TRY / AED Only Banks
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Probably, if you look for really small/rural savings bank, cooperative banks, agricultural banks, and other banks that only serve the local markets. Most such banks have been absorbed by the bigger banks by now, though, but there might be some left.
Unfortunately, such banks are probably not going to open an account for you Russian friend.
TRY is useless outside of Turkey (and TRNC).
AED is moderately useful in the GCC region, but even there USD is preferred for cross border transactions.
Unfortunately, such banks are probably not going to open an account for you Russian friend.
TRY is useless outside of Turkey (and TRNC).
AED is moderately useful in the GCC region, but even there USD is preferred for cross border transactions.
Not for a Russian friend 🙂 Another one, but with a good citizenship this time.
Really struggling to find
“Zand” seems to fit, its an online bank in UAE, but doesn’t look safe at all
Another is “AlBaraka”, a Turkish bank, they dont have international presence, but they unfortunately work with USD and EUR
Really struggling to find
“Zand” seems to fit, its an online bank in UAE, but doesn’t look safe at all
Another is “AlBaraka”, a Turkish bank, they dont have international presence, but they unfortunately work with USD and EUR
You might need to search in Turkish or Arabic. Sometimes they aren't banks but credit unions, savings union, or similar.
Zand has multiple currencies. Not sure if it's part of their standard offering at the moment, but they have correspondent relationships for international currencies.
That's the problem you'll run into. Any bank that takes international customers or transacts with the outside world will also work with major international currencies like USD and EUR. You can't really run an international bank without︀ using international currencies, and the BRICS' dream of non-western currencies isn't reality yet.
You're looking︁ for a bank that only targets domestic customers, but still accepts international customers. I'll be︂ surprised if you find one.
Zand has multiple currencies. Not sure if it's part of their standard offering at the moment, but they have correspondent relationships for international currencies.
That's the problem you'll run into. Any bank that takes international customers or transacts with the outside world will also work with major international currencies like USD and EUR. You can't really run an international bank without︀ using international currencies, and the BRICS' dream of non-western currencies isn't reality yet.
You're looking︁ for a bank that only targets domestic customers, but still accepts international customers. I'll be︂ surprised if you find one.
He'll run into the same problems, since TRNC banks are all nested within Turkish banks (mostly the big ones). The bank is either not going to take non-resident clients or it's going to have exposure to international currencies and EU/US regulatory scope via its Turkish correspondents.
Maybe someone will see this thread and start a bank that has SWIFT connection, non-resident account opening, but only offers TRY/AED/similar︀ currencies. 😉 They'll have at least one whole client!
Maybe someone will see this thread and start a bank that has SWIFT connection, non-resident account opening, but only offers TRY/AED/similar︀ currencies. 😉 They'll have at least one whole client!
That could also work or some local banks in Turkey (assuming no connection to big banks)
No SWIFT needed and it's for a long-term Turkish resident
After some research, local investment banks seem to fit as well - much safer than rural banks, operate in TRY, but are limited in transactions. As good as it can get in this case.
To compensate transactions, corporate structure would need a separate company to get 1-2 monthly transfers from︀ the investment bank for operating expenses. Assuming that operating company has an international bank with︁ TRY / AED account.
No SWIFT needed and it's for a long-term Turkish resident
After some research, local investment banks seem to fit as well - much safer than rural banks, operate in TRY, but are limited in transactions. As good as it can get in this case.
To compensate transactions, corporate structure would need a separate company to get 1-2 monthly transfers from︀ the investment bank for operating expenses. Assuming that operating company has an international bank with︁ TRY / AED account.
Yes, it's pretty expectable. I only have not been sure whether it is valid universally or whether some small credit union etc. after all can exist independently at TRNC; in such a case, taking into account the number of expats there, some hypothetical possibility could appear... But it has been purely a speculation.
🙂 🙂
🙂 🙂
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