Bank account in Turkey

Popularity of Turkey grows from year to year. Along with the European-level seaside resorts, which are popular among tourists from all over the world, the Republic of Turkey is very attractive for investors from abroad. Capital depositors have ample opportunities for profitable investments in various sectors of the economy and particularly in the construction and buying of real estate. The country has excellent conditions for living, recreation, and business. That is why the number of foreigners who move to Turkey for permanent residence is steadily growing.

An urgent issue for many foreign citizens is the service of non–residents with or without a residence permit in financial institutions in Turkey. Later in our article, we will talk about how to open a bank account in Turkey in detail.

How to Open a Business Bank Account in Turkey

The opening of a business bank account in Turkey is among such evidence of business success in this country, which, in the strategic placement between Europe and Asia, has an actively developing economic potential. Local legal regulations and bank requirements should be taken into account while implementing this process. This article gives in detail how one can open a business account with any Turkish Bank.

Opening a business account in Turkey is quite a sensitive process. Careful study of legislation, selection of the right bank, and preparing all the necessary documents will help to successfully open an account in the shortest possible time, which later on will become an important step in the development of your business in Turkey.

Turkish Banks

How to open a Turkish bank account for a foreigner?

How to open a bank account in Turkey for a non-resident and a foreigner who has a residence permit? Let’s say, having a residence permit, it will not be a problem, but with the knowledge of an algorithm, it will take literally several hours.

If the depositor wants to open an account in Turkey in the national currency – lira, the bank can demand a residence permit. But this requirement won’t be obligatory if the amount is large enough. And when opening a currency account – in euros, dollars, an icameter isn’t needed.

Bank accounts are of various kinds and purposes:

• Current account: It is used for storing funds and carrying out day-to-day banking operations. The interest paid on the current accounts usually is low, and some of the transactions are charged as a fee.
• Credit card: A credit account is required to pay off loan obligations. If you opt for a credit card, an amount can be frozen in your current account – usually equal to the limit on your credit card.
• Savings/deposit accounts: They store and increase capital. Usually, a certain percent is paid for these accounts.

The opening date depends on the chosen institution. Some will execute this process in just 15 minutes, while others might take up to several days. After all the procedures, you will be given a sheet with your account number, IBAN, and customer number.

Having an account in a financial institution, with the help of international banks associated with Swift transfers, you will be able to carry out any financial exchanges. It is also possible to issue at the request of the client international Visa and MasterCard cards. Many banks offer foreigners the possibility of remote access to finance via Internet Banking in the format of applications for iOS and Android, which can easily be downloaded from the Appstore or Play Market. You can use an account immediately after signing the contract with the bank; the details are issued on the same day.

Several branches have employees who speak foreign languages, which is very convenient for foreign citizens. Quite often, the staff speaks English, but in resort regions of Mediterranean, it is increasingly possible to meet a bank clerk who can conduct a dialogue in Russian.

In Turkish banks, it is possible to open accounts for both private individuals and companies or organizations. And if the primary advantage of the Turkish financial system for companies is the absence of double taxation, then for individuals, the key benefit is convenience and speed in paying for services and goods both within the republic and abroad by bank transfer. As opposed to personal bank accounts, corporate accounts may only be opened by a director entitled to sign. The company on behalf of which a bank account is opened does not have to be obligatorily resident in Turkey or to conduct financial activities in the Republic. It shall be sufficient to have an address for correspondence.

The procedure for opening an account in a Turkish bank is divided into several steps or stages:

Obtaining an individual tax number: To open an account in Turkey, you are to obtain a tax number. It is registered in the Tax Administration Vergi Dairesi Müdürlüğü of the city municipality. You need to take only a passport and a copy of it with you. If there isn’t a queue in the office, the time of registration will be about 15-20 minutes.

It’s important to know!

With regard to this, the bank account can be issued after 24 hours from the date of receipt of the TIN, since some time is required for your data to get into the system.

Bank selection

How to choose the right bank in Turkey and what to pay attention to, we will tell you in detail later in our article. One of the reliable ways to choose a good financial organization is getting recommendations from the employees of a reliable and experienced real estate agency.

Opening a current account:

In order to open an account in a Turkish bank, you will have to collect a standard package of documents.

You will need to have at your disposal such documents: papers of individual tax number issued by the municipal tax department; original passport with all necessary marks about crossing the Turkish border.

The original of the internal passport of your country, where the residence permit is indicated. Some Turkish banks ask you to take with you not only the passport itself but also a copy of it. The copy is notarized, translated into Turkish (only pages with personal data and registration).

A document confirming your place of residence in the Republic of Turkey: TAPU, rental agreement, utility bill.

Three 3×4 photos.

A SIM card issued by one of the mobile operators in Turkey. This item is required only if you want to use Internet banking services in the future.

If you have a residence permit, you will need a copy of it.

After the transfer of the package of documents and their verification, a bank employee fills out a special questionnaire, and you sign the papers. The current account is assigned at once, but in 5-7 working days, you will already be able to receive a plastic card.

