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Banks in Türkiye
Banks in Türkiye, general information about them
Banks in Türkiye form an important part of the country’s financial and economic system. These banks vary between local, private and international banks, and they provide a wide range of banking services to individuals and companies. Here is some general information about it:
– **Government banks**: such as the Ziraat Bankası, the People’s Bank (Halk Bankası), and the Endowment Bank (VakıfBank).
– **Private banks**: such as Garanti BBVA, İş Bankası, and Akbank.
– **International Banks**: Includes branches of international banks such as CitiBank and HSBC.
- **Banking services**:
– **Bank accounts**: Includes current accounts, savings accounts, and deposit accounts.
– **Loans**: They vary between personal loans, real estate loans, car loans, and business loans.
– **Credit Cards**: Turkish banks provide a variety of credit cards with different benefits.
– **Digital Services**: Most banks offer online banking services and mobile applications.
– **Banking Regulation and Supervision Agency (BDDK)**: It is the body responsible for regulating and supervising banks in Turkey.
– **The Central Bank of Turkey (TCMB)**: Plays a major role in implementing monetary policy and supervising the financial system.
- **Economy and challenges**:
– **Inflation**: Inflation is one of the main challenges facing banks in Turkey, affecting interest and exchange rates.
– **Foreign investment**: Turkey seeks to attract more foreign investment in its banking sector to enhance growth and economic stability.
– **Financial Innovation**: The banking sector in Turkey is witnessing a remarkable development in the field of financial technology (FinTech), with the emergence of electronic payment platforms and online financial services.
Banks in Turkey play a vital role in supporting the economy and providing various financial services to citizens and companies, with challenges and opportunities related to economic and technological development.
The 12 most famous banks in Türkiye
Below is a list of the 12 most famous banks in Türkiye, with brief information about each:
- **Ziraat Bankası**:
– Founded in 1863.
– The largest government bank.
– Provides a wide range of banking services to individuals and companies.
– Founded in 1933.
– Focuses on supporting small and medium enterprises.
– It is considered one of the largest government banks.
- **VakıfBank**:
– Established in 1954.
– Manages endowment funds and provides various banking services.
– The third largest government bank in Türkiye.
– Founded in 1924.
– The largest private bank in Türkiye.
– Provides comprehensive banking services including retail, corporate and investment.
- **Guaranti BBVA**:
– Founded in 1946.
– Partially owned by the Spanish bank BBVA.
– Provides various banking services to individuals and companies.
– Established in 1948.
– One of the largest private banks in Türkiye.
– Provides full banking services including loans, deposits and investments.
- **Yapı Kredi Bankası**:
– Founded in 1944.
– Partially owned by Koç Holding Group.
– Provides various banking services to individuals and companies.
– It was established in 1938 and re-established in 1997.
– Now owned by Emirates NBD.
– Provides comprehensive banking services.
- **Kuveyt Türk Bank**:
– Established in 1989.
– An Islamic bank that provides banking services compatible with Sharia.
– Partially owned by Kuwait Finance House.
– Established in 2010.
– Provides banking services to individuals and companies.
– Focuses on innovation and financial technology.
- **TEB Bank (TEB – Türk Ekonomi Bankası)**:
– Founded in 1927.
– Partially owned by French bank BNP Paribas.
– Provides various banking services to individuals and companies.
– Established in 1985.
– An Islamic bank that provides banking services compatible with Sharia.
– Part of Al Baraka Banking Group.
These banks are considered among the most important in Turkey, as they play a major role in the national economy and provide a wide range of banking services to citizens and companies alike.
Are there electronic banks in Türkiye? What are the most famous ones?
Yes, there are electronic banks in Türkiye that provide integrated digital banking services without the need for physical branches. These banks offer a range of financial services online and through mobile applications. Among the most famous electronic banks in Türkiye:
– Owned by QNB Finansbank.
– Provides full digital banking services without physical branches.
– Services include current accounts, savings accounts, and credit cards.
- **CEPTETEB**:
– Owned by Türk Ekonomi Bankası (TEB).
– Provides banking services online and through the mobile application.
– Offers current accounts, credit cards, and digital loan services.
– A digital financial platform that provides payments and money transfer services.
– Providing digital accounts that can be charged and used in electronic transactions.
– Offers prepaid cards and virtual cards for online use.
- **Guaranti BBVA Mobile**:
– Offers a comprehensive range of digital banking services by Garanti BBVA.
– Services include current accounts, credit cards, and investment management.
– Akbank’s digital banking service.
