Bank Mellat in Istanbul: the licence revocation and what it means for Iranians

For years, Bank Mellat's branch in Istanbul was one of the few banking bridges between Iran and Türkiye: a place where many Iranians living in Türkiye held an account or routed their transfers. In September 2026 that changed. This article summarises what has been officially announced as of writing (October 2026), what is still unclear, and which options Iranians in Türkiye have for a bank account and for moving money between Iran and Türkiye. Everything is drawn from dated press reports and may age as the situation develops.

What happened

On 19 September 2026 a notice of Türkiye's Banking Regulation and Supervision Agency (BDDK) appeared in the country's Official Gazette revoking the operating licence of “Bank Mellat, Head Office in Tehran, Istanbul Turkey Central Branch”. Al Jazeera, Iran International and Turkish Minute reported the text the same day; Iran International described the decision as the end of Bank Mellat's 44-year presence in Türkiye.

The legal basis is a provision of Türkiye's banking law that lets the regulator revoke a licence when a bank's continued operation is deemed a threat to depositors' rights or to the security and stability of the financial system. According to Al Jazeera, citing Reuters, the notice cites neither US measures nor any specific operational problem.

The context the press reports

The reports place Türkiye's decision against the background of US sanctions pressure, without a direct link having been established:

• Bank Mellat was under Western sanctions for years; they were lifted under the 2015 agreement and reimposed after the US withdrew from it in 2018. In 2019 the bank was listed among entities linked to the Revolutionary Guards and hit with further US and Gulf sanctions.
• A few weeks before the revocation, the US Treasury had sanctioned a small Turkish investment bank, Golden Global Bank, and two subsidiaries over alleged Iran links; the bank denies the allegations.

One analysis service also wrote of closures in Ankara and Izmir, but Al Jazeera, Turkish Minute and Iran International name only the Istanbul branch; we follow the documented account.

What is still unclear

As of writing, the sources listed at the end do not answer these questions:

1. Deposits and accounts: what happens to customer deposits and how they can be withdrawn or transferred.
2. Wind-down timing: how long the termination process takes and which body administers it.
3. Positions of the bank and the two governments: the reports carry no reaction from Bank Mellat or from Iranian or Turkish officials.

In Türkiye, the process after a bank's licence is revoked runs under the official authorities. Our simple advice: if you held an account at this branch, rely only on official announcements from the bank and the regulator, keep your account documents, and do not trust messages promising a “quick solution”; moments like this are a scammer's favourite.

What it means for Iranians living in Türkiye

1. Bank account: the presence of an Iranian bank in Istanbul was, for some Iranians, a way to hold an account without facing the conditions of Turkish banks. With that option gone, the main route is Turkish banks, which require residence, the foreigner identity number and a registered address. The guide to opening a bank account in Türkiye explains the conditions in detail.

2. Moving money between Iran and Türkiye: the direct banking channel between the two countries is narrower than before. The other common routes are a lira deposit to a Turkish bank account through an exchange office that states the rate and fee before execution (transfers to Türkiye), the reverse route for a toman settlement in Iran (transfers to Iran), and in-person conversion of cash or USDT in Istanbul. Each route has its own conditions and documents, and its firm rate is set only by a quote.

3. USDT: some Iranians move value with USDT. That route has its own rules in Türkiye, covered in the guide to Tether in Türkiye; never send USDT before the rate, network and address are confirmed in writing.

4. Caution with rumours: in the days after decisions like this, claims about a “reopening”, an “automatic transfer of deposits” or an “intermediary who will release your money” circulate on social media. Believe none of them without an official announcement, and never send codes or documents to strangers.

If you were a customer of this branch

• Collect and keep your account documents, receipts and latest statement.
• Follow Bank Mellat's official channels (in Iran and Türkiye) and the BDDK's announcements, and ask for the official instructions before acting.
• If you have no alternative account at a Turkish bank, review the account-opening conditions now so that you are ready when the wind-down proceeds.
• For urgent transfers, use routes that state the rate, fee and conditions before execution and issue a receipt.

A short timeline (as reported by the sources)

• 2015: Western sanctions on Bank Mellat lifted under the nuclear agreement.
• 2018: the US withdraws from the agreement and sanctions return.
• 2019: Bank Mellat is listed among entities linked to the Revolutionary Guards and hit with further US and Gulf sanctions.
• Early September 2026: the US Treasury sanctions Golden Global Bank and two subsidiaries over alleged Iran links; the bank denies the allegation.
• 19 September 2026: the notice revoking the licence of Bank Mellat's Istanbul central branch is published in Türkiye's Official Gazette.

This timeline only orders the events according to the sources at the end of the article and claims no causal link between them; the notice itself, as noted, gives no reason beyond its legal basis.

What to watch in the coming weeks

• An official announcement by the regulator or the responsible bodies on how the wind-down works and how customers access their deposits.
• Bank Mellat's own announcement about the Istanbul branch and the follow-up route for customers.
• Any objection or appeal by the bank that changes the course of events.
• A possible change in Turkish banks' policy towards Iranian customers; as of writing, the sources of this article report no such change.

In short

The revocation of the licence of Bank Mellat's Istanbul central branch in September 2026 is an official, dated decision, but the details of the wind-down and the fate of deposits are not clear from the published reports. For Iranians in Türkiye the practical message is: a bank account through Turkish banks, transfers through routes with a stated rate and fee, and decisions based only on official announcements. This article will be updated as new official information is published.