Out of necessity I kept my bank account in the US, my home country, open. Like many other Americans, I had taken out student loans to pay for my university tuition when I was a student. I still needed to make monthly payments to Sallie Mae and they only accepted payments from US bank accounts at that time. My job in Turkey paid my salary into a bank account through a Turkish bank that they opened for me when I started work.
Every month I would head down to the busy part of İstanbul my branch was located. I would withdraw a certain amount of Turkish lira, run over to a nearby exchange office to change the money into dollars (the exchange rate was better than the bank) run back to the bank, fill out paperwork to wire transfer the money to my US account, then wait. Usually the money would show up in my US account within a few days. Back then, the fee for this transaction was about $15. After 2008, everything changed. The US banking sector was severely rocked by the financial crisis. My bank was bought out by another bank, and wiring money became increasingly difficult and more expensive.
Over the years Turkish banking became progressively easier with Internet banking. I can monitor my account, pay my bills and transfer money in the comfort of my home online. My US bank seems archaic as the only thing I can do with online banking is view my account. Americans are still writing checks to pay bills, as the banks have not (in my opinion) evolved with the times. Each month maintaining my US account became more of a headache as I was forced to make lengthy and expensive phone calls to my bank, where I was forced to wait upwards of 30 minutes to talk to an unhelpful customer service representative. Since the main reason I had kept my US account active was to pay my student loans, my husband and I decided to check out other options. This was cinched when it cost me over $80 in fees to wire merely $150 to my US account. It was getting ridiculous. So, we spoke with my husband's Turkish bank about getting a loan to pay my US loan in full. Then, I would make my monthly payments in Turkey to a Turkish bank instead.
While I too have complained about many bureaucratic issues in Turkey, I have to eat my slice of humble pie in this matter. We spent a few hours at the bank and signed lots of papers. The next day, the money was approved and ready to send directly to Sallie Mae in full. The Turkish bank had been thorough and efficient. I contacted Sallie Mae and informed them that I would pay my loan in full, and needed their wire transfer info. The customer service representative was stumped. “Can't you just send a check?” she asked. I sighed. This was going to be difficult. About 45 minutes and two supervisors later, we finally got the info. The Turkish bank processed the info and hit the SEND button on the screen. The magic of electronic money is that it should have gone immediately to Sallie Mae's account. Days passed, and no one seemed to know where my money went. Yapı Kredi bank insisted and provided documentation proving they had sent the money. I believed them. Sallie Mae kept hemming and hawing. After three weeks I had had it, and contacted their bank instead. If I had put cash into a locked briefcase and sent it on a cargo ship it would have arrived faster. The woman who took my call from the US bank checked the account and told me the money had appeared in the account the day it had been sent from our Turkish bank. I asked her about the rules sending that much money overseas. Was there a law regarding taxes, or maybe something in the Patriot Act that was preventing Sallie Mae from seeing it instantly? I was, after all, sending a significant amount of money. She assured me that it was not the case, but that she would have to report Sallie Mae for “misuse of funds.” I was told to contact them and tell them that both I and the bank were forced to take legal action on this matter. Whether it was a bluff or not, it worked. The next time I called Sallie Mae I was immediately transferred from their call center in the Philippines to their offices in Philadelphia. While the guy tried to tell me that the money was tied up in the Patriot Act, I reminded him that the money was sent from a legitimate bank and not a mosque. He just heard that I was sending the money from Turkey, a Muslim country, and fed me a line. What would he say were I an expat living in France or Germany? I can't help but get so riled up over ignorance. After a few harsh words, my money was credited to my account within the day. No apologies for the amount of money I had lost on international phone calls, nor for the fees my bank levied on me since Sallie Mae “accidentally” withdrew money from my US bank account for my monthly payment even though the loan had been paid in full.
It was ridiculous, and felt like dealing with a third world institution. What must Turks feel when going to America for schooling and dealing with such archaic institutions? While I bemoan the chaos at many Turkish governmental buildings, I generally have to only deal with them once a year when my residence permit is up for renewal. Banking can be a monthly and at times daily ordeal. In Turkey the only headaches I have dealt with have been the long lines at some of the branches. Even with limited Turkish I have been able to manage most of my transactions better than in my home country in my fluent language. While I have not closed my US bank account yet, it is definitely on my mind. What prevents me is a fear that many expats share, that fear of cutting off all financial ties with your homeland. Paying off my student loan was a big step for me, and just one headache less in my expat life. I still hesitate to close my account entirely, not sure of what the future will hold. Will we ever move back to the US and need it? Will another devastating financial crisis hit Turkey again like in 2001? Like most of life, the future remains uncertain. So, I keep my US account open with a paltry sum keeping the account active. For this expat, it is the last remaining financial tie to home.
Elle Loftis is an expat writer and mom living in İstanbul. For questions or comments, please contact her at e.loftis@todayszaman.com.
