Bank account in Turkey

Turkey’s popularity is growing from year to year. Along with the European-level seaside resorts popular among tourists from around 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 in particular in the construction and purchase of real estate. The country has excellent conditions for living, recreation and business. That is why the number of foreigners moving 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. We will talk about how to open a bank account in Turkey in detail in our article.

How to Open a Bank Account in Turkey for Non-Residents

How to open a business bank account in Turkey

Opening a business bank account in Turkey is a key step to successfully doing business in this country, which has a strategic location between Europe and Asia and an actively developing economic potential. This process requires an understanding of local legal regulations and bank requirements. In this article, we will take a detailed look at how to open a business account with a Turkish bank.

Step 1: Registering a company in Turkey

Before opening a business account, you need to make sure that your company is registered in Turkey. The following documents will be required to register your company:

  • Constituent documents of the company.
  • Company registration certificate obtained from the Turkish Commercial Registry.
  • Company Tax Number.

Step 2: Selecting a bank

There are many banks in Turkey offering services for businesses, including major banks such as Garanti BBVA, Akbank, and İş Bankası. When choosing a bank, you should consider the following:

  • Types of banking services and products offered.
  • The size and distribution of the banking network across the country.
  • Quality of customer service, especially for foreign companies.
  • Online banking and other technology solutions for account management.

Step 3: Preparation of documents

To open a business account, you will need:

  • Passports and personal details of the directors and founders of the company.
  • Documents confirming company registration and tax number.
  • Proof of the company’s registered office in Turkey.
  • A detailed business plan or description of the company’s activities.

Step 4: Submitting an application

After preparing all the necessary documents, you should submit an application to the chosen bank. You can do this in person, by visiting a branch, or online if the bank offers this option. The bank will check your documents and may request additional information about your business.

Step 5: Verification and Approval

The bank will carry out the necessary checks on your documents and business. This includes verifying the legitimacy of your documents, analysing your financial stability and meeting anti-money laundering standards. Depending on the bank, this process can take anywhere from a few days to a few weeks.

Step 6: Account Activation

Once your application is approved, the bank will open your business account. You will have access to the necessary banking tools, including cheque books, bank cards and access to online banking.

Step 7: Account Management

Effective business account management requires regular monitoring of transactions, cash flow planning and liaising with the bank to discuss possible service improvements.

Conclusion: Opening a business account in Turkey is a process that requires careful preparation and attention to detail. Studying the legislation, choosing the right bank and preparing all the necessary documents will help to ensure a successful and fast account opening, which will be an important step in the development of your business in Turkey.

Turkish Banks

Opening an account in Turkey

How to open a Turkish bank account for a foreigner?

How to open a bank account in Turkey for a non-resident, as well as a foreigner with a residence permit? It is worth noting that if you have a residence permit, it will not be difficult to do this and, with knowledge of the algorithm, it will take literally several hours.

If the depositor wishes to open an account in Turkey in the national currency – lira, the bank may require to provide a residence permit. But if the amount is large enough, this requirement will not be mandatory. When opening a currency account (in euros, dollars), an icameter is not needed.

Bank accounts are of various types and serve different purposes:

  • Current account. It is used for storing funds and conducting everyday banking operations. The interest paid on current accounts is usually low, and some transactions are charged a fee.
  • Credit card. A credit account is needed to pay off loan obligations. If you take out a credit card, an amount may be frozen in your current account, usually equivalent to the limit on your credit card.
  • Savings/deposit accounts. They are used to store and increase capital. A certain interest rate is usually paid on these accounts.

The deadline for opening an account depends on the choice of institution. Some carry out this procedure in just 15 minutes, and some will have to wait for several days. After all the procedures, you will be given a sheet with your account number, IBAN and customer number.

Using your account in a financial institution, you can carry out financial exchanges through international banks associated with Swift transfers. At the request of the client, it is possible to issue international Visa and MasterCard cards. Many banks offer foreigners remote access to finance – via Internet Banking in the format of applications for iOS and Android, which can be easily downloaded from the Appstore or Play Market. You can use the account immediately after signing the contract with the bank, the details are issued on the same day.

