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Banking Issues

If you use a bank in Turkey to use your own country, Before coming to Turkey you are required to meet your bank.Bank working hours are 8:30 – 17:30. All banks offer banking and mobile application services online.

OPENING A BANK ACCOUNT IN TURKEY

Each bank will have a slightly different process for account opening, but you can expect to be asked for the following: o Valid Passport o Tax Identification Number. You will get this from the Finance and Tax Office or Residence Permit on Student Certificate o Proof of address in  Istanbul (For dormitory residents, it is possible to get a document from the dorm administration) and proof of address in home country  If you are staying in the dorms, tax identification number can be counted instead of the residence permit. Otherwise, you have to wait until you get your residence permit and foreign ID number.  The larger retail banks in Turkey have good websites with English translations. Check out your chosen bank’s site, so you’re confident of the documents you’ll need to take with you to the branch

Almost all banks in Turkey have high-quality internet and mobile banking options. It may be a good idea to check which Turkish banks have branches in your home country. This may help you to make transactions between you and your family easily.  Visa and Mastercard are the most common cards. The use of American Express is very limited. In Turkey (and in Istanbul and at MEDIPOL), you can use your major credit card to pay for most purchases. You can even use your credit card in many vending machines.  Turkey uses the European credit card system whereby you are required to use a PIN (Personal Identification Number) when making charges.  Turkey’s national currency is the Turkish lira, of which the sign is ₺, and the abbreviation is TRY. Note denominations include 200, 100, 50, 20, 10 and 5 lira. Coins, called Kuruş come in the form of 1, 5, 10, 25 and 50. There is the 1 Turkish lira that is also a coin.  If you withdraw money from the ATM in Turkey, you will get the exchange rate used by your bank at that time. However, if you are carrying cash, only exchange a small amount in your home country to get you through the first few days. The reason is that you will get a better exchange rate using Turkish banks or commission shops in Turkey. (You need to present identification such as your passport.) Never change money at the airport or in hotels because they rarely offer good deals.