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Finance and Banking in Turkey


The Turkish economy is one of the strongest economies in the world; it is a free market economy where the rules of competition are applicable. The private sector is in a leading position, while the public sector has a regulating function, and products and services are exchanged among individuals and organizations without any obstacle. 

Structural reforms have become important in the Turkish economy in recent years. Thanks to these reforms, an independent economic community with a robust infrastructure have been established, strengthening the Turkish economy.

Turkish Lira 

The official currency of the Republic of Turkey is “The Turkish Lira.”(TL) The TL is available in paper bills (banknotes) and coins. There are tactile dots on the upper left corner of the front surface of banknotes for the visually impaired.

Banking System 

The primary function of banks is to accept deposits, grant loans, and advances to individuals and organizations and to profit from these transactions. 

Deposit accounts and drawing accounts for Turkish Lira, foreign currency, or gold may be opened in deposit and participation banks. Up to 100,000 TL of the money you deposit in a bank in Turkey is guaranteed by the state. 

Opening an Account

Like every person in Turkey, you have the right to open a bank account. Even if you are unemployed or do not have funds to deposit, or you are bankrupt, you can open an account in the banks that operate in Turkey. You must apply to the bank and present the following required documents to open a bank Account:

  • Passport or proof of Identity.
  • Tax ID number in Turkey
  • Any invoice (Electricity, Water, Telephone, Gas, Mobile)that contains your address in your home country. The invoice must be current and, at most, three months old.

Opening a bank account allows you to withdraw money, make payments or money transfers or engage in credit operations. 

These services are available 24/7 through ATMs, telephone, and online banking. 

For further information on finance and banking in Turkey, contact us, or you may contact your bank.  

Housing Loan (Credit)

You can get a housing loan from a bank when purchasing real estate in Turkey. Each bank has different conditions for granting a housing loan. Be sure to obtain information about housing loans from various banks if you intend to use credit. 

Mortgage: A legal agreement by which a bank or other creditor lends money at interest in exchange for taking ownership of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt.

Required Documents for Housing Loan: 

  • The title deed of your property (Tapu).
  • Customers notarised Passport copies or residency permits, including the customer’s address abroad. 
  • Official tax return for the previous year from the customer’s country of residence.
  • Most recent quarterly payroll (for employees). Retirement letter (for retired persons), signed by the employer abroad.
  • Bank account book or credit card/credit account statement (bank approved) containing the transactions in the relevant account in the last six months.
  • Reference letter for employees (approved by the employer company abroad).
  • Official document confirming personal assets.
  • Credit Registration Bureau (CRB) registration from the client’s country of residence.
  • Copy of invoice (water, electricity, etc.) proving the customer’s address in the country of residence.

For further information, please get in touch with us, or you may ask any Bank in Alanya.

Credit Card    

You can apply for a credit card; however, banks may reject your application based on your submitted documents and your credit history.

Credit cards are subject to two types of limits in Turkey. The first is the limit allocated to individuals, in which their earnings determine the upper limit. There is also a credit card limit, meaning each credit card may have a different limit. Nearly all governmental and private entities accept credit cards.

Money Transfers

You can perform a bank transfer or EFT to transfer money from one bank account to another. Moving money from one account to another held in the same bank is called a transfer, and transferring money from one bank account to another from a different bank is called EFT (electronic funds transfer). Transfers are performed by visiting a bank branch, online or telephone banking, ATMs, and mobile applications. 

Since banks may have different applications for international money transfers, it may be necessary to visit a branch. You can also transfer money anywhere in the world for a fee through international money transfer procedures.

Use of ATM’s

ATMs allow the money in bank accounts to be accessed at any time. To use ATMs, one must obtain a debit or credit card by applying to the bank holding their account. Certain transactions that debit or credit card holders can perform via an ATM are as follows: 

  • Withdrawing money up to a specific daily limit. 
  • Paying power bills, water bills, etc.
  • Depositing Turkish Lira credits to prepaid telephone accounts. 
  • Seeing the bank statement.
  • Depositing money to your account.
  • Payment of credit card debts.
  • Making money transfers and EFT transactions.

Although each bank has its own ATMs, some operate them for shared use. Using the ATM of a bank that holds one’s account is free of charge. However, charges may be applied when you use another bank’s shared ATM.

Foreign Exchange Conversion

There are many exchange offices in Turkey where you can buy and sell various foreign currencies. Euro, Dollar, and Pound are the most common currencies held by exchange offices. You can also convert money through banks. Foreign exchange rates may differ between the banks and the exchange offices. 

Since most of the banks and exchange offices are closed at weekends, we recommend that you convert your currencies on weekdays.

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