Guide to Opening a Bank Account in Turkey for Foreigners
Turkey’s rich cultural heritage, beautiful nature and economic opportunities attract many foreigners to this country. One of the important steps for foreigners who plan to stay in Turkey for a long time is to open an account in a Turkish bank. In this article, we will explain ways to open a bank account in Turkey for foreigners.
Identity Documents Preparation
In order to open a bank account in Turkey, you must first prepare your identity documents. Your passport and a second ID document (in case you obtain residence in Turkey) will usually be sufficient.
Obtaining Residence in Turkey
Some banks may request proof of residence in Turkey from foreign customers. Depending on your length of stay in Turkey, you may need to obtain this document. Residence certificate can be obtained from local civil registry offices.
Bank Selection
There are many banks in Turkey and each offers different services. You can compare interest rates, service fees and other benefits to choose the bank that suits you best. Choosing a bank with a wide network of branches and ATMs can make your daily banking transactions easier.
Account Opening Application
You can apply to open an account on the website or branch of the bank you choose. Usually, you will just need to fill out the application form and submit the required documents. It may take a few days for your application to be evaluated.
Account Activation
After your application is approved, the bank will send you the necessary information for account activation. Generally, debit card and internet banking information will be delivered to you via the contact information provided.
Using Internet Banking
Many banks in Turkey offer internet banking services. Using these services, you can manage your account online, transfer money and make bill payments.
The most preferred banks by foreigners living in Turkey
Yapı Kredi Bank
Ziraat bank
Türkiye İş Bankası
HSBC
Garanti Bank
Akbank
Denizbank
Halkbank
Vakıfbank
4 Ways to Open a Bank Account in Turkey
1- Opening an account with residence in Turkey
If you have residence in Turkey, you can open an bank account in Turkey banks.
Documents required to open your account;
- A valid passport or residence permit
- Residence address in Turkey
- Documents proving your registered residence in your name. Such as Electricity, Gas or Water Bill
- Tax identification number or foreigner identification number if there is a residence permit
- Mobile phone number with Turkish SIM card
Issued cards will be sent to the customer’s registered mailing address approximately one week later.
2- Opening a bank account without residence in Turkey
Yes, those who do not reside in Turkey can also open a bank account. Turkish banks offer different account options for foreigners. However, the account opening process may vary from bank to bank as some banks’ policies may differ.
Obtaining a residence permit in Turkey may be a requirement in some cases, but this obligation is not implemented in the same way in every bank. Some banks may offer the opportunity to open an account using passports and other identification documents instead of residence.
In the process of opening an account as a foreign person, it is important to learn the policies of the bank you choose and prepare the necessary documents correctly. Obtaining information from the bank branch or customer services before applying to open an account can make the process easier.
Opening a Bank Account in Turkey from Abroad
The fastest and easiest way to open an account without living in Turkey or needing a residence permit is to open a Multiple Currency Account through Wise . By using Wise, you can have a legal IBAN number starting with TR that is valid in Turkey.
In this way, you can send money to banks in Turkey for a low fee or receive TL transfers to your account without any problems. Additionally, you can make payments both in physical stores and online platforms like a local citizen in Turkey, using the virtual card or physical Visa debit card that comes with your account.
3- Opening a bank account by registering a company in Turkey
If you have a company in Turkey, you can open an account. The necessary steps are as follows:
- Application is made by the company officer.
- Company address and tax number
- Company chamber of commerce registration & operating documents
You can apply to the bank where you want to open an account.
4- Opening an account by depositing money in Turkish banks
If foreign nationals bring an investment of at least 400,000 USD in Turkey, a bank account will be opened and they can apply for Turkish citizenship.
If you decide to buy a property in Turkey, it would be better to open an account in Turkey first.