TRY / AED Only Banks

[inector]

Any banks in Turkey / UAE that only operate in local currency?

Meaning that there is no USD / EUR accounts at all provided

 

[Sols]

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.

 

[inector]

Unfortunately, such banks are probably not going to open an account for you Russian friend.

Not for a Russian friend Another one, but with a good citizenship this time.

really small/rural savings bank

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

 

[Sols]

Really struggling to find

You might need to search in Turkish or Arabic. Sometimes they aren't banks but credit unions, savings union, or similar.

“Zand” seems to fit, its an online bank in UAE, but doesn’t look safe at all

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.

Another is “AlBaraka”, a Turkish bank, they dont have international presence, but they unfortunately work with USD and EUR

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 without using international currencies, and the BRICS' dream of non-western currencies isn't reality yet.

You're looking for a bank that only targets domestic customers, but still accepts international customers. I'll be surprised if you find one.

 

[Forester]

You're looking for a bank that only targets domestic customers, but still accepts international customers. I'll be surprised if you find one.

The only idea that has come to my mind is some small bank at TRNC. But I have no clue whether you can find some. (Of course, it definitely would not open remotely.)

 

[Sols]

The only idea that has come to my mind is some small bank at TRNC. But I have no clue whether you can find some. (Of course, it definitely would not open remotely.)

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/similar currencies. They'll have at least one whole client!

 

[inector]

The only idea that has come to my mind is some small bank at TRNC

That could also work or some local banks in Turkey (assuming no connection to big banks)

Any bank that takes international customers or transacts with the outside world will also work with major international currencies

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 from the investment bank for operating expenses. Assuming that operating company has an international bank with TRY / AED account.

 

[Forester]

He'll run into the same problems, since TRNC banks are all nested within Turkish banks (mostly the big ones).

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.

Maybe someone will see this thread and start a bank that has SWIFT connection, non-resident account opening, but only offers TRY/AED/similar currencies. They'll have at least one whole client!

 

[Forester]

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

Well, it changes the game – unfortunately has not been mentioned before

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.

Yes, may be...

To compensate transactions, corporate structure would need a separate company to get 1-2 monthly transfers from the investment bank for operating expenses. Assuming that operating company has an international bank with TRY / AED account.

? I must admit that I do not understand the situation now (what companies you are talking about) – but perhaps this's not so important

 

[inector]

? I must admit that I do not understand the situation now (what companies you are talking about) – but perhaps this's not so important

This was just my rant of how to compensate limited number of transactions for investment banks, not part of this thread