Whether you’re living in Turkey, planning to move there, or looking for banking options as a foreigner, understanding the country’s top financial institutions can help you make informed decisions. This guide covers some of the leading banks in Turkey, their key services, and what makes them stand out.
Overview of Turkey’s Banking Sector
Turkey’s banking industry is constantly evolving, with a strong emphasis on digital transformation and customer satisfaction. In recent years, banks have focused on improving their online services, expanding their mobile banking capabilities, and offering competitive financial products to meet the needs of both individuals and businesses.
Top Banks in Turkey
1. Ziraat Bankası
As of early 2024, Ziraat Bankası is Turkey’s largest bank, with total assets reaching approximately ₺4.548 trillion (about $190 billion CAD). As a state-owned institution, Ziraat plays a key role in Turkey’s economy, offering a wide range of financial products, including agriculture loans, mortgage options, and SME financing.
With one of the largest branch networks across Turkey, Ziraat is particularly popular in rural areas and among farmers who benefit from government-backed loans. For expats, Ziraat Bankası also offers banking services tailored to foreign residents, including foreign currency accounts and international money transfers.
2. Türkiye İş Bankası
Founded in 1924, İş Bankası is Turkey’s first national bank and one of the largest private banks in the country. It is known for its strong focus on technology and innovation, offering user-friendly mobile and online banking services.
Key services include:
- Personal and business banking solutions
- High-quality customer service for both locals and foreigners
- Competitive mortgage and personal loan options
- Robust mobile banking app (İşCep) with English-language support
For Canadians looking to bank in Turkey, İş Bankası provides a wide selection of credit cards, investment accounts, and easy online account management, making it a convenient choice for expats and international customers.
3. VakıfBank
Another state-owned bank, VakıfBank, is known for its affordable loan options and government-backed financing programs. It offers a variety of financial products, including:
- Low-interest mortgage loans
- Business loans for small and medium-sized enterprises
- Savings accounts with competitive interest rates
VakıfBank also has a solid reputation for international banking services, making it a good option for foreigners who need to transfer money between Turkey and Canada.
4. Garanti BBVA
Owned by Spain’s BBVA Group, Garanti BBVA is one of Turkey’s most innovative banks, with a strong focus on digital banking. It is an excellent choice for those who prefer to do their banking online rather than visiting branches.
Some highlights of Garanti BBVA include:
- A highly rated mobile app that supports multiple languages
- A wide range of investment and savings products
- Convenient online international money transfers
For Canadians living or working in Turkey, Garanti BBVA offers one of the most seamless mobile banking experiences, making it a great choice for those who prioritize digital banking.
5. Akbank
Akbank is one of Turkey’s leading private banks, well-known for its customer service and digital banking features. It offers a variety of banking products, including:
- Personal and business loans
- Competitive credit card rewards programs
- Foreign currency accounts for expats and international investors
Akbank’s mobile app and online banking platform make it easy for foreigners to manage their accounts remotely, which is an important factor for Canadians who travel frequently or split their time between Canada and Turkey.
6. Yapı Kredi
A pioneer in digital banking, Yapı Kredi is a strong competitor in Turkey’s private banking sector. It is particularly popular among expats because of its easy-to-use banking services and English-language support.
Some of Yapı Kredi’s standout features include:
- Fast and secure online banking
- Foreign currency accounts and money transfers
- Flexible mortgage and loan options
If you’re a Canadian looking to purchase property in Turkey, Yapı Kredi’s mortgage services may be worth considering, as they cater to both residents and non-residents.
How to Choose the Best Bank in Turkey
When selecting a bank in Turkey, here are some key factors to consider:
- Accessibility: Does the bank have a strong branch network and reliable online services?
- Foreign Resident Services: Does the bank offer accounts, credit cards, and loans for non-Turkish citizens?
- Online & Mobile Banking: Is the digital banking experience smooth and available in English?
- International Money Transfers: If you need to send or receive money from Canada, check the bank’s transfer fees and exchange rates.
Final Thoughts
Turkey’s banking sector offers a variety of choices, whether you’re looking for a government-backed bank like Ziraat or VakıfBank, a tech-savvy private bank like Garanti BBVA, or an expat-friendly option like Yapı Kredi. If you’re a Canadian moving to Turkey or frequently visiting, it’s important to choose a bank that aligns with your needs—especially in terms of online banking and foreign currency services.
By selecting the right bank, you can make managing your finances in Turkey smooth and hassle-free.
