As someone who worked in China and received my salary in yuan, I wanted to deposit some of my leftover yuan into a bank account in Turkey for currency exchange rate protection. From online research, I found that some Turkish banks claimed to open yuan accounts.
I first tried TEB partner of BNP Paribas, which advertised being the first bank to offer yuan accounts. However, at the bank I was told they could not accept yuan deposits and could only possibly credit my account through foreign exchange transactions.
The experience was similar at other major banks like Garanti BBVA and Türkiye İş Bank – I could open an account but not deposit funds. Most branches did not accept yuan at all. The only solution seemed to be their Istanbul Airport branches of Garanti BBVA.
What stood out was the lack of communication within banks. No branch could offer real help. Not even contacting head offices resolved issues.
It appeared staff themselves did not fully understand yuan, reflecting the industry’s unpreparedness for Chinese integration. While some banks enabled yuan accounts digitally, implementation was inconsistent across locations.
Overall, using Chinese currency at Turkish banks remains a challenge. This exposed gaps Turkish banking must address to better engage with China’s growing economic influence. Improved training, coordination and yuan-friendly services will be important for the sector globally.
My experiences highlight work still needed for Turkish financial systems to adapt to changing international trends and capital flows involving emerging major currencies like the yuan.
You can read my full experience in Turkish here: Türkiye’deki Bankaların Çin Yuanı Hesapları Hakkında Bir Deneyim