Feb 5, 2023

Opening a Bank Account in Turkey- A Comprehensive Guide

The opening of global markets and financial opportunities in Turkey attracts the attention of many businessmen and companies alike. Turkey is one of the major financial destinations in the Middle East, Europe, and North Africa, as its advanced infrastructure and modern financial laws provide multiple opportunities for investment and management of funds and financial portfolios. One of the basic steps to take advantage of these opportunities is to open a bank account in Turkey, which is considered a gateway for financial transactions and investments in this distinguished market.

Our article aims to explore the process of opening a bank account in Turkey, as we will provide you with a comprehensive overview of the procedures that must be followed before and after the process of opening a bank account in Turkey, in addition to the factors that must be considered before taking this important step.

Whether you are looking for new investment opportunities or want to expand your business or financial operations, opening a bank account in Turkey may be the decisive step in your financial and economic journey.

The importance of opening a bank account in Turkey

Opening a bank account in Turkey has become a necessity for modernity and keeping up with the requirements of life, investment, and following up on routine and daily payment matters, which was limited to businessmen and the upper classes, in the past.

Among the most prominent benefits of opening a bank account in Turkey are:

Paying the fees and taxes, such as rent expenses or university tuition.
Paying various bills such as the water, gas, electricity or internet bills.
Transferring money from your account simply and easily within Turkey or outside it.
E-shopping and working online.
Electronic payment via bank credit cards.
Exchanging different currencies quickly and dynamically and within acceptable price categories compared to exchange shops and the black market.
Carrying out deposits, withdrawals and transfers through the bank’s application on your own smart device.

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Documents required to open a bank account in Turkey

There is a set of papers and documents required to open a bank account in Turkey. Learn about them:

A certified and translated passport.
A tax number taken from the Turkish Tax Department.
Any document proving the applicant’s address.

Steps to open a bank account in Turkey

What are the steps and stages of opening a bank account in Turkey within one of the Turkish banks?

Go to the Tax Department in Turkey and apply to obtain a tax number. This step is completely free and you can complete it within a few minutes. Yet, do not forget to take your passport there.
After obtaining your own tax number, you can go to any bank in Turkey and open an account in the currency you desire, whether in dollars, Turkish lira, euros, or all of the above.

Can I open a bank account in Turkey online?

This matter varies from one bank to another, of course, but there are several Turkish banks that offer the option of opening a bank account in Turkey online. This includes Ziraat Bank and VakıfBank, but it should be noted that not all types of accounts can be opened online if you are a new or non-resident customer.

For other banks and accounts, such as İşbank and its expatriate banking services, you will need to visit a branch in person with your documents in order to open an account.

A new option is to open an account in a digital bank such as Enpara.com, which is the first online (digital) bank in Turkey. The presence of this bank has facilitated many transactions and buying and selling operations for non-residents of Turkey.

In all cases, you can write to the websites of these banks in Turkey, which support English, Turkish, and several other languages, including Arabic. This facilitates communication to open a bank account. Of course, with respect to the privacy policy of some banks that may confirm the request for a Turkish number or require the client’s presence in person and directly in order to open a bank account in Turkey.

Conditions of opening a bank account in Turkey

As we mentioned above, the conditions and steps for opening a bank account in Turkey are clear and smooth, requiring a passport, proof of your address, obtaining a tax number, and then submitting a form to obtain your own account at the bank.

Types of bank accounts in Turkey

Here are the most common account types in Turkish banks:

Current Account (Mevduat Hesabı): It is suitable for all your daily banking needs.
Term Deposit Account (Vadeli Hesap): An account bearing interest in Turkish Lira or in a foreign currency that offers higher interest rates over a specified period.

You will probably only need a current account as an expat living in Turkey. However, some banks may require you to open a term deposit account at the same time.

Frequently asked questions about opening a bank account in Turkey:

Is it possible to open a bank account in Turkey without obtaining residence permit in Turkey?

In fact, this process is due to the privacy of the bank itself. Many banks offer alternative solutions to the residency document. All you have to do is go to the bank and inquire yourself about an alternative solution.

What are the best banks in Turkey to open a bank account?

There are many distinguished and leading banks in the field, the most prominent of which are:

Ziraat Bank: It is the oldest and second largest bank in Turkey. It provides many banking services, payment services, etc.
The White Bank: This bank was opened in 1948 and provides many financing services in Turkey for small and large projects.
Turkish Finance Bank: This bank is a partner of the Saudi National Commercial Bank, this bank offers installment cards to banks, and many other services.
Baraka Bank: Baraka Bank was established in 1984 in Istanbul and is one of the Islamic banks in Turkey, which in turn applies banking laws in accordance with Islamic law in Turkey.

And many other banks...

If you are about to carry out any commercial, educational or health activity in Turkey, we advise you to apply directly for a bank account in Turkey in order to save your time and effort during many stages.

Economic activities abound in Turkey and its provinces and vary between industry, trade, agriculture and tourism. At the top of these activities is real estate investment in Turkey and its provinces. Investors come to Turkey from all over the world, from Arab and Western countries, to benefit from the advantages of real estate investment and enjoy the abundant ingredients that guarantee a successful real estate investment.

Real estate investment projects in Turkey overlap with tourism, and the latter is a direct factor that contributes to the renaissance and development of real estate projects. Whatever these projects are and whatever the economic sectors, banking services, which include opening a bank account in Turkey, have become clear steps taken by investors to facilitate real estate investments, buying and selling real estate, and so on.

If you would like to know more about everything related to Turkish banks, do not hesitate to contact us via WhatsApp, here. We will respond to your inquiries as soon as possible.

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