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.

Vakif Bank

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

Vakif Bank

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.

https://wise.prf.hn/click/camref:1011lfeou

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.

Vakif Bank

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 overviewnegative
Short-term deposits in foreign currenciesNP
LC long-term depositB2
Overview LC DRnegative
A short-term letter of credit depositNP
Unsecured Ordinary Bonds / BondsB2
Medium term senior unsecured bond program(P) B2
Fitch Ratings (1 Sep 2020) *
National Long Term RankingAA (phase) (stable)
IDR long termB + (negative)
LC IDR Long TermBB- (negative)
Short-range FCB
Short-term letter of creditB
Support evaluation4
Floor support classificationB
Feasibility assessmentB +
JCR Eurasia Credit Ratings (17 Aug 2018) *
Long-term international foreign currenciesBBB- (negative)
Short-term international foreign currenciesA-3 (negative)
International long-term domestic currencyBBB-
International domestic currency is short-livedA-3
Domestic long term classificationAAA (stable)
Short term domestic classificationA-1 + (stable)
Sponsor support in the long term1
Long term stand alonea

How can I open an account in the Vakif bank?

Foreigners residing in Turkey and non-residents can open an account in the Turkish Vakif Bank by visiting the nearest branch with the documents mentioned in the article.

What are the services provided by Vakif Bank?

The bank provides many services, most notably issuing credit cards, opening accounts, in addition to transferring funds inside and outside Turkey.

This post is also available in: العربية (Arabic)


Abdullah Habib

The Founder of Turkpidya, an Egyptian student from mixed Turkish descent. A multilingual man passionate about Turkey and writing. A material scientist and engineer.

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