Banking Operations For Foreigners in Turkey

With the developments in Turkish banking system at the last 10 years, the general condition has reached the qualification meet all needs and desires of foreigners with links to Turkey. Offered with a variety of services from different nationalities who are citizens of Turkey, or just foreigners living in Turkey, they can work with Turkey’s various private, public and Islamic banks.

There are a lot of advantages offered by banking institutues for foreigners in Turkey . They can be listed as invoice payments, to receive money from abroad, such as pensions, or to appreciate lucrative savings interest rates like most foreigners. Average interest rates on foreign currency deposit the beginning of many deposit accounts 10% live without touching the capital in Turkey.

As Ata Institutional Consultancy, we offer opening bank account services without problem for all customers who work with us for the concept of Turkish citizenship services. However, if you choose to carry out these processes on your own, the information below will guide you.

How to Open a Bank Account in Turkey ?

The documents are defined below while opening a bank account in Turkey :

  • Passport (The bank will get a photocopy for registration.)
  • Turkish Tax Identification Number
  • A document that proofs your residential address in Turkey (This may take the form of a bill such as electricity or water in the last three months.)

Note: Some banks are providing bank accounts for foreign people who live in Turkey permanently.

Hot wo get Turkish Tax Identification Number ?

If you previously purchased a property in Turkey, you already supposed to have a tax identification number. Otherwise, you can get a tax identification number by going to the Tax Office at your location and applying with your passport only.

Securities Offered by Turkish Banks

Some Turkish banks offer securities (hypothecate) to foreigners to provide housing finance. However, when a little research is done, you will find that the amount of tax resulting from this transaction is too high and this is not a smart financial investment option. In this way, you may be buying another new flat with the amount of tax you will pay.

How Safe Are Turkish Banks?

Naturally, the foreigners wonder about the safety conditions of Turkish banks while depositing money to the banks. At this point, the relevant TMSF regulation comes into force. The Savings Deposit Insurance Fund (TMSF) is the government’s official governing body for insurance savings and deposits.

The guarantee provided by the Savings Deposit Insurance Fund (TMSF) is valid up to 150.000 TL for savings on behalf of natural persons in banks. For this reason, some foreigners choose to allocate their money to two or three different bank accounts. For more information, you can reach the SDIF official website. –

Popular Turkish Banks for Foreigners

Yapı Kredi has an individual banking section on its websites in English for foreigners. Yapi Kredi, Turkey’s fourth largest private bank with 908 branches.

İşbank calls itself “the Turkish bank for foreigners”. There is a separate “foreign banking” section on English websites, and its branches, which provide banking services for foreigners, offer one-to-one communication with English-speaking representatives.

HSBC is one of the most popular banks among foreigners due to its status as an international bank. But that is not connected to the international şubelerbirbir, you can not go to an office in Turkey to query your account in the UK. There is also an English-language website in addition to English-speaking staff at certain branches.

Denizbank is especially popular with foreigners who want to deposit money in an interest saving account, as it offers one of the best rates in the market. It reinforces this popularity thanks to its English-speaking staff in individual branches as well as an English website.

Garanti, another private bank’s overseas banking division, focuses on providing all its services in English, including internet, telephone banking, ATM and English-speaking staff at some branches. Garanti is also a Western Union organization.

Akbank also has overseas banking branches. In addition to the standard services, there are some advantages such as tax consultancy services and a foreign traveler card issued to earn miles while traveling. Akbank is another bank associated with Western Union.

Other options include state-owned Ziraat, Halk and Vakıf banks. Turkey is located a few Islamic banks such as Al Baraka and Kuveyt Türk.

Expat Guide Turkey

Expat Guide Turkey is a news website that shares important events in Turkey and news concerning foreigners in Turkey. It also contains a guide to undiscovered places, city and district about Turkey.

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