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Vakıf Bank is the fifth largest bank in Turkey as it has a wide network of ATMs with more than 900 branches around Turkey.
The primary objective of establishing the Vakif bank was to deal with cash income and financial flows from charitable institutions and endowments that were established during the age of the Ottoman Caliphate.
Services provided by the Turkish Vakif Bank
Vakif Bank offers many distinctive services from various banking services, most notably:
Credit loans
Mortgage
Pay bills online
Conducting Swift Code transfers outside Turkey
Transferring funds within Turkey to other banks.
Issuance of credit cards
Foreign currency exchange
Issuance of prepaid cards and debit cards.
Investing in the stock exchange
Insurance products
Investing in gold
Investing in mutual funds
Pay taxes and fees
Swift code for Vakif Bank
To make international transfers to an account in the Turkish Vakif Bank from outside Turkey, you can use Swift Code: TVBATR2A
Opening an account in Vakif Bank for foreigners in Turkey
if you are residing in Turkey, you can open an account at Vakif Bank by visiting the nearest branch with the following documents:
Original passport,
tax identification number,
address proof document
Read also: A full report about Ziraat Bank and the services it provides
To open an account for non-residents in Turkey for companies, you will need the following documents:
Possible tax identification number
company’s articles of association
Copies of the passports of the shareholders of the company with a share of 25% or more (if 25% or more of the shareholders are legal persons, only incorporation documents are required)
The Commercial Registry Gazette
Approved decision of the signing authority
Certificate of registration in the Chamber of Commerce
Identification documents of the provider The authorized application (passport, signed circular and authorization document to represent the company)
Money transfer 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.
Download Vakif Bank Mobile application
You can access the Vakif Bank by visiting the nearest branch in the city. You can also visit 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 .
Vakif Bank branches outside Turkey
Vakif Bank owns two international offices located in New York, Bahrain and Erbil in northern Iraq. The bank also owns a share in Vakif International Bank in Austria and has branches in Vienna, Cologne and Frankfurt in Germany in addition to branches in the Turkish Republic of Northern Cyprus.
History of the Turkish Vakif Bank
Vakif Bank was established at 1954 when with a capital of 50 million Turkish liras.
Over the next twenty years, the bank continued to stop growing and expanding in Turkey by establishing new branches, including in other major commercial and industrial areas.
Read also: Aras Cargo a full report about the Turkish shipping company
By 1977, the Turkish Waqf Bank had 206 branches around Turkey.
In the 1980s, Vakif Bank worked to keep pace with technological developments as the bank became fully integrated into a unified central computer system.
Vakif Bank credit rating 2020
Ratings
| Moody’s (15 September 2020) * | |
| BCA (Basic Credit Score) | caa2 |
| Long-term foreign currency deposits | Caa1 |
| FC DR overview | negative |
| Short-term deposits in foreign currencies | NP |
| LC long-term deposit | B2 |
| Overview LC DR | negative |
| A short-term letter of credit deposit | NP |
| Unsecured Ordinary Bonds / Bonds | B2 |
| Medium term senior unsecured bond program | (P) B2 |
| Fitch Ratings (1 Sep 2020) * | |
| National Long Term Ranking | AA (phase) (stable) |
| IDR long term | B + (negative) |
| LC IDR Long Term | BB- (negative) |
| Short-range FC | B |
| Short-term letter of credit | B |
| Support evaluation | 4 |
| Floor support classification | B |
| Feasibility assessment | B + |
| JCR Eurasia Credit Ratings (17 Aug 2018) * | |
| Long-term international foreign currencies | BBB- (negative) |
| Short-term international foreign currencies | A-3 (negative) |
| International long-term domestic currency | BBB- |
| International domestic currency is short-lived | A-3 |
| Domestic long term classification | AAA (stable) |
| Short term domestic classification | A-1 + (stable) |
| Sponsor support in the long term | 1 |
| Long term stand alone | a |
