KT Bank AG rejection

[Overtrade]

As a newly born Turk, I applied to KT Bank AG. I filled out everything nicely, passed a video verification in an external company, and when asked why I need this account, I answered truthfully that it's for geographical diversification, establishing a relationship with KT Bank AG, and trying out their investment products.

One day after submitting the last email, I received a rejection.

Let's assume I am a Turk living in Turkey with a country of birth in the EU.

Let's assume that I appreciate the beauty of Swissquote, FlowBank, CimBank - especially Swissquote, but these are not exactly banks, more like brokers. OK - CimBank maybe is a bank, but, hmmm...

What reasonable options are available for an individual, comparable to KT Bank, without having to invest 200k USD?

 

[Forester]

As a newly born Turk, I applied to KT Bank AG. I filled out everything nicely, passed a video verification in an external company, and when asked why I need this account, I answered truthfully that it's for geographical diversification, establishing a relationship with KT Bank AG, and trying out their investment products.

One day after submitting the last email, I received a rejection.

Strange... OK, they could ask themselves a question why you want to establish a relationship with KT Bank AG and not their Turkish mother – when you do not claim any ties to Germany (or at least EU); but anyway...

Let's assume I am a Turk living in Turkey with a country of birth in the EU.

Let's assume that I appreciate the beauty of Swissquote, FlowBank, CimBank - especially Swissquote, but these are not exactly banks, more like brokers. OK - CimBank maybe is a bank, but, hmmm...

All three (as the last you mean CIM Banque, I guess) possess valid Swiss banking licence. Having said that – it is true that Swissquote and FlowBank do not have as their core business classical banking but, say, brokerage.

What reasonable options are available for an individual, comparable to KT Bank, without having to invest 200k USD?

Could you please elaborate more in what aspects the alternative should be comparable to KT Bank? Being in Germany, having similar investment products portfolio (i.e. Islamic banking investment), ... ?

 

[Overtrade]

- a bank
- outside of Turkey
- with no problem with deposits/withdrawals from Interactive Brokers, TradeStation, Swissquote, Freedom24 etc. (obviously on the same name)

 

[Forester]

- a bank
- outside of Turkey
- with no problem with deposits/withdrawals from Interactive Brokers, TradeStation, Swissquote, Freedom24 etc. (obviously on the same name)

Well, sorry for being so inquisitive but I just want to understand your case better: What do you target by the requirement that the institution should be a “classical” bank?
Do you want some specific services like loan, safe box, cheques, ... ? Because transactional banking like deposits/withdrawals from Interactive Brokers etc. you can enjoy with some EMI as well – or e.g. with Swissquote – and you can choose from a much broader list, then... Really, the vast majority of banks that are willing to onboard offshore individuals ask for a remarkable deposit – and frankly, it's quite understandable now, as the compliance costs and risks in such a case are high...
Nevertheless, three tips at this moment:
– check Allied Turkish Bank IBU Ltd at TRNC, it's a dedicated offshore bank and apparently open for Turkish citizens;
– if you still have some ties to the country where you were born, try to open an account with some bank there (if you share the name of the country, you might even receive some particular recommendation);
– open an account with some Turkish bank that has a presence abroad and then try to open an account with their foreign daughter/branch. As an example, Halkbank comes to my mind (and e.g. their Macedonian daughter). The bank in Turkey even can help you with it...

 

[Overtrade]

I don't want to use my Turkish data in my birth country from the European Union.

Indeed, maybe I should look into emi. The most popular ones like Wise/Revolut are not open to Turkish residents.

What are the other options?

Halkbank outside of Turkey might be an idea.

With TRC, I'm afraid it's like a Hotel California, you can deposit, but not necessarily withdraw outside."

 

[Forester]

I don't want to use my Turkish data in my birth country from the European Union.

OK...

Indeed, maybe I should look into emi. The most popular ones like Wise/Revolut are not open to Turkish residents.

If something is popular, it does not mean that it is good or even very good

What are the other options?

For your use-case, check Verifo and/or Paysera, as the first try.

With TRC, I'm afraid it's like a Hotel California, you can deposit, but not necessarily withdraw outside."

Well, I think it depends on the particular bank. Generally I share your position but especially re: Allied Turkish Bank IBU Ltd I would not be so afraid. It's a member of Turkish Bank Group, an old bank with a reputation and a member bank in London, among others. But do perform your own due diligence – my information comes from a reputable source but I have no personal experience with Turkish Bank. And in a long-term perspective, the political situation at TRNC can of course be a problem (but where the perspective is completely safe, nowadays ).

Generally, if I were you and had an account with Swissquote (and no problems/disputations with them), I would probably stay there and be satisfied...

 

[Overtrade]

I have account with Swissquote as EU citizen.

I don't think it is especially good idea to open second one as Turk.

Turkish banks are not good when you are not citizen when you want move money abroad - you need partners on the ground.

Turkish banks are O.K. when you are citizen, they're just kind of expensive.

TRNC - don't have expirience, can be California Hotel, in future I will try.

Any other cool EMI's / banks for natural turk person?

 

[Forester]

I have account with Swissquote as EU citizen.

I don't think it is especially good idea to open second one as Turk.

Well, not in this way, of course.
But:
I must say I do not understand well – do you have a dual citizenship (EU+TR) or you had the EU citizenship in the past and now you have only the TR citizenship? Nevertheless, if the former, then feel free to continue using SQ account as an EU citizen, just inform SQ about the change of residency; if the latter, inform SQ about the change of citizenship and they will tell you what to do. (But inform them in both cases as otherwise you can face the account freeze when it reveals...)

Any other cool EMI's / banks for natural turk person?

Perhaps some UK EMI/EMIs – but I do not recall anything suitable at this moment (keeping in mind that you are not willing to deposit a remarkable amount). I guess Verifo and/or Paysera can be the very good – if not the best – bet.