Documenting my experience in opening a bank account in Turkey vs Pakistan.
Coming from Pakistan, I was very curious as to what I would experience when opening a bank account in Turkey.
On Wednesday (9 May 2019), I walked into a local branch of Turkey’s IS Bank, in Istanbul, by myself and opened a bank account. All I needed to present was my passport and my Turkish residency card.
Took a total of 19 minutes. Read that again, it took a total of 19 minutes.
I walked away with a Turkish TL, USD and EUR account. I did not even have to put money into the account. The accounts were all activated immediately. All having balances of Zero.
I also got my VISA debit card right there and then. Got my internet/mobile banking, phone baking, PIN code registration, etc. all done in 19 minutes from the minute I walked in. I had to wait for about 4 1/2 minutes if you take that time out, then the account was opened in about 14 1/2 minutes.
In these 19 minutes, the Compliance Officer of the bank also reviewed my application, electronically got it signed from the Bank Manager and approved it. All in 19 minutes.
I literally timed it.
I did not have to give any ‘references’.
I did not have to speak Turkish.
I did not have to show proof of income or present any other documents.
The sign-up was simple and flawless.
All the forms I signed, were scanned using a VERY (cool) high-speed scanner and emailed to me BEFORE I got up from my chair. Think about that. How many times do Pakistani banks even give a customer a copy of the forms? In an email? Scanned?
This is a HUGE leap forward. Banking in Turkey is really advance and on another level. I will not have to wait for a debit card. I will not have to wait for ANYTHING. That is how banking is done.
Pakistani Bankers, take notes!