For opening an account with Turkish banks by a legal entity, an INN for the company will be required. For you to get it, the following must be provided:

• Mastered application form;
• The charter of your company;
• Confirmation of the address of the registered address of the company;
• The company will also need to provide information about the representative who manages the account.

It is possible to open a bank account in any currency popular on the territory of the Republic. Mostly foreigners choose dollars, euros, Turkish lira.

Popular banks in Turkey

A number of financial institutions are ready to provide services to clients from abroad, regardless of whether they have a residence permit or citizenship. These are not only Turkish banks but also foreign ones whose branches are open in the resort state.

As a rule, most foreign citizens choose the following banks in Turkey:

What to pay attention to when opening a bank account in Turkey?

Which bank is more beneficial for opening an account in Turkey – is one of the most urgent questions of our clients from abroad. How to choose the most profitable among a wide range of services offered?

We advise you to pay attention to several key points before making the final choice of a financial institution:

• The size of the interest rates for loans, mortgages, and deposits. With this, we recommend gathering information about several banks and choosing an institution with the most favorable terms.
• It will be easier and more reliable to communicate with the bank if the institution employs people who know, if not your native language, then at least English.
• Mobile banking is comfortable for clients in a number of ways. You can monitor the state of the account and pay for purchases online with it, regardless of the location.
• You should first make it clear how far the branch and ATM network stretches, especially around the area you reside in.
• A good, but not compulsory bonus is the cooperation of the Turkish bank with the bank of your state. In this case, many procedures will be considerably simplified.
• What tariff is provided for the service of processing personal data, what is the amount of commission for withdrawing money at other banks’ ATMs, for financial transfers, currency conversion, etc.?

To all the above, it is worth adding that quite literally, all Turkish banks can be considered reliable and thus guarantee full security for your financial investment.

That is because of the strict state control of transparency and simplicity of banking operations, which exclude any risks, and insurance against unforeseen circumstances. Even in case of bankruptcy, there are official guarantees for all clients of the reimbursement of the sum that was invested.

Our team here at Regulated United Europe will be happy to help you if you’re considering opening a business bank account in Turkey. We are proud to boast eight years of experience in opening bank accounts for our clients all across Europe. We tap into our vast network of trusted partners within the European financial services industry to offer appropriate and cost-effective solutions that enhance the functioning of businesses we serve.

Business Bank Account in Turkey

Opening a corporate bank account in Turkey is a critical step for companies willing to start doing business in this developed economy with great opportunities. Due to the strategic position regarding the location and dynamic nature of its business sector, Turkey remains one of the strategic markets for many companies. Now, let’s delve into what you need to know about opening a corporate bank account in Turkey.

Why It Is Worth Opening a Corporate Bank Account in Turkey

• Geographically Advantageous Location: Situated at the crossroads of Europe and Asia, Turkey is already an appealing spot for developing business activity and performing international functions.
• Highly Developed Banking Infrastructure: The general view of the Turkish banking system is that it is highly developed; innovative technologies allow for fast and comfortable services provided to corporate customers in every respect.
• Diversified Portfolio of Financial Products: Corporate accounts, loans, deposits, international payments, and trade transactions offered.
• Business Support: Banks actively support the business community with advice, financial solutions, and instruments towards the establishment, development, and growth of enterprises.

Steps Involved in Opening a Corporate Bank Account in Turkey

Opening a corporate bank account in Turkey facilitates access to various financial services and instruments for business development. This is the reason it is necessary to choose a bank that is reputed, experienced in dealing with corporate clients, and whose scope of services would be best suited to meet your needs.

Personal Bank Account in Turkey

It is one of the elementary and basic procedures to open a personal bank account in Turkey for persons willing to live, work, or invest in it. Everything—from various kinds of banking services to easy financial management—offers customers reliable and safe transactions. Let us review an overview of the major steps to be considered while opening a personal bank account in Turkey along with benefits one can get from the process.

Benefits of Opening a Personal Bank Account in Turkey

• Convenience: In Turkey, the banks are very well equipped with modern technology that allows managing an account easily with internet banking and mobile applications.
• Different Options for a Service Portfolio: Banks in Turkey offer a wide range of financial products—from debit and credit cards to different types of deposits and loans, among others—which the customer may choose according to his needs and preferences.
• Investments Available: With individual bank accounts in Turkey, one can invest in various funds and assets such as stocks, bonds, funds, and other instruments, thus making available a range of investment options to the clients.
• International Payments: Accounts in banks of Turkey enable the account holders to make payments and transfer funds to foreign countries, which is a significant fact for those having business abroad or other economic obligations.

How to Open a Personal Bank Account in Turkey

A personal bank account opened in Turkey provides access to a wide range of financial services and tools for managing personal finance in the most handy and efficient way. When selecting a bank, pay attention to its reputation, terms of service, and services provided to select the best solution for your needs and goals.