– It provides an integrated banking application through which all banking operations can be carried out.
– Services include digital loans, money transfers, and account management.
- **İşCep**:
– İş Bankası digital banking application.
– Offers a wide range of online banking services.
– Services include current accounts, transfers, and personal finance.
These banks and online platforms provide an easy-to-use interface and integrated online banking experience, making money management easier and more convenient for customers in Turkey.
How to open a bank account in Türkiye online
Opening a bank account in Turkey online has become common and available through many banks that provide digital banking services. Requirements and steps vary between banks, but in general, the process can be summarized as follows:
– Search for the bank that provides the best digital services that suit your needs. Popular banks that provide online account opening services include Enpara, CepteTEB, and Papara.
- **Visit the website or download the application**:
– Visit the bank’s website or download its banking application on your smartphone.
– Open the application or website and choose the “Open a new account” option.
– Enter the required personal information such as name, address, and phone number.
– Additional documents may be required such as a copy of the passport or Turkish ID card.
- **Identity Verification**:
-You will need to complete the identity verification process. This process can include uploading photos of the required documents, and taking a selfie to verify that the identity matches.
– Some banks may request a video call with a bank representative as part of the verification process.
– After completing all the required steps and verifying your identity, the bank will review your application.
– You will receive a notification via email or text message confirming the opening of the account and activation of banking services.
- **Deposit funds**:
– Once the account is activated, you can deposit funds using multiple methods such as bank transfer,
Documents required to open a bank account in Türkiye
To open a bank account in Türkiye, you usually need to submit the following papers:
- **Passport**: The passport must be valid.
- **Turkish tax ID number**: You can obtain it from the local tax department.
- **Proof of address**: This can be a rental contract, a utility bill (such as electricity or water), or a residence certificate.
- **Residence Permit**: If you are a resident of Türkiye, you will need to submit a residence permit.
- **Turkish phone number**: Many banks require a Turkish phone number for communication.
Some banks may require additional documents or offer different facilities to foreign residents, so it is best to contact the relevant bank to inquire about the exact requirements.
Conditions for opening a bank account in Türkiye
To open a bank account in Türkiye, there are some basic conditions that must be met. Here’s an overview of these terms:
- **Legal Age**: You must have reached the legal age to open a bank account, which is 18 years in most cases. An account can be opened for minors under the supervision of a legal guardian.
- **Required documents**:
– **Passport**: Valid.
– **Turkish Tax ID Number**: It can be obtained from the local tax office.
– **Proof of address**: such as a utility bill (electricity, water, gas) or a rental contract. Some banks also accept a residence certificate.
– **Residence Permit**: If you are a resident of Türkiye. Some banks can accept other documents if you are a non-resident.
– **Turkish phone number**: Where banks need to communicate with you and send text messages related to your account.
- **Personal visit**: You must visit the bank branch in person to submit documents and sign the required forms.
- **Open an account with an initial balance**: Some banks may request an initial deposit to open the account.
- **Purpose of Account**: You may be asked to explain the purpose for opening the account, whether for personal or business use.
- **Security procedures**: These include verifying your identity and matching the information provided with the bank’s rules and Turkish laws.
It is important to check the requirements for each bank, as details and conditions may vary between different banks. It is best to contact the bank you wish to open an account with to obtain accurate and up-to-date information.
The most important Turkish banks for investment and development
Türkiye includes many important banks for investment and development. The most prominent of these banks are:
- **Turkish Investment and Development Bank (Türkiye Sınai Kalkınma Bankası – TSKB)**:
– Founded in 1950, it is the first development bank in Türkiye.
– It focuses on financing industrial and infrastructure projects, and provides sustainable financing solutions.
– Focuses on supporting Turkish exports by providing financing and export guarantees.
– It contributes to enhancing international trade and developing industrial sectors.
- **Development and Construction Bank of Türkiye (İller Bankası)**:
– Specializes in financing local development and infrastructure projects in Turkish cities and municipalities.
– It provides soft loans for development projects in various Turkish regions.
– One of the largest commercial banks in Türkiye.
– It provides a wide range of financial services to companies and investors, including financing investment projects.
- **Ziraat Bankası**:
– One of the oldest banks in Türkiye and the largest in terms of assets.
– Provides comprehensive banking services, including financing agricultural and development projects.
These banks play a vital role in supporting the Turkish economy by financing investment and development projects, and providing financial support to companies and individuals.
https://en.wikipedia.org/wiki/List_of_banks_in_Turkey
https://en.wikipedia.org/wiki/Banking_in_Turkey
