How to open a Turkish bank account

The Republic of Turkey is a unique country located at the crossroads of Europe and Asia. It absorbed the culture of Ancient Greece, Rome, Persia, Byzantium, the Ottoman Empire, creating its own unique flavor and traditions. Today Türkiye is actively developing as a secular democratic state. The government plans for the next few years to bring the state to one of the leading places in the world political and economic arena.

Tourism, construction and real estate sales to foreign investors are considered one of the leading economic sectors of the Republic of Turkey. For many foreigners, regardless of the purpose of their stay in the country, the topic of opening a bank account in Turkey is relevant. In particular, this procedure is necessary when making a real estate purchase and sale transaction.

Foreigners without a residence permit and citizenship can open a current account in Turkey in 2021 in one of the banks. We invite you to familiarize yourself with the latest information about the procedure for opening a bank account, its advantages and features.

What are the advantages of opening a bank account in Turkey?

For most of us, regardless of where we live, it is quite difficult to imagine our comfortable life without a bank account and a plastic card. The use of diverse services of the banking system is relevant in any country, including Turkey.

A current account in a Turkish bank provides a number of advantages:

The card is a convenient way to pay for the purchase of goods, payment for services, utility bills in Turkey. Convenience and saving personal time are guaranteed, since you can make financial transactions not only on the territory of the state, but also abroad.
Most of the settlements between the buyer and the seller when buying Turkish real estate takes place through a current account.
When renting an apartment, the rent is often transferred to the landlord's card.
On a personal account in one of the Turkish banks, you can store personal savings, deposits and transfer funds both within the country and abroad without any problems. If you plan to work on the territory of the Republic, you will need the card to receive wages.

Banks in Turkey, where a foreign citizen can open a personal account

Can a foreigner open a bank account in Turkey? Of course, because in the Republic of Turkey there are a number of financial organizations that are ready to serve citizens from abroad without a residence permit. These are not only local banks, but also branches of foreign banks in Turkey.

The most popular financial institutions among foreigners:

Yapı Kredi (a bank with a wide range of financial services for Turkish and foreign clients, and branches around the world).
Isbank (main business - financial services for foreigners and expatriates, has several branches abroad).
HSBC
Denizbank (good interest terms on deposit accounts, staff speaks English).
Garanti Bankası (full range of services, including Western Union).
Akbank (a large network of branches, ATMs throughout the country, a variety of services, convenient money transfer systems) and others.

Opening a bank account in Turkey: step-by-step instructions

In order to figure out how to open a foreign currency account for a Russian citizen in Turkey, we have prepared a step-by-step instruction for you.

The procedure is available to any foreigner, except for citizens whose countries are included in the list of sanctions of the European Union.

Step 1. Registration of TIN.

To open an account for a non-resident in Turkey, you need to get an individual tax number. In addition, you will definitely need a TIN when buying an apartment. The tax administration (Vergi Dairesi Müdürlüğü) handles the registration.

Contact the Tax Service at the place of residence with a passport and a copy of it. The procedure is very simple and in the absence of a queue it will take no more than 10-20 minutes.

After registration of the TIN and after 24 hours, you can proceed directly to opening a current account.

Step 2. Choosing a bank.

Before opening a bank account in Turkey, you must choose an organization that offers the most acceptable conditions. The final choice depends on your personal preferences and design goals. Having selected a list of banking organizations, compare them with each other according to such criteria as the presence of a sufficient number of branches and ATMs, Internet banking, the ability to make financial transactions online in the country and abroad, interest rates on deposits, loans and etc.

Step 3. Opening an account.

To open a current account, you will need to collect a package of papers.

What documents are needed to open a bank account in Turkey? The standard list is presented:

TIN
Original passport with Turkish border stamp
Internal passport with residence permit. Some banks ask to add a notarized translation of passport pages with personal data and registration to the list of documents.
Proof of residence (TAPU, lease or utility bill).
3 photos 3x4.
SIM card from a Turkish operator (optional) if you will use the Internet banking service.
If available, a copy of the residence permit.

Bank employee accepts documents and fills out a questionnaire. Immediately after signing the questionnaire, an account number is assigned, and the plastic card will be ready in 5-10 days (depending on the bank's rules).

Frequently Asked Questions

Question: Are there any associated financial costs when opening an account in a Turkish bank?

Answer: No, there are no fees or charges.

Question: Do Turkish banks have their own mobile applications?

Answer: Of course they do. Some applications have menus and technical support in English.

Question: Is it possible to open a foreign currency account in a Turkish bank? In what currency?

Answer: Foreign citizens can open a bank account in the country in any currency.

Question: To make a money transfer from abroad to Turkey, what data is provided?

Answer: You will need to provide:

Recipient's full name and address.
Bank name and address.
IBAN number.

Question: Is it possible to withdraw money on the same day, as they will go to the account in a Turkish bank?

Answer: There is no need for your funds to lie in the account for some time. However, if you want to withdraw a large amount (more than TL 50,000), you should notify the financial institution about one day in advance.

Question: Both public and private banks operate in the Republic of Turkey. How do they differ from each other in terms of security of deposits?

Answer: They are no different, since every bank officially operating in Turkey has a state guarantee.