Types Of Bank Accounts in Turkey

Before, owning and dealing with bank accounts was a luxury matter, but now bank accounts have become an indispensable necessity for individuals everywhere to meet modern life demands, so foreigners start to open bank accounts to save money, facilitate their functions, and benefit from banking services in the Turkish banks.

Whether you are a student, an employee, or a tourist, opening a bank account in Turkey helps you to do official transactions, and accomplish many things, including:
- Paying monthly rents
- Paying bills “water/gas/electricity”
- Paying study fees
- Paying installments “Real estate/loans/health insurance”
- Currency exchange
- Online shopping with credit cards
- Transfer money easily within and outside the country
- Benefit from all the services banks with their smart devices applications without a need to visit the bank.

Types of Banks Accounts in Turkey:

Current Account:

- These accounts are not limited to a certain time
- Allow deposit and withdrawal funds at any time
- No profit is calculated upon deposit

Through these accounts, you can carry out several banking services such as money transfers, checkbook transactions, loan repayments, payment of fees and rent, bills and taxes, exchange between currencies and precious metals.

In addition to paying installments such as buying real estate in installments in Turkey, and paying the installment amounts monthly to the construction company account.

Participatory Accounts:

- It is a joint account between the account holder and the bank
- Returns distribution within the scope of profit and loss partnership
- The rate of return is determined at the end of the term, not initially.

Funds collected from participating accounts are used to finance: the trade, industry, agriculture, and services sectors in line with the principles of interest-free Islamic banking.

Current Bank Accounts:

- These accounts are not limited to a certain time
- This type of bank account provides an opportunity to evaluate savings in gold
- A certificate is issued against the stored gold (at the banks where real gold buying and selling is available), and some banks provide an assessment of savings by the price of other metals.

The gold account can be used for saving, the minimum transaction usually equals 0.01 grams, and the gold can be bought or sold at any time at the price in its time.

There are other types of bank accounts offered by some banks in Turkey such as insurance accounts, saving accounts, and others…

Credit Cards:

It is a card issued by financial institutions including banks, provides its owner the possibility to get money, and is often used in both cash and installments processes, and for short-term financing.

Credit cards have been able to achieve success at several levels in the past period, such as:
- Protect money from being stolen or lost
- Guaranteeing the rights of their owners, such as ensuring the financial ability of the credit card holder
- Know the value of the bank account associated with the card
- It can be used in many places such as restaurants, shops, and car rental shops.

Types of Credit Cards:

Debit Cards:

This type of card is granted to people who have sufficient funds in their bank accounts which are deposited with the bank responsible for issuing this card, it provides its owner the ability to get various services and products, then immediately the amount of purchases is deducted from his bank account by one of the bank's electronic ATMs.

The maximum amount of credit withdrawals for debit cards is the private credit in the owner's bank account, where the cardholder can pay for his purchases within the limits of his account credit.

This type of credit card is widely spread in economically developed countries, its use depends on banking operations in the country, and it does not provide the ability to obtain financial loans because it mainly relies on a debit account in the responsible bank for issuing this card.

Charge Card:

The owner of this kind of card obtains a financial loan from the bank within a certain limit, according to the card classification degree, and during a specific time period.

He should pay the loan at the specified pre-agreed time of payment, and if he paid the loan late, he will pay financialinterest too.

Also, It is called “the loyalty card or the deferred discount” because the payment of its financial dues depends on a certain period of time.

Credit Cards with Revolving Credit:

Also known as a credit loan card, provides its owner the access to buy products, do cash withdrawals by ATM, and it has installment systems so it provides the ability to pay the deferred installments from any purchases.

This card differs from regular credit cards that the bank is obliged to pay the financial sums of the cardholder to the merchant, in exchange for a previously agreed financial increase.

The idea of ​​buying real estate in Turkeyhas become popular among those interested in obtaining an ideal opportunity for housing or investment and take advantage of the appropriate real estate investment options in Istanbul to obtain a high return by communicating with our real estate consultants.

Do not forget that investing in real estate in Turkeyis only a way to gain Turkish citizenshiporreal estate residencepermit that allows you to stay in the country legally and then acquire many of the privileges that a Turkish citizen gets.