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Managing Finances And Payments While Working In Turkey

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Managing Finances and Payments while Working in Turkey

Turkey is a beautiful country located at the crossroads of Europe and Asia, with a rich history and vibrant culture. Many people choose to work in Turkey due to its growing economy and numerous job opportunities. However, managing finances and payments can be a challenge for expatriates working in a foreign country. In this article, we will provide a comprehensive guide on managing finances and payments while working in Turkey, covering various aspects such as banking, currency exchange, taxes, and more.

Banking in Turkey

When working in Turkey, it is essential to open a bank account to manage your finances effectively. Turkish banks offer a range of services tailored to both individuals and businesses. To open a bank account, you will need to provide your passport, residence permit, and proof of address. Some popular banks in Turkey include Türkiye İş Bankası, Akbank, and Yapı Kredi Bankası.

  • Online Banking: Most Turkish banks offer online banking services, allowing you to manage your accounts, make payments, and transfer money conveniently. Online banking platforms are user-friendly and available in English, making it easier for expatriates to navigate.
  • ATMs: ATMs are widely available in Turkey, and you can withdraw cash using your debit or credit card. However, it is advisable to use ATMs located within bank branches or well-lit areas to ensure security.
  • Bank Charges: Banks in Turkey may charge various fees for services such as withdrawals, transfers, and account maintenance. It is essential to compare the fee structures of different banks and choose the one that suits your financial needs.
  • Credit Cards: Credit cards are widely accepted in Turkey, especially in larger cities and tourist areas. Visa and Mastercard are the most commonly accepted cards, although some establishments may also accept American Express and Diners Club.

Currency Exchange

The official currency of Turkey is the Turkish Lira (TRY). It is advisable to exchange your foreign currency for Turkish Lira at authorized exchange offices or banks to get the best rates. Avoid exchanging money at unauthorized street vendors, as they may offer unfavorable rates or counterfeit currency.

  • Exchange Rates: Exchange rates fluctuate daily, and it is advisable to check the rates before making any currency exchange. You can find current exchange rates on the websites of authorized exchange offices or through financial news platforms.
  • International Money Transfers: If you need to send money internationally or receive funds from abroad, you can use authorized money transfer services such as Western Union or bank transfers. Ensure that you provide the necessary details accurately to avoid any delays or issues.

Taxes in Turkey

When working in Turkey, you are required to pay income tax on your earnings. The tax rates vary depending on your income level, and it is advisable to consult with a tax professional or the local tax office to understand your tax obligations fully.

  • Tax Identification Number (TIN): To pay taxes in Turkey, you need to obtain a Tax Identification Number (TIN) from the local tax office. The TIN is required for various financial transactions, such as opening a bank account or purchasing property.
  • Income Tax Returns: As an employee, your employer will deduct income tax from your salary and provide you with a tax statement at the end of the year. You may be required to file an annual income tax return, depending on your income level and other factors.
  • Double Taxation Treaties: Turkey has signed double taxation treaties with many countries to avoid double taxation for individuals and businesses. If you are a foreign national working in Turkey, it is advisable to check if your home country has a tax treaty with Turkey to understand the implications on your tax obligations.

Managing Expenses

To effectively manage your expenses while working in Turkey, it is essential to create a budget and track your spending. Here are some tips to help you manage your expenses:

  • Housing: Rent is one of the significant expenses for expatriates in Turkey. Consider your budget and preferred location when searching for accommodation. Websites like Sahibinden and Hurriyet Emlak are popular platforms for finding rental properties in Turkey.
  • Transportation: Turkey has an extensive transportation network, including buses, trams, metros, and taxis. Public transportation is relatively affordable, and using a transportation card can help you save money on fares.
  • Utilities: Utilities such as electricity, water, and internet are essential expenses. Compare different service providers to find the best rates and packages that suit your needs.
  • Groceries and Dining: Turkish cuisine offers a wide range of delicious options, both for cooking at home and dining out. Plan your meals, shop for groceries wisely, and explore local markets to find fresh and affordable ingredients.
  • Entertainment and Leisure: Turkey offers a vibrant cultural scene, with numerous museums, galleries, and historical sites to explore. Look for discounted tickets or free admission days to save money while enjoying the rich cultural heritage of the country.

Insurance and Healthcare

It is essential to have adequate health insurance coverage while working in Turkey. The Turkish healthcare system offers both public and private options, and expatriates can choose to have private health insurance for comprehensive coverage.

  • Public Healthcare: Turkish citizens and residents are eligible for public healthcare services provided by the Social Security Institution (SGK). Contributions are deducted from salaries, and individuals can access healthcare services at public hospitals and clinics.
  • Private Healthcare: Private health insurance offers additional benefits and faster access to medical services. Many international insurance companies provide coverage for expatriates working in Turkey. It is essential to compare different insurance plans and choose one that suits your needs.
  • Emergency Services: In case of emergencies, dial 112 for ambulance services or visit the nearest emergency department at a hospital.

Retirement Planning

While working in Turkey, it is crucial to plan for your retirement and consider long-term financial goals. Here are some retirement planning options to explore:

  • Private Pension Plans: Turkish law allows individuals to contribute to private pension plans, which offer tax advantages and long-term savings options. You can choose from various pension providers and investment options.
  • Investment Opportunities: Consider investing in long-term assets such as real estate or stocks to diversify your portfolio and grow your wealth over time. It is advisable to consult with a financial advisor to understand the risks and potential returns.
  • Social Security Agreements: If you are a foreign national working in Turkey and your home country has a social security agreement with Turkey, you may be entitled to certain benefits, including pension or healthcare coverage. Check the agreement terms and conditions to understand your entitlements.


Managing finances and payments while working in Turkey requires careful planning and understanding of the local financial landscape. By opening a bank account, managing currency exchange, fulfilling tax obligations, and creating a budget, you can effectively manage your finances and enjoy your time in this beautiful country. Remember to seek professional advice when needed and explore the various financial options available to make the most of your working experience in Turkey.



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