Turkey (TR)
Turkey is a transcontinental nation straddling Europe and Asia across the Bosphorus Strait, uniting 85 million people under a rich civilisational heritage stretching from the ancient Hittites and Romans to the Byzantine Empire and Ottoman Empire.
Banking in Turkey
Recommended banks, payment culture and credit score basics.
Turkey has a modern, well-regulated banking system supervised by BDDK (Bankacılık Düzenleme ve Denetleme Kurumu — Banking Regulation and Supervision Agency). To open a bank account as a foreigner, you need: a valid passport and VKN (Vergi Kimlik Numarası — tax number). The VKN can be obtained from any Vergi Dairesi in about 15 minutes with just your passport — get it on day one. Key banks for expats: Garanti BBVA and Akbank are most expat-friendly with English-language digital banking. Turkey also has a thriving fintech scene — Papara is widely used for digital payments and international transfers at competitive rates. CRITICAL CONTEXT: the Turkish lira (TRY) has experienced severe depreciation (~90% vs EUR/USD since 2018) and persistent inflation. It is strongly advisable to keep savings in EUR or USD rather than TRY, and to receive foreign income in foreign currency accounts or abroad.
Recommended banks
Garanti BBVA
EnglishMonthly fee: TRY 0–100/month (basic to premium)
Requirements: Passport + VKN (tax number). Ikamet not strictly required for initial account (branch discretion). In-person visit to branch required.
- + Considered the most expat-friendly Turkish bank
- + Good English-language app (GarantiBBVA Mobile)
- + Part of BBVA group — international banking familiarity
- + Multi-currency accounts available (USD, EUR alongside TRY)
- + Wide ATM network (Bonus network)
- + English-speaking staff at international branches (Nişantaşı, Levent in Istanbul)
- + Good online banking features
- - Branch visit required for opening — cannot open Garanti BBVA account fully online; in-person appointment at a branch is mandatory
- - KYC requirements can be strict for some nationalities — certain passport holders face additional documentation requests or longer processing times
- - Monthly fees of TRY 0–100/month apply on some packages — fee structure changes frequently due to Turkish inflation; confirm current schedule at opening
- - International SWIFT wire transfer fees: TRY 100–500 per outbound wire plus unfavourable exchange rate spread — Wise is significantly cheaper for personal overseas remittances
Akbank
EnglishMonthly fee: TRY 0–80/month
Requirements: Passport + VKN. Branch visit required.
- + Strong digital banking (Akbank Mobil app)
- + Good English interface
- + Competitive foreign exchange rates
- + Multi-currency (TRY, USD, EUR, GBP) accounts
- + Wide ATM network
- + Partner of Citibank for international connections
- - Branch visit required — cannot open account online; in-person visit to a branch with passport and VKN is mandatory
- - Some branches less international-friendly than Garanti — English service and foreigner onboarding experience varies significantly by branch location
- - Monthly fees of TRY 0–80/month apply on some account packages — fee levels in TRY terms change frequently due to inflation; confirm at time of opening
- - International SWIFT wire fees: TRY 100–500 per outbound wire plus exchange rate spread — Wise is significantly cheaper for personal overseas remittances
İşbank (Türkiye İş Bankası)
Monthly fee: TRY 0–60/month
Requirements: Passport + VKN. Branch visit required.
- + Largest private bank in Turkey
- + Largest ATM network
- + Very stable institution (founded 1924)
- + Good branch network for smaller Turkish cities
- + Online banking at reasonable quality
- - Limited English support — branch staff and customer service primarily in Turkish; English assistance not guaranteed at most branches
- - More conservative onboarding for foreigners — additional documentation often requested; process slower than Garanti BBVA or Akbank for non-Turkish passport holders
- - App primarily in Turkish — İşbank Mobile and online banking interface not fully translated; English navigation not available
- - International SWIFT wire fees: TRY 100–500 per outbound wire plus exchange rate spread — Wise is significantly cheaper for overseas remittances
Yapı Kredi
Monthly fee: TRY 0–80/month
Requirements: Passport + VKN. Branch visit.
- + Strong digital banking (WBolca app)
- + Part of UniCredit Group historically — international orientation
- + Good credit card products
- + Wide branch network in Istanbul
- - Limited English language support in-branch — most Yapı Kredi staff work in Turkish; English assistance concentrated at flagship Istanbul branches only
- - App primarily in Turkish — WBolca and online banking interfaces not fully translated to English; requires Turkish-language navigation
- - Monthly fees of TRY 0–80/month apply on some packages — fee levels change frequently due to inflation; confirm current schedule at opening
- - International SWIFT wire fees: TRY 100–500 per outbound wire plus exchange rate spread — Wise is significantly cheaper for personal overseas remittances
Ziraat Bankası
Monthly fee: TRY 0 (state-owned, low fees)
Requirements: Passport + VKN. Branch visit.
