Banking Transactions in Turkey for Foreigners

The Turkish banking system has developed rapidly in the last ten years and has reached the level of meeting all the needs and requests of foreigners who have connections with Turkey. Along with the various services offered, many foreigners from different nationalities, who are Turkish citizens or just live in Turkey, work with various private, Islamic and public banks in Turkey.

There are many advantages offered by banks to foreigners in Turkey. Paying bills, receiving money from abroad such as pensions, or considering savings interest rates that cannot be ignored like most foreigners are just a few of them. Many foreigners live in Turkey without touching their capital by depositing their money in time deposit accounts with an average interest rate of 10%.

As Ata Institutional, we assist all our customers who prefer to work with us in obtaining Turkish citizenship services in banking transactions so that they can open their bank accounts without any problems. However, if you choose to perform these operations on your own, the information below will guide you.

How to Open a Bank Account in Turkey?

How to Open a Bank Account in Turkey?

The documents you need to have with you when opening a bank account are:

  • Passport (The bank will take a photocopy of your passport for registration.)
  • Turkish Tax Identity Number
  • A document proving your residence address in Turkey (This could be in the form of a bill such as electricity or water in the last three months.)

Note: Some banks only open accounts for foreigners living permanently in Turkey.

How to Obtain a Turkish Tax Identification Number?

If you have purchased a property in Turkey before, you must already have a Turkish tax identification number. Otherwise, you can obtain a tax identification number immediately by going to your local Tax Office and applying with only your passport.

Mortgages Offered by Turkish Banks

Some Turkish banks offer mortgages to foreigners to finance housing. However, if you do some research, you will see that the amount of tax that results from this transaction is huge and it is not a smart financial investment option. You may be buying another new flat with the amount of tax you will pay in this way.

How Can Foreigners Without a Residence Permit Open a Bank Account in Turkey?

Foreigners who do not have a residence permit can open an account in Turkey only at Ziraat Bank by depositing a collateral of 30 thousand TL.

How Safe Are Turkish Banks?

Naturally, any foreigner can be expected to be concerned about how safe their money deposited in a Turkish bank account is. At this point, the relevant SDIF regulation comes into effect. The Savings Deposit Insurance Fund (TMSF) is the official state governing body of insurance savings and deposits.

The guarantee provided by the Savings Deposit Insurance Fund (TMSF) for savings opened in banks on behalf of real persons is valid up to TL 150,000. For this reason, some foreigners choose to divide their money into two or three different bank accounts. For more information, you can visit the TMSF official website.

Bank Yapı Kredi

Yapi Kredi

Yapı Kredi has an English-language retail banking section on its website. Yapı Kredi is Turkey’s fourth largest private bank with 908 branches.

Is Bank

İs Bank

IŞ bank calls itself “the Turkish bank for foreigners”. There is a separate “international banking” section on their English website, and branches that provide banking services for foreigners offer one-to-one communication with English-speaking representatives.



HSBC is one of the most popular among foreign banks due to the status of being an international bank.  However, since the international branches are not interconnected, you cannot go to an office in Turkey to inquire about your UK account. There is also an English-language website in addition to English-speaking staff at certain branches.

Deniz Bank

Deniz Bank

Deniz bank is especially popular with foreigners who want to deposit money into an interest savings account, as it offers one of the best rates in the market. Its popularity is bolstered by its English-speaking staff at its individual branches, as well as an English-language website.

Garanti Bank

Garanti BBVA

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



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

State Banks

Other options include state-owned Ziraat, Halk and Vakıflar banks. There are also a few Islamic banks in Turkey, such as QNB Finansbank.

Ata Kurumsal

Ata Institutional Consulting is a leading consultancy company in its field, with expert personnel, with 12 years of experience, providing residence permit, work permit, Turkish citizenship consultancy and corporate consultancy services to foreigners. Ata Instiutional Consultancy


  1. I have only 1 question:
    Is it true that a “transaction passport” is needed to transfer or send more than $5000 from Turkey to another country?

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