If you're a Turkish expat living in the UK or a UK resident with ties to Turkey, knowing which Turkish banks are in the UK, as their services and where to find a branch, might the doubts in your head.

The UK financial sector have a diverse range of banking institutions, and among them are banks with Turkish origins to attend the needs of both individuals and businesses. Despite the variety, finding the perfect match can be a challenge. (Not only when talking about banks, right?) This is where alternatives like Wise come into play, providing easy and fast ways for managing your finances across borders. So let’s dig into your options when it comes to Turkish banks in the UK, and their products and services.

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Turkish banks in the UK

Firstly, let’s answer the main question: Are there Turkish banks in the UK? Yes!

Several Turkish banks have branches in the UK with services available to business and corporate customers, but also individuals. We’ll take a look through some options, plus a pretty convenient way to opening a bank account in the UK, if the Turkish banks won’t work for you: consider Wise.

TurkishBank UK

TurkishBank UK¹ is looking after your savings in the UK since 1974. They offer personal and business services, such as deposits, savings, financing, payment services, and even a non-UK resident can open an account with them. They can work with British pounds (GBP), Turkish lira (TRY), United States dollar (USD), and euros (EUR). In total, they have six branches located in London, Harringay, Dalston, Edmonton, Palmers Green, and Lewisham.

Ziraat Bank London

Ziraat Bank² is a very traditional Turkish bank that has services for corporate customers, such as financing and borrowing money, and international business, and retail customers, such as retail banking, and transferring/sending money overseas. Although, they only work with British pounds (GBP) notes, and there is no internet banking or ATM available.

HSBC

HSBC³, a very popular international bank, is operating in Turkey and can be accessed in the UK. Having established its presence in Turkey since 1990, HSBC Türkiye offers an array of services encompassing Wholesale Banking, Retail Banking, and Wealth Management. Through an extensive network of branches, telephone banking, ATMs, and digital banking, HSBC Turkey provides customers with diverse financial solutions.

İşbank London

As a trusted institution with a rich history, İşbank London⁴ offers a range of services tailored to your financial needs. With two branches in the UK, in London and North London, they provide a platform for personal and business financial solutions. From accounts and loans to international transactions, İşbank London stands as a reliable partner, bringing Turkish banking expertise to your doorstep.

How to open a bank account with a Turkish bank

If you’re Turkish or have Turkish residency, you’ll be able to open a bank account with a Turkish bank quite easily. However, if you don’t have a Turkish residential address, you may find it a bit more difficult to open an account.

An intelligent way to avoid this problem and to open a GBP or EUR account - in fact a multi currency account - is through a specialised digital service, such as Wise.

To create a Wise account, simply register online or via the Wise app, submit an image of your identification and address verification from the UK, Turkey, or any other supported nation, and you're all set once your account is confirmed. Here are some of the benefits if you have a Wise account:

• Send money to more than 80 countries worldwide, featuring charges from 0.41%
• Retain and convert over 50 currencies, including Turkish lira (TRY) and British pounds (GBP)
• Switch between currencies at the mid-market exchange rate
• Obtain a Wise card to be used in more than 170 countries across the globe
• Receive payments from over 30 countries using local bank details facilitated by Wise

Get started with Wise

Sending money with Wise vs banks

If you're looking to send some euros over to the UK to be converted into pounds, you might want to consider Wise instead of the old and bank routes. Wise uses the mid-market exchange rate, keeping their fees very transparent, and making the whole process very quick. Plus, the nifty thing is that you can get a Wise account going from just about anywhere – be it the UK, Turkey, or wherever you're decided to settle for now.

Just have a look at the "Which Countries Can I Use Wise In" list to see where they've got the green light.

Now, let's see how Wise compares against a few of the main European banks when it comes to transferring euros into pounds. Here's the deal: in this bank transfer simulation, we’re sending 100 EUR over to a UK account, with the money being converted to GBP:

Transfer fees and exchange rates correct at time of research - 08/29/2023

Try it for yourself with the most up to date rate at Wise:

As you can see, in this case, your recipient ends up receiving more when you use Wise, as opposed to doing an overseas payment with a bank. So, when you need to send or spend in euros, or any of the other 50+ currencies that Wise has your back on, compare the costs and see if you can pocket some savings.

Please see the Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources used:

Sources last checked on date: 29-August-2023