To open a bank account in Turkey is very useful, whether you live there or visit regularly. As the holding fees are low, it is strongly advised to take the necessary steps. Moreover, it is essential for those who wish to obtain their residence permit.
Open a bank account in Turkey: Advantages.
If you live in Turkey, to open a bank account will allow you to:
- You must prove your financial capacity when applying for a residence permit. Indeed, for some resident permit applications (especially family applications), you will have to provide a bank statement signed by your bank. This bank statement summarises the last 12 months and your account balance;
- Pay your bills and all other daily expenses;
- Receive your salary if you are an employee;
- Transfer your financial capital smoothly;
Whether you are an employee, a student, or a tourist, opening a bank account in Turkey provides you with the following advantages:
- Payment of fees due (study, purchase-rent).
- Payment of all kinds of bills (water, gas, electricity, internet).
- Transfer of funds within and outside the country.
- Purchase on online electronic markets via credit card.
- Online currency conversion is made easy.
- Perform all online banking services through applications designed by the banks.
If you don’t live in Turkey but come here often, it is very comfortable to have an account. This is useful to:
- Not to carry too much cash with you.
- Manage your currency exchange without going to the exchange offices where the rates are not always the most competitive (especially those of the airports, a real scam!).
- Quickly recharge your phone plan when you don’t have a permanent line.
Banks in Turkey
Banks in Turkey offer many advantages. On the one hand, Turkish banking legislation is flexible. You can make large movements of funds without receiving calls from your banker. You can also make large withdrawals at the ATM without calling 72 hours in advance. Also, your banker is always lovely and will always offer you a glass of tea.
On the other hand, Turkish banks are inexpensive. You are able to open a bank account in Turkey and obtain a Visa without contribution. Another advantage is that fees only apply to your bank transactions. If you do not make bank movements, nothing happens. Turkish banks also offer investment solutions and gold, euro, and dollar accounts.
Finally, the Turkish banking system is at the forefront. You can transfer money, change your currencies, make investments, order a chequebook, take insurance, and contribute to your retirement from your mobile app. You can also pay your invoices without setting up a direct debit mandate. Indeed, the bills of all telecommunications, energy and water distribution companies are centralised. Simply insert your customer number and validate the payment. You can also pay your fines, taxes and debts. And if you don’t have the app, you can do most of these banking operations … from a distributor!
For people sensitive to banking ethics, there are many participatory banks. They are called katılım banks. The best known are Ziraat katılım and Vakıf katılım, two national banks, KuveytTürk, TürkiyeFinans and Albaraka Türk.
Procedure to Open a bank account in Turkey
Not so long ago, owning a bank account was a luxury and only for the upper class of society, only people in business and wealthy people. Today, this is no longer the case; owning a bank account has become a necessity to meet the demands of modern life.
List of banks in Turkey
Here are the largest banks in Turkey:
- Turkish banks
- Ziraat Bankası
- Finans Turkiye Bankası
- Garanti Bankası
- Vakif Bankası
- AlBaraka Bankası
- Türk Ekonomi Bankası
- Kuveyt Türk Katilim Bankasi
- Türkiye İş Bankası
- Yapı Kredi Bankası
The best bank in Turkey
Turkey has recently experienced a remarkable development in the banking field, and among the largest private, governmental, and Islamic banks in Turkey, which make it possible to open an account most simply:
- Ziraat Bankası: It is the oldest and second-largest bank in Turkey. It provides electronic services via the Internet and banking networks and telephone services via the bank’s applications.
- AK Bankası: It was established in 1948 and provides banking services to individuals, projects, and large and small institutions.
- Finans Turkiye Bankası: It was established in 1987 and is the leading partner of the National Commercial Bank of Saudi Arabia. It offers the most traditional banking services and is the first bank to provide an instalment card in the field of banking services in Turkey.
- Vakif Bankası: It was established in 1957, and it provides first-class services to commercial enterprises of all kinds and individuals.
