Newsletters
Turkish banks are expanding access to physical gold by equipping selected ATMs with dedicated modules that let customers buy certified gold grams around the clock, Turkish media reported.
The service targets customers looking to purchase physical gold outside regular business hours, including evenings and weekends when jewelry stores are closed.
The rollout starts with pilot ATMs in major cities, and banks plan to expand the system across their ATM networks if customer demand proves strong.
Customers who prefer not to use ATMs can also order physical gold online and collect it from secure pickup lockers, including password-protected units located at metro stations.
The service covers products ranging from gram gold and quarter coins to Republic coins and bracelets.
The earlier version of the system was halted after fraudsters swapped genuine gold inside ATMs with counterfeit products, leaving customers to discover the problem after completing transactions.
Banks have since tightened security, with gold now supplied by Turkish refineries and packaged in tamper-resistant, bank-branded wrapping, Turkish gold market expert Islam Memis wrote on hurriyet.com.tr.
With the new system, consumers in Türkiye now have four main ways to obtain physical gold: Mint Certificates (S1) traded on Borsa Istanbul, jewelry stores, bank ATMs and designated pickup points.
Despite the added convenience, ATM purchases generally cost more than buying from traditional jewelers, as they involve two main costs in addition to the gold price.
One is the bid-ask spread set by the bank, which fluctuates depending on market conditions and typically widens during periods of low liquidity, such as after 5:00 p.m., weekends and times of heightened global volatility.
Banks also charge a physical delivery and minting commission to cover the conversion of digital gold into certified bullion, along with packaging, transportation and stocking the products inside ATMs. The fee varies depending on the institution and the size or type of the gold purchased.
Banks also typically apply a trading spread of up to ₺250 ($5.28), while the spread in Istanbul's Grand Bazaar is around ₺50.
Türkiye remains one of the world's leading markets for bar and coin gold demand, with the World Gold Council (WGC) estimating demand at 71.1 tons in 2025 despite a 37% decline from the previous year amid record-breaking gold prices.
Set as preferred source
Set as preferred source
1 min read
1 min read
