Working your way through a financial system in a strange country can be a worrying time. Here we give you some information that will help you to understand the Turkish system.
All banks in Turkey are legally obliged to belong to the Banking Association of Turkey(Türkiye Bankalar Birligi ). Represented by the bank’s Chairman or General Manager, the main aim is to develop banking in Turkey and to ensure that banks comply with the regulations. One of the important duties of the Association, while under the watchful eye of the government authorities, is to represent and protect the interests of the banking sector.
The banking system and the Turkish financial system are closely intertwined. This is a consequence of the country's economic and historical development. Banks carry out almost all financial activities, both in the money and capital markets.
Foreign banks, in spite of their small market share, play an important part in the banking system because of the new products and practises they have initiated.
Turkish banks have begun to modernise and install new services and increase profitability and competitive strength through better control of operating costs.
Many Turkey banks have ATMs (automatic teller machines) enabling you to draw foreign currency while you stay in Turkey. Credit cards and debit cards are widely accepted in tourist areas. Exchange offices are widely available in tourist areas and are often open until midnight. Be warned, however, they can give poor rates and it is best to check before changing your money.
If you open a bank account in one of Turkey's banks, you are advised to compare commission rates for money transfer to and from Turkey. In most of the banks in Turkey you will find a few English speaking employees, the best chance is in the foreign exchange section of the bank.
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