- IŞ Bankası: It was the first Turkish bank in the Republic of Turkey in 1924. It is also among the top 100 international banks, providing banking services and great support for industrial developments and financing of economic structures.
- AlBaraka Bankası: Founded in 1984 in Istanbul, it is an Islamic bank offering investment services to local and foreign clients with ease.
What is a credit card?
This card is a card issued by financial institutions, especially banks, which gives the cardholder access to the money. This type of card is often used in sales and short-term financing.
Credit cards have had several successes in recent years, including:
- To ensure protection and security against theft or loss.
- To guarantee the rights of their holders, such as verifying the financial capacity of the credit cardholder.
- To know the value of the bank account associated with the card.
- The possibility of using it in many places such as restaurants and shops helps increase its sales volume.
Which types of bank accounts are there in Turkey?
To open a bank account in Turkey, it will be helpful to know about the different types of bank accounts.
- Current account
A non-temporary account is characterised by being able to deposit and withdraw funds at any time and does not generate any profit.
What can banking services be set up with current accounts?
- Money transfer.
- Chequebook transactions.
- Payment of dues, fees and rent.
- Repayment of loans and credit cards.
- The possibility of exchanging securities.
- Payment of bills, taxes, insurance premiums and social security.
- Foreign exchange and precious metals transactions.
- Transfer of deferred funds.
- Participatory account
It is a type of account that allows the distribution of returns within the framework of the profit and loss partnership between the account holder and the bank that operates following the participatory system.
The funds collected in the participants’ accounts are used to finance the trade, industry and service sectors, following the principles of Islamic banking without interest.
- Gold current account
The type of open-ended term account allows the transformation of your savings into gold in the bank.
- This account can be used for savings and the economy.
- Buy or sell gold at any time.
- The minimum transaction is 0.01 grams.
- The gold stored is 995/1000% pure.
- A certificate will be issued for the stored gold.
- You can issue gold cheques and transfer the gold by bank transfer.
- For example, you can withdraw gold in grams from the branches of Bank Kuveyt Türk.
Documents which are required to open a bank account in Turkey
There are relatively few documents to provide for opening an account in Turkey. Indeed, bank branches generally ask:
- Passport or residence permit.
- Tax number with the National Tax Administration Office.
- Proof of residence (residence permit, copy of invoices not older than three months).
- Choose a bank to open an account in Turkish lira, dollars or euros.
Regarding the proof of address, foreigners can thus prove an address via the following documents:
- A notarised accommodation certificate for the people accommodated;
- A notarised rental agreement for tenants;
- A deed of ownership for the owners.
- For Turkish citizens, it is enough to justify one’s address by providing a certificate of residence.
You will find more explanation regarding the potential tax identification number in the following paragraph.
Obtain a potential tax identification number
The tax identification number is obtained from the head of the tax office.
Get your tax number online to open a bank account in Turkey
With the Covid-19 crisis, many health measures have been adopted. Among them is the dematerialisation of many administrative procedures. For example, the Ministry of the Treasury has launched its interactive tax online office.
Non-residents can open a bank account in Turkey. However, some banks may require a Turkish mobile phone number to send an SMS to confirm ownership. The websites of banks in Turkey use English and Turkish, some Arabic.
In the majority of cases, these documents will be enough. But keep in mind that in Turkey, some administrative procedures may not work for the first time. Arm yourself with patience and take it with philosophy. This is only temporary and often due to misunderstanding. We recommend that you be assisted by a Turkish speaker who can help you. Or by a person who has been there.
Steps and tips to open a bank account in Turkey
Submit a residence permit
Go to the tax department in person with a valid passport to obtain a free tax identification number for foreigners. So the procedures are done in minutes unless there is congestion.
After obtaining the tax identification number, you can now go to any bank of your choice and open an account, whether in Turkish lira, dollars or euros.
Non-residents can open a bank account in Turkey. It is not necessary to be in Turkey to complete the process of opening a bank account, as all procedures can be carried out and completed remotely from outside Turkey.
