The rules for opening a bank account in Turkey for foreigners have changed in 2023.
In this article, we will discuss ways and how to open an account in Turkish banks, and according to the E-commerce website, international trade requires a bank account linked to the SWIFT system and the possibility of financial exchange with other banks in the world.
The benefits offered by opening a bank account in Turkey :
It is possible to deposit money and income in dollars into your account from outside Turkey.
Using these accounts, you can conduct financial exchanges through international banks linked to Swift. all of these accounts contain an International Bank Account Number (IBAN) and international Visa and MasterCard will be issued to you as well.
With this Visa and MasterCard you can buy from international websites, you can also receive money from ATMs around the world that can accept Visa or MasterCard.
However, in 2020, strict measures were taken to open bank accounts for foreigners in Turkey, so now we present some ways to open a bank account in Turkey:
Opening a bank account by residing in Turkey :
If you live in Turkey, you can open an account in one of its banks. And the documents needed to open your account are the Turkish Kimlik Card (ID) or the residence Card, the water, electricity or gas bill in your name and a Turkish SIM card.
For residents, bank cards and Visa cards are issued in the person’s name, but these cards are not delivered immediately, issued cards will be sent to the customer’s registered postal address after about a week.
Opening a bank account in Turkey without a residence permit :
In this way, you can open an account at the Turkish Ziraat Bank with your passport only. In this way, after referring to the tax office (in Istanbul-Turkey Vergi Dairesi) with a valid residential address, you will receive your tax number.
When opening the account, an international bank card will be issued and delivered to the customer, so you can open an account overnight.
And these accounts can also be in dollars, euros, pounds and lira, each of these accounts is independent and a separate account number is issued to them.
However, only a few branches have bank accounts in Turkey for non-residents without an initial balance, and most of these branches are based on the relationships and credits of people wishing to open accounts for clients who are presented with passports.
Another important point is that you need to speak someTurkish when opening an account so that you can submit your requests to the bank’s staff. And given the sensitivity of banking matters, we recommend that you use an interpreter to open an account and receive banking services.
Opening a bank account by registering a company in Turkey:
You can open an account by registering a company in Turkey.
These accounts have the characteristics of the commercial account or the same company, for example, the ability to specify the number of signatures the account has, and the limit for individual withdrawals, and so on.
Opening a bank account in Turkey by depositing in Turkish banks:
Turkish banks always welcome customers who want to deposit money in these banks even for a month and facilitate the conditions for opening accounts for these customers.
The minimum investment in 2020 is 30 thousand Turkish liras, and these deposits can be for one month and interest is paid on them as well.
For example, if you decide to buy a property in Turkey, it is better to open an account in Turkey first, and then transfer your capital to your account in Turkey to buy a house, or just deposit the money to receive the interest.
Currency and money transfers for foreigners abroad :
It is possible to make international purchases and receive any free currency for foreign accounts in Turkey.
But transferring dollars outside Turkey is prohibited, but you can transfer from other currencies such as the euro even outside Turkey and banks in other countries.
Bank fees in Turkey:
Bank transfer fees in Turkey start from 3 liras and reach 500 liras for large amounts, and fast transfer rates between banks are also subject to Swift’s terms and conditions.
Banking benefits from opening a bank account in Turkey :
Bank interest rates vary from the bank account in Turkey from year to year and even from month to month.
But the Turkish Ziraat Bank, which is a state-owned bank, currently pays 20% annually for deposits in lira and 3% annually for dollar deposits.
And in Turkey, short-term deposits receive higher interest rates, for example, interest on 3-month deposits is more the interest on over 1 year deposits.
Another positive feature is that you can open a term deposit without going to the branch, and this deposit can be opened easily through Mobile Bank, the profit received will also be visible depending on the number of days the funds are blocked in the bank app.
Is it better to use MasterCard or Visa card in Turkey ?
This question may be asked to you, so it is important to know that Visa and Master are only US card issuers and there is not much difference in the service.
What matters is the capabilities of your card that you specify when opening a bank account in Turkey.
For example, it can be Visa or MasterCard debit or credit, and credit cards can be used in installment purchases even without an initial balance. So that the bank deducts the relevant purchase premium from your account every month.
What is the best city in Turkey to create a bank account ?
The best city to open a bank account in Turkey is Istanbul, because it is a touristic city. So bank branches will make it easier for foreigners to open accounts.
Also, the possibility of financial exchange and converting the foreign currencies into lira and vice versa has become easier.
Another reason is the large volume of trade in this city, which is more from the rest of the cities in Turkey, such as Ankara, Izmir and Antalya.
Documents required to open an account in Turkey :
- Attend the applicant for one day in Turkey
- Tax Number
- Turkish SIM card
Only the documents mentioned above are sufficient, however, it is necessary to know that the SIM cards purchased with a passport in Turkey are valid for up to 181 days. After which you must send the Turkish residence card document to the operators, then you have to buy a new SIM card.
Read more about buying a SIM card in Turkey
How to open a bank account in Turkey :
After choosing the required bank to open an account, you must implement the rest of the steps related to opening an account in Turkish banks personally.
To open an account in a bank in Turkey, you must have some requirements, which will be mentioned below :
Owning a valid address in Turkey :
If you live in Turkey, you can provide the address of your place of residence. Otherwise you can provide the address of the place of residence of relatives, friends and acquaintances.
If you do not have access to any of these items, you can use the Nilgam Collection services to open an account in Turkish banks.
Obtaining the Turkish tax number :
To obtain this code, you must go to the Turkish Treasury and apply for a special tax number for foreign citizens by submitting your passport.
Bank review to open a bank account :
After obtaining the tax number, you must visit one of the bank’s branches in person and follow the procedures for opening a bank account in Turkey.
Note that to do this step, you must have your passport and a copy of it.
In addition to that, in order to use the bank’s mobile services, you must buy a SIM card that is active in Turkey and take it with you when you visit the bank.
If you want to open a legal account for your company, the company manager must be present in Turkey and take the necessary steps to open a bank account.
The company’s documents will be required to obtain the tax number.
After obtaining the Turkish tax number, you can go to the bank with the documents translated for the company and take other steps to open a bank account in Turkey.