INFORMATION ON THE FOREIGN CURRENCY DEPOSIT ACCOUNTS WITH CREDIT LETTER AND SUPER FX ACCOUNTS OPENED WITH OUR BANK

Individuals eligible for opening Foreign Currency Deposit Accounts with Credit Letter and Super FX Accounts are real persons over eighteen years of age having residence or working permits abroad or the right thereto, Citizens of The Republic of Turkey ( possessing The Republic of Turkey Identity Card / passports) or possessing “Certificates Regarding the Use of Rights Under the Law No.5203”. Persons authorised to work abroad for a long term by the public agencies and those employed at the representative offices and bureaus abroad of the public and private sector organisations are also entitled to open these accounts.

Citizens having Credit Letter and Super FX Accounts may continue their accounts under the prevailing legislation also after their final return to Turkey.

Joint accounts may be opened solely for husbands and wives under the "and/or" clause. Accounts under the "and" clause permit the husband and wife to jointly use them while those under the "or" clause will enable the husband and wife to individually have access to their accounts.

For Foreign Currency Deposit Accounts with Credit Letter by depositing minimum amount of

It is possible to open 2 years time deposit accounts.

For Super FX Accounts, by depositing minimum amount of

It is possible to open 1, 2 and 3 years time deposit accounts.

When any foreign currency that is traded by our Bank, is remitted, accounts can also be opened through legal tenders by converting them into one of the above-mentioned currencies.

 

(To see interest rates from past until today click here)

Our citizens having valid Turkish passports, idebtity cards or "Certificate" can open Foreign Currency Deposit Accounts with Credit Letter and Super FX Accounts by depositing money to the banks

or making transfers into our Bank through the Turkish and foreign banks and the branches of the post offices at the place where they are resident.

Our citizens having "Certificate" can open accounts by personally going to our Branches or, in case they are residents abroad, by making their transfers into our Bank through the branches of the Turkish and foreign banks and the post offices at the place where they are resident.

The fees charged by the banking institutions in Turkey and abroad, postal authorities and private finance corporations for transferring the deposited amounts in order to open Super FX Accounts will be paid by the accountholder.

Credit Letters and Super FX Account books related with the opened accounts will be directly sent to the accountholders.

Since the interests are applicable as from the date of deposit, accountholders will not sustain loss of interests due to the late receipt of the Credit Letters and Super FX Account books.

Accountholders of the Foreign Currency Deposit Accounts with Credit Letter and Super FX Accounts can withdraw cash from their accounts by submitting their Turkish passports, identity cards or "Certificate" with their Credit Letters/Super FX Accounts books  to our Branches in Turkey

 

Accountholders can also make transfers to their own accounts abroad or in Turkey. For such a transaction, no fee or commission will be charged by our Bank.

The interest rates are calculated annually and credited to the accounts on maturity date. After crediting the accrued interest to the principal, a letter showing the final balance, is sent to the accountholder.

In the case of withdrawals prior to the maturity date, interest rate applied to the deposits is 0,05% for Foreign Currency Deposit Accounts with Credit Letter and Super FX Accounts for the duration (minimum 1 month) they remained in the account. If the balance amount of the Credit Letter after the withdrawals, is not below the minimum requirement, the deposit time period will not be changed. When the total amount of the Credit Letter is withdrawn, if the balance amount in the account is above the minimum requirement, a new Credit Letter is posted to the accountholder.

For the transfer of the monies below the minimum requirement, the photocopies of the first three pages of the passport and both sides of the bankcard have to be sent to "Central Bank of the Republic of Turkey, Workers' Remittances General Directorate, Ulus - ANKARA".

After the partial withdrawal, if the balance amount in Super FX Account is below the minimum requirement, it is possible to open a Credit Letter Account for the residue upon the request of the accountholder.

Credit Letters and Super FX Account books belong to the persons whose forenames and names are thereon indicated and may not be transferred or assigned to others nor may be used as guarantee for any purpose whatsoever.

Super FX Accounts may be opened as one, two and three years time deposit, and Foreign Currency Deposit Accounts with Credit Letter may be opened as two years time deposit accounts. The maturity starts as from date of the deposit, and terminates on the same day and month related with the above mentioned time period.

The interest rates are gross and therefore accrued interests are subject to tax and other similar cuts required by law.

For the lost or stolen Credit Letters and Super FX Account books, “Central Bank of the Republic of Turkey Head Office-ANKARA” should be notified immediately on the same day. Our Bank will not be held responsible for any erroneous payments made due to the late notification.

About the information regarding address, passport and Certificate changes, notification should be sent in a written form as soon as possible to the Central Bank of the Republic of Turkey. In the case of the failure to notify the address changes, all notifications to the previous address will be accepted as valid.

In case of requests for conversion into joint account or for changing the maturity date, the type or the currency of the account should be accompanied by the originals of the Credit Letters and Super FX Account books, photocopies of the first three pages of the passport of the Republic of Turkey (or the "Certificate") and a letter of application including a statement about the acceptance of the loss of interest, if there is any.

Payments with powers of attorneys will be made solely by our branch offices.

No information about the accounts is given to persons or oganizations domiciled in or outside of Turkey unless there is a court ruling obtained from the Turkish Courts to the contrary.

Books and records of the Central Bank of the Republic of Turkey will prevail in all conflicts arising out of and in connection with these accounts.

Turkish law will apply to disputes between the parties T.C. Ankara Courts and Law Erforcement Offices will have jurisdiction in all litigations.

The Central Bank of the Republic of Turkey may set limits to the payments to be made in a single withdrawal at any given time and may restrict the amounts payable to the holders with powers of attorney.