How to open a bank account in Turkey

Lets contact to help you

To find the most suitable property

2024-03-08

Do you plan to live in Turkey and need to open a bank account there? If the answer is yes, then you are in the right place, as opening a bank account in Turkey is vital to living and working there, and this important step cannot be dispensed with.

In this article, we will discuss together how to open a bank account on the territory of the Republic of Turkey in easy, simple and smooth steps, so continue reading to learn more details.

What is the importance of opening a bank account in Turkey?

Providing easy means to pay the fees due, including tuition, purchases, and rent.
Facilitate the process of paying various bills such as water, gas, electricity and internet bills.
Enabling easy money transfers inside and outside the country.
Providing access to the world of electronic shopping through credit cards.
Facilitating exchange operations between different currencies at reasonable rates compared to exchange shops.
Banks are building applications for smart devices, which makes all previous operations available at your place, without the need to visit the bank in person.

How to open a bank account in Turkey via the Internet?

You must have a Turkish personal identity card if you are a Turkish citizen, or a residence card if you are not a Turkish citizen.
You must provide a document proving your residence address on the territory of the Republic of Turkey.
You must have an active Turkish phone number to connect and receive verification codes.
Complete and sign the online registration form
After that, you have to contact the bank you wish to open the bank account with and provide the required documents as per the instructions of the bank.

How to open a bank account in Turkey for foreigners?

Bring your passport (valid for at least 6 months)
Bring your residence card (valid)
Get your tax number.
Submit a document proving your residence address in Turkey.
Visit the bank and complete and sign the registration form.

Steps to open a bank account in Turkey

Bring a proof of address document and go to the tax department to obtain a tax number for foreigners.
This process should be done in person with the passport, and the tax number will be obtained free of charge within minutes if there is no crowding.
After obtaining the tax number, you can now go to any bank of your choice to open an account, whether it is in Turkish lira, dollars or euros.
A bank account can be opened in Turkey for non-residents without the need to be in Turkey, as all transactions can be conducted online from outside Turkey.
Some banks may require a Turkish mobile phone number to send an ownership verification text message.
It should be noted that the websites of electronic banks in Turkey support the English and Turkish languages, and some support the Arabic language as well.

What is meant by credit card?

Credit cards issued by financial institutions and banks provide the holder with access to funds.
These cards are usually used for purchases, whether in cash or in installments, as well as for obtaining short-term financing.
Provide protection and security from theft or loss.
Ensuring the rights of cardholders, such as verifying the cardholder's ability to comply with credit card financial obligations.
The ability to know the balance of the bank account associated with the card.
The ability to use the card in many locations, shops and car rental stores, which contributed to the increase in sales volume.

About the types of bank accounts in Turkey

Through the following paragraphs, we will learn about the types of bank accounts in Turkey:

Current account:

It is an unlimited term bank account, where money can be deposited and withdrawn at any time without making profits.
Money can also be transferred.
Issuing and executing check transactions.
Pay off loans and credit cards.
Payment of donations, fees and rent.
Pay bills, taxes, insurance and social security premiums.
Trading in securities and instruments.
Conversion between foreign currencies and precious metals.
Paying periodic installments such as buying real estate in installments in Turkey and paying monthly installments to the construction company.
. Executing automated orders to transfer specific amounts or pay bills automatically and scheduled, without intervention from the account holder.

Sharing account:

It is a type of bank account that allows the distribution of revenues according to the profit and loss partnership system between the account holder and the bank.
The funds collected from participating accounts are invested in financing the trade, industry and services sectors in accordance with the principles of interest-free Islamic banking services.
The rate of return is not determined at the beginning, but rather at the end of the specified period.

Gold bank account:

It can be used for saving and saving purposes, as it allows individuals to buy and sell gold at any time and at the current gold price.
Normally the minimum deal in a gold bank account is 0.01 gram.
A certificate is issued representing the amount of gold stored in the bank (such as Kuveyt Türk Bank)
Individuals can withdraw gold in grams from some branches and ATMs of banks that support the purchase and sale of physical gold, such as Kuveyt Turk Bank.

Top tips for opening a bank account in Turkey:

Do a thorough research on the different banks in Turkey and compare their services, fees and conditions before making your final decision, choose the bank that meets your personal and financial needs.
Contact the selected bank and inquire about the required documents and procedures for opening a bank account for foreigners and it may be helpful to request an appointment in advance to facilitate the process.
Ensure that all required documents are prepared correctly and completely and these documents may include a valid passport, residence card, proof of address, and tax number if required.
. Check the availability of bank branches in your area and make sure they are close to your place of residence and your best choice might be a bank that has authorized branches and customer support in languages you understand.
Make sure that the bank provides customer service in a language that you understand, whether it is Turkish, English or Arabic, as this may be important to facilitate communication and understanding of banking terms and services.
Before signing any contract, be sure to read and understand the terms and fees involved in opening and managing a bank account.