Turkey finance bank
QNB Finance Bank
Deniz Bank
ING Bank
HSBC Bank Turkey
Odea Bank
Anatolia Bank

Services provided by Turkish banks

Banks in Turkey provide many important and distinctive services, most notably:

  • Mortgage
  • Credit loans
  • Pay bills online
  • Conducting Swift Code transfers outside Turkey
  • Investing in mutual funds
  • Transferring funds within Turkey to other banks.
  • Transfer money outside Turkey via Swift Code
  • Issuance of credit cards
  • Foreign currency exchange
  • Western Union transfers inside and outside Turkey
  • Issuance of prepaid cards and debit cards.
  • Investing in the stock exchange
  • Insurance products
  • Investing in gold
  • Invest in silver
  • Safe deposit boxes
  • Investing in Turkish banks
  • Pay taxes and fees

Turkish Islamic Banks

Kuveyt Turk Bank, and Al Baraka Turk, in addition to Ziraat Participation Bank, are considered one of the most important Islamic banks in Turkey. Which offers one of the highest rates of bank profits in Turkey

Islamic banks in Turkey offer savings accounts with a participatory Murabaha system, without any interest, in accordance with the provisions of Islamic Sharia.

Turkish Islamic banks also provide all the services that government and private banks provide, including money transfer, investment in the stock exchange, gold and silver investing.

Turkish Islamic Banks

Advantages of Turkish banks

Turkish banks are very easy to deal with, as most banks in Turkey provide applications on mobile phones to conduct all banking transactions.

In addition, the process of opening a bank account in Turkey is very easy, as it requires a residence card and proof of residency in some cases.

Turkish banks also issue credit cards to foreigners after providing a financial guarantee in forms of a salary from a Turkish company or a deposit.

It is possible to buy precious metals in Turkish banks and invest in them, the most famous of which are gold, silver, and platinum, in addition to buying all foreign currencies of US dollars, Canadian dollars, euros, pound, Saudi riyals, Kuwaiti dinars and most international currencies.

Savings accounts can also be created in banks in Turkey in Turkish lira, dollar, euro or gold.

Transfer money in 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.

What are the most important advantages of Turkish banks?

Turkish banks are known for the ease of use by providing applications to conduct transactions on a mobile phone, in addition to the ease of opening an account for both foreigners and Turks.

Are there Islamic banks in Turkey?

Yes, Turkey contains Islamic banks, the most important of which are Kuwait Turk and Al Baraka Turk.

What are the working hours of banks in Turkey?

Banks in Turkey works from Monday to Friday, starting from 9:30 in the morning until 5:30 in the evening.

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