- + State-owned — very stable
- + Very low or zero fees
- + Largest rural network
- + Required for some government payments
- - Very limited English support — branch staff and all digital banking interfaces are in Turkish only; not suitable as primary account without Turkish language skills
- - More bureaucratic process for foreigners — state bank procedures are slower and more document-intensive than private banks like Garanti BBVA or Akbank
- - Less modern digital banking — app and internet banking features significantly lag behind Garanti BBVA, Akbank, or Yapı Kredi in terms of UX and functionality
- - International SWIFT wire fees: TRY 100–500 per outbound wire plus exchange rate spread — Wise is significantly cheaper for personal overseas remittances
Papara
EnglishMonthly fee: TRY 0 (basic) — premium accounts available
Requirements: VKN + passport. Fully digital — no branch visit.
- + Most popular Turkish fintech/digital wallet
- + Opens entirely online with VKN and passport
- + Good international transfer rates
- + Virtual and physical Mastercard
- + English interface available
- + Used by millions for everyday payments
- + Works before traditional bank account opened
- - Not a full bank — Papara is a BDDK-licensed e-money institution, not a deposit bank; cannot receive SWIFT international wires directly
- - Deposit protection limited compared to full banks — funds held as e-money are not covered by the Turkish Savings Deposit Insurance Fund (TMSF) in the same way as bank deposits
- - Cannot receive salary directly in some cases — some Turkish employers require a full BDDK-licensed bank account (Garanti, Akbank, İşbank) for payroll
- - TRY depreciation risk applies equally to Papara TRY balances — keep savings in foreign currency accounts at a traditional bank rather than in Papara TRY wallet
Payment culture
Turkey is moderately cashless in cities but still more cash-dependent than Northern Europe. Credit and debit cards (Visa/Mastercard/Troy) accepted at shops, restaurants, and services in urban areas. Troy is Turkey's national card payment scheme. Contactless payment (temassız) widespread. For peer-to-peer payments: mobile banking apps (Garanti BBVA, Akbank) have "para gönder" (send money) features; Papara popular for digital payments. In bazaars, small shops, taxis without meters, and rural areas: cash essential. ATM fee: domestic withdrawals free on own bank's ATMs. Interbank ATM: small fee (TRY 3–10). IBAN format: TR followed by 24 digits. International transfers: use Wise for best rates — Turkish banks charge high international wire transfer fees (TRY 100–500 per transfer).
Cash access
Bankamatik (ATMs) extremely widespread — on most city streets, in all banks, shopping centres, petrol stations, and even small towns. Most ATMs accept international Visa/Mastercard. Dynamic Currency Conversion (DCC) trap: when ATM offers to charge you in your home currency, ALWAYS decline — choose TRY to get better rates. ATMs typically dispense TRY 200, 500, and 1,000 notes. USD and EUR cash widely accepted in tourist areas and by landlords — you can exchange at döviz bürosu (exchange bureaux) at competitive rates.
Kredi Notu (Credit Score — KKB/Findeks)
Check your Turkish credit score at findeks.com (operated by Kredi Kayıt Bürosu — KKB). Free report once per year. Monthly subscription for full access: approximately TRY 100–200/month.
Free annual check: One free report per year at findeks.com.
The Kredi Kayıt Bürosu (KKB) and Findeks system is Turkey's main credit registry. New arrivals have no Turkish credit history — start building by paying utility bills, phone contracts, and credit card statements on time. Having a KKB score facilitates loans, mortgages, and some rental applications. A negative KKB record (unpaid debts) makes banking, lending, and even rental very difficult.
International transfers
For sending money abroad: Wise gives near-interbank rates and is very popular in Turkey — far cheaper than bank wire transfers. Turkish banks charge TRY 100–500+ per international wire plus unfavourable exchange rates. Revolut works in Turkey for EUR/USD transactions. Western Union and MoneyGram available at many banks and PTT branches. Note: Turkey has capital controls for large outward transfers — transactions above certain thresholds require documentation of purpose. For foreign income inbound: use Wise or a USD/EUR foreign currency account at a Turkish bank.