Opening a bank account in Turkey 2023

One of the most important concerns of immigrants to Turkey is keeping their cash capital in this country. Problems such as theft or losing cash have become a concern for most immigrants. Our suggestion to you is to consider opening a bank account in Turkey to avoid these issues. Many domestic companies and businesses need an international bank account for their transactions and businesses with foreign countries, and many individuals, including immigrants, also require a bank account in a foreign country, such as Turkey.

Every year, the Central Bank of Turkey announces new rules for state and private banks in the country. These rules include regulations on opening bank accounts for foreign customers. In this comprehensive guide, we will outline the conditions, steps, types of accounts, and associated taxes and fees involved in opening a bank account in Turkey. Whether you are a resident or a non-resident, this article will provide valuable information on how to open a bank account in Turkey.

Advantages of opening a bank account in Turkey :

Opening a bank account in Turkey offers numerous advantages, such as:

Activities in various fields, including private banking, retail, corporate banking, mortgages, and more.
Access to a vast network of over 1000 bank branches across Turkey.
The validity and acceptance of your bank card worldwide.
Round-the-clock banking services.
Convenient mobile banking options, allowing you to perform tasks such as bill payments, online shopping, tax payments, and more.
The opportunity to obtain Visa, Mastercard, debit, and credit cards.
Enhanced security features provided by Turkish banks.
The ability to save money and connect with international banks.
High satisfaction rates among individuals from various nationalities.
Currency account options, including dollars, lira, and euros.

Methods of opening a bank account in Turkey :

Opening an account when you reside in Turkey: If you are a resident of Turkey and wish to open a bank account, a utility bill in your name (such as water, electricity, or gas bill), a Kimlik card (residence card), and a Turkish SIM card. The IS and ZIRAAT banks are recommended for opening an account as a resident. Residents of Turkey can open a bank account using their Visa or Mastercard. After opening the account, the bank will send your bank card to your registered postal address within approximately one week.
Opening an account when you do not have a Turkish residence: If you do not have a Turkish residence and wish to open a bank account, you can do so by visiting the Bank of Agriculture with your passport. First, you need to obtain a tax code from the Turkish Tax Office by providing a valid residential address. Then, visit the bank with your tax code and passport to open an account. Once the account is opened, your bank card will be issued and delivered to you.
Opening an account through a deposit: Reputable Turkish banks offer the option of opening an account through a deposit. This option requires a deposit of 30,000 Turkish Lira and has a duration of one month, with interest accrued on the deposit. It’s important to note that bank interest rates in Turkey vary depending on the months and years, with shorter-term deposits often earning higher interest rates compared to longer-term deposits.
Opening an account through company registration in Turkey: Turkey allows individuals to open bank accounts through company registration. These accounts are registered under the company’s name and are considered business and corporate accounts. Accounts opened through company registration allow for setting withdrawal limits by different authorized individuals and can have multiple signatures.

Necessary documents to open a bank account in Turkey without residence :

To open a bank account in Turkey without residence, you will need:

Your original passport.
A tax code obtained from the Turkish Tax Office (Vergi Dairesi).
A Turkish SIM card.

Necessary documents to open a bank account in Turkey with residence :

To open a bank account in Turkey with residence, you will need:

Your Turkish Kimlik card (residence card).
A registration form from the Population Department.
A Turkish SIM card.
The required deposit amount.
The original and a copy of your passport.

It is essential for those intending to open a bank account in Turkey to obtain a tax code from the Turkish Tax Office (Vergi Dairesi) before visiting the bank. The tax code can be obtained by submitting the original copy of your passport and a completed form, which includes personal information and address details. The tax code, in the form of a 10-digit number on a white card, will be provided by the Tax Office relatively quickly and free of charge.

When opening a bank account in Turkey, it is necessary to provide a utility bill in your name, such as an electricity or water bill. You can apply for a tax number at your local tax office and receive a tax identification number instantly. If you have a valid foreign national identity number, you can also use it to apply for a tax number.

In some cases, individuals may be required to make a deposit when opening the account. The deposited amount typically cannot be withdrawn for a specified period, usually around 30 working days.

Any foreigner with a valid foreign national identity number or a Turkish work or residence permit can easily open a Turkish bank account by providing the required documents without any restrictions. It is even possible to open a bank account online by visiting the official website of your desired bank and following the necessary steps.

Types of Bank Accounts in Turkey :

In Turkey, various types of bank accounts cater to different financial needs. The commonly available options include:

Current Account: An indefinite term account that allows deposits, withdrawals, and various banking transactions, such as credit payments, money transfers, bill payments, tax payments, and foreign currency exchange.
Participation Account: Operates based on the principle of profit and loss sharing between the account holder and the bank, following the Islamic banking system. Returns are distributed according to generated profits, and funds cannot be withdrawn until the agreed-upon term ends.
Current Gold Account: Allows saving, investing, purchasing, and selling gold. This account facilitates transactions based on current gold rates and offers the option to withdraw gold in grams from select branches.

Taxes and Fees for Bank Accounts in Turkey :

In general, personal bank accounts in Turkey are not subject to taxation, and most banks do not charge fees for maintaining accounts. However, transaction fees may apply, especially for transfers between different banks. These fees vary based on the transaction amount and the banks involved, typically starting from around 4 Turkish liras per transaction.

Best banks in turkey for foreigners :

When it comes to opening a bank account in Turkey as a foreigner, choosing the right bank is crucial. Turkey offers a wide range of banking options, but some banks stand out for their services tailored to the needs of foreigners. These banks provide excellent customer service, multi-language support, and user-friendly banking platforms. Here are some of the best banks in Turkey for foreigners:

İş Bankası (İş Bank)
Garanti Bankası (Garanti Bank)
Akbank
Yapı Kredi Bankası (Yapı Kredi Bank)
Ziraat Bankası (Ziraat Bank)
Türkiye Ekonomi Bankası (Turkish Economy Bank)
Kuveyt Türk Katılım Bankası (Kuveyt Turk Participation Bank)
Denizbank
Halkbank