You should note that the websites of banks in Turkey support English and Turkish languages, and others support Arabic.
So, to open a bank account in Turkey for foreigners is accessible and available, but some banks may need a Turkish mobile phone number to send an SMS to verify and complete the procedures.
Non-residents: methods to open a bank account in Turkey
Non-residents can open a bank account in some Turkish banks, but some specific conditions related to the working mechanism of each bank must be met. In addition, the amount of money to be deposited determines the procedures of Turkish banks. First, you have to choose the type of account, if there is a residence, even if it does not reside in Turkey, since you can obtain a residence permit and then travel abroad, then obtain the tax identification number from the tax department. In addition, you must have a valid passport.
How to open a bank account in Turkey online
Some of the major banks in Turkey allow the opening of an online bank account, especially after the pandemic crisis. In fact, each bank has its own terms and conditions explained on its website to facilitate the procedures.
Best Banks to Open an Account in Turkey
Turkey has recently experienced a remarkable development in the banking and financial fields. Here are the most important private, governmental and Islamic banks in Turkey which allow you to open an account simply:
- Ziraat Bankasi: It is the oldest and second-largest bank in Turkey. It provides electronic services online and through banking networks and services through its own application on smartphones.
- AK Bank: The White Bank, founded in 1948, provides banking services to individuals, projects, and large and small businesses.
- Finans Turkiye Bank: Established in 1987, the leading partner of the Saudi National Bank. It provides all the traditional banking services, plus a credit card.
- Vakif Bank: established in 1957, provides its first-class services to commercial companies of all kinds and individuals.
- IŞ Bank: the first Turkish bank founded in 1924. In addition, it is also among the top 100 international banks, providing traditional banking services and strong support for industrial developments and financing of economic projects.
- Al-Baraka Bank: Founded in 1984 in Istanbul, it is an Islamic bank, providing investment services to local and foreign clients with great ease.
Opening an account in HSBC Bank in Turkey
One of the major banks in the world, HSBC provides important financial and banking services. Its headquarters are located in London. To open a bank account in Turkey in this bank, you must have a tax number, a copy of your passport and residence permit, and fill in the bank form and sign it personally.
Opening an Account in QNB Bank in Turkey
Also one of the major banks in the world, QNB which provides financial and banking services. To open an account, you must obtain a tax number, a copy of your passport and residence permit, fill in the form provided by the bank, and sign it personally. The minimum amount required to open the account is five thousand US dollars or equivalent in euros or Turkish currency.
Required Documents to Open an Account in Kuwait Turk Bank
This bank is one of the leading Islamic banks in Turkey and does not deal with non-Islamic interests. Its ATM and web application support the Arabic language, and it also has Arabic-speaking employees. To open an account there, you must have a valid passport, a tax number, and a valid residence card. If the tourist residence is not available, then the address of the place of residence abroad can be proved and translated into Turkish.
To open a bank account in Turkey from abroad.
A bank account can be opened in Turkey for non-residents, i.e., from abroad, so it is unnecessary to be in Turkey to complete the procedures for opening a bank account since all operations can be completed remotely.
So to open a bank account in Turkey for foreigners is accessible and available. But some require a Turkish mobile phone number to send an SMS to verify and complete these procedures.
Requirements to open a bank account in Turkey?
All you need to open a bank account in Turkey are some simple documents, such as :
- Passport and residence permit
- Tax identification number
- Residence permit
- Signature of the bank’s form
To open a bank account in Turkey without a residence permit.
It is possible to open a bank account in Turkey without having a residence permit. In general, most banks provide numerous facilities for opening an account. If you do not have a residence, you can explain your situation to the employee in the bank concerned, and he can find the appropriate solution for you thanks to his experience with the bank’s regulations.
Banks authorising to open a bank account in Turkey for foreigners
Many banks allow the opening of bank accounts with a residence card, including Ziraat Bank and Kuveyt Turk Bank, and a valid passport is required for residents of Turkey.