Banking in Turkey

If you plan to use a bank in Turkey while studying here, it is important to meet with your bank in your home country before arriving. Bank working hours in Turkey are from 8:30 AM to 5:30 PM. All banks offer online banking and mobile application services.

Opening a Bank Account in Turkey

The process for opening a bank account in Turkey may vary slightly between banks, but generally, you will need the following documents:

• Valid Passport
• Tax Identification Number: Obtainable from the Finance and Tax Office, or use your Residence Permit or Student Certificate.
• Proof of Address in Istanbul: Dormitory residents can obtain a document from the dorm administration.
• Proof of Address in Your Home Country

For dormitory residents, the tax identification number can substitute for the residence permit. Otherwise, you will need to wait until you receive your residence permit and foreign ID number.

Most major retail banks in Turkey have websites with English translations. It is advisable to check your chosen bank's website to ensure you bring all necessary documents to the branch.

Banking Services and Cards

Almost all banks in Turkey offer high-quality internet and mobile banking services. It may be beneficial to check which Turkish banks have branches in your home country to facilitate easy transactions between you and your family.

• Common Cards: Visa and Mastercard are widely accepted. American Express usage is very limited.
• Payment Options: In Turkey, including Istanbul and at Yüksek İhtisas University, you can use major credit cards for most purchases, even in many vending machines.
• PIN Requirement: Turkey uses the European credit card system, which requires a PIN (Personal Identification Number) for transactions.

Currency Information

• National Currency: The Turkish lira, denoted as ₺, and abbreviated as TRY.
• Banknotes: Available in denominations of 200, 100, 50, 20, 10, and 5 lira.
• Coins: Known as Kuruş, available in 1, 5, 10, 25, and 50 Kuruş, and the 1 Turkish lira coin.

When withdrawing money from an ATM in Turkey, you will receive the exchange rate provided by your bank at that time. If you are carrying cash, it is advisable to exchange only a small amount in your home country for the first few days. You will likely get a better exchange rate using Turkish banks or commission shops in Turkey (identification, such as a passport, will be required). Avoid exchanging money at airports or hotels, as they often offer unfavorable rates.