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

Both individuals and companies or organizations can open an account in a Turkish bank. And if the main advantage of the Turkish financial system for companies is the absence of double taxation, then for individuals the main advantage is convenient and fast payment for services and goods on the territory of the republic and abroad by bank transfer. Unlike personal bank accounts, corporate accounts can only be opened by a director who has the right to sign. The company for which a bank account is opened does not necessarily have to be located in Turkey or conduct financial activities in the republic. It is enough to have an address for correspondence.

The procedure of opening an account in a Turkish bank consists of several steps or stages:

Step #1.

Obtaining an individual tax number.

To open an account in Turkey, you will need to get a tax number. It is registered in the Tax Administration (Vergi Dairesi Müdürlüğü) of the city municipality. You only need to take a passport and a copy of it with you. If there is no queue at the office, the registration time will be about 15-20 minutes.

It’s important to know!

The bank account can be issued after 24 hours from the date of receipt of the TIN, as it takes time for your data to get into the system.

Step #2.

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 to get recommendations from employees of a reliable and experienced real estate agency.

Opening a current account.

To open an account in a Turkish bank, you will need to collect a standard package of documents.

You need to have such papers with you:

  • Individual tax number issued by the municipal tax department.
  • The original passport with all the 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, the bank employee fills out a special questionnaire, and you sign the papers. The current account is assigned instantly, but you will be able to receive a plastic card in 5-7 working days.

In order for a legal entity to open an account in Turkish banks, an INN for the company will be required. To receive it, you need to provide:

  • Completed application form
  • The charter of your company
  • Confirmation of the address of the registered address of the company
  • The company will also have to provide information about the representative managing the account.

It is available to issue a bank account in any currency that is 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:

Yapı Kredi

A financial organization represented in different countries of the world. The most complete package of services and operations is available to customers. Non–residents of the Republic can open an account – both individuals and legal entities.


The main focus of the bank’s activities is services for foreigners and expatriates in Turkey. In addition to Turkey, the financial institution is represented in China, England, and the Middle East.


A range of the most popular banking services is available at HSBC for foreigners and Turks.


The main advantage of Denizbank is excellent conditions for deposits with low rates. They work with Turkish citizens and foreign investors. Additional convenience is the staff with knowledge of English, the version of the official website in English, which increases its popularity at times among foreigners.

Garanti Bankası

Garanti Bankası refers to private financial organizations. Provides a wide range of banking services, as well as a Western Union money transfer service.


The main advantage of the institution is an extensive network of branches throughout the country, in the most popular Turkish cities. There is a Western Union, English-speaking customers will be able to communicate in English with employees.

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

Which bank in Turkey is better to open an account with is one of the most pressing questions from our customers from abroad. How to choose the most profitable among a wide range of services provided?

We recommend that you pay attention to several important points before making the final choice of a financial institution:

The amount of interest rates on loans, mortgages, deposits. To do this, we recommend collecting data on several banks and choosing which one offers the best conditions.

It is easier and more reliable to communicate with the bank if the institution employs staff who knows, if not your native language, then at least English.

Mobile banking is convenient for users for a number of reasons. With it, you can not only monitor the status of your account, but also pay for purchases online, no matter where you are.

You should first clarify how wide the network of branches and ATMs is, especially in the vicinity of your place of residence.

A pleasant, but not mandatory bonus is the partnership of a Turkish bank with the bank of your home country. This can significantly simplify many procedures.

What fees are provided for the personal data processing service, the amount of commission for cash withdrawals at ATMs of other banks, for financial transfers, currency conversion, etc

To all of the above, it is worth adding: literally all Turkish banks can be considered reliable, which guarantees full security of your financial investments.

The main reason is strict control by the state, simplicity and transparency of financial transactions, which eliminates any risks, as well as the availability of insurance in case of unforeseen circumstances. Even in case of bank bankruptcy, all clients are given official guarantees of reimbursement of the invested amount.

If you wish to open a business bank account in Turkey, our team here at Regulated United Europe  will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.


“Empower your financial journey with us. Reach out today to unlock a world of possibilities and secure your financial future with ease in Turkey.”

Diana Pärnaluik


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