Last Updated on 27/03/2023
Foreigners who live, work, or seek to launch a business in Turkey must create a bank account in order to manage their finances and carry out any type of transaction. Anyone can open a bank account in a Turkish bank, whether they reside in Turkey or another country. So, here is a complete guide regarding how to open bank account in Turkey. Yet, the process may vary from one bank to another.
How to Open a Bank Account in Turkey?
Any foreign national living in Turkey who has a current foreign identity number is eligible to open a bank account without any limitations. For the purpose of opening a bank account, copies of the passport, the Turkish tax identification number, the bank forms, and a utility bill are required. The entire process can also be completed online on the official bank websites in under an hour. Moreover, Turkey has a large number of significant banks, and customers can select from domestic institutions like Is Bankasi, Akbank, Garanti, Yapikredi, and Denizbank or international financial institutions with local branches like ING, Citibank, HSBC, or Eurobank Tekfen.
Individuals can carry out this operation within a few simple steps. First of all, they must get a tax number and submit the documents to the bank of their choice. Once the bank approves the application, they should sign the contract and get their bank card.
Requirements for opening a Bank Account in Turkey
There are two ways for individuals: with and without proof of their residential address. Without a registered address, you can open a current bank account and instantly get an anonymous debit card.
However, Turkish citizens only need to provide a national passport or Turkish ID when opening a personal bank account.
Foreign nationals must apply for a Turkish tax identification number and purchase a local SIM card. Using a rental agreement or utility statement as proof of their residence address in Turkey is required by some banks.
How to open a business bank account in Turkey?
Prior to registering, Turkish companies with a Turkish address must open an account to deposit funds as a payment for the share capital. They must deliver the company’s incorporation papers, a lease, or a certificate of property ownership to the address provided. Moreover, it is necessary for foreign businesses to register a branch in Turkey and have a tax ID. Besides, they need to provide documents verifying the address in Turkey as well as articles of incorporation to obtain a tax number.
Can a Foreigner Open Bank Account in Turkey?
In general, foreigners are able to open bank accounts in Turkey. Whether you have a valid form of identification for your current address will affect your possibilities. You should be able to open a bank account at almost any retail bank in Turkey with proof of residence. You’ll have fewer options, though, and your application will likely only be approved if you’re looking to open a foreign currency account or if you have very big deposits to make into Turkish lira accounts. Let’s say you don’t have documentation proving your presence in Turkey and merely need a Turkish IBAN for bank transfers and basic transactional flexibility. We advise Wise’s Multi-Currency Account in that situation.
How to Open a Bank Account in Turkey without a Residence Permit
When a foreigner applies to open a bank account in Turkey for personal use, the employee would typically demand him to present a foreigner’s identity number. Yet, you should know that even without a residence permit, you can still obtain a bank account, but it’s crucial to understand every step of the process and any applicable local laws.
There are different to do this. First of all, depositing large sums of money will facilitate opening a bank account in Turkey. You can also open a current account by opening a foreign currency account for long-term use and for money transfers within and outside of the country.
Moreover, you might want to store and accumulate money for treatment and recreation, make payments and pay for goods and services in Turkey, and plan to get a residency permit or buy real estate in the future
The Best Bank in Turkey for Foreigners
We’ve selected the top Turkish banks where foreigners can create bank accounts, and we’ve ranked them from best to worst, starting with this one:
How to open a Bank Account in Turkey online
By developing a new electronic work system that enables users to provide banking services in Turkey, Turkish regulations and laws approved the possibility of opening a bank account online without the need for a person to visit a bank branch, which was the typical method prior to the Covid-19 pandemic.
So here is some useful information to help you understand how to Open a bank account in Turkey online. As long as you have a Turkish ID, evidence of residency, and a Turkish phone number, creating a bank account online in Turkey is simple. Simply call the bank of your choice to begin the account opening process, and then upload the necessary paperwork to their websites.
It is important to know that Turkish banks do not have any additional requirements aside from the fact that the applicant must open a bank account in accordance with all applicable Turkish and bank policies and that all necessary documents must be available online. Certain banks demand the translation of travel documents, while others don’t.
For further information or any eventual support don’t hesitate to get in touch with our advisers.
FAQ
Can I open a bank account online without going to the bank in turkey?
Yes, if you have a valid Turkish ID, residence evidence, and tax number you can easily open a bank account online in Turkey.
How do I switch and close a bank account?
You can do this by visiting the bank in person, calling customer services, or online through the mobile application.
