Thanks to the geopolitical location, the blooming economy and its significant history, Turkey has become a point where many foreigners strive to come and invest.
In the recent years the Turkish Republic has alleviated the processes to open a bank account in Turkey for foreigners with the means of some regulations in order to increase investment and make it more convenient to foreigners. These regulations will enable a foreigner who has come to Turkey for working to send easily money to his family abroad, they will enable that the daily life of a foreigner will get easier by being able to take advantage of banking processes and they will enable that the investment and company financial activities of foreigners will be realized considerably faster and many more advantages. However the opening procedures of a bank account for foreigners varies from bank to bank. While taking not long in some banks, it can be the opposite in another. Some major Turkish banks are İş Bankası (Isbank), Yapı Kredi Bankası, TEB, QNB Finansbank, Halkbank, Vakıfbank, ING Bank, Akbank, Ziraat Bankası and Garanti Bankası.
How is the Procedure ?
There are two types of opening a bank account for foreign citizens in Turkey; the first one is the procedure to open a bank account for persons and the second one is for accounts in the name of a company.
The legal procedures and principles in order to be able for a foreign citizen to open a bank account in Turkey are listed below:
- First of all, the person wanting to open a bank account has to determine a correspondence address.
- Foreign citizens have to own a tax number to be able to open a bank account in Turkey. The foreign citizen can get a potential tax number by visiting a state tax office with his/her within a time that depends on the density of the office.
- With the tax number received from the tax office, the foreigner will be able to open a bank account and realize banking processes.
- Some banks may ask for a mobile phone number of its customers. The foreign citizen needs therefore to procure a telephone number from a Turkish operator company.
The legal procedures and principles in order to be able for a foreign company to open a bank corporate account in Turkey are listed below:
- Contrary to personal bank accounts, corporate accounts can only be opened by the director owning a signing authority.
- A tax number needs to be procured from the tax office for the company. The company for which a bank account is to be opened, does not need to be located in Turkey or have financial activities in Turkey. It is sufficient to have a correspondence address.
- In order to open an account, the competent company director applies to the bank together with the tax number and all documents of the company translated and approved by the notary or consulate. These company documents are the main company agreement, trade chamber registries, commercial register, establishment and activity documents and if available licences.
İşbank: Opening a bank account at İşbank is quick and easily. It is necessary to gather the documents below and apply to the nearest İşbank branch.
- A valid passport not older than 10 years or a valid residence permit ( if both are not available, and official document approved by the Turkish Ministry of Finance validating the national ID document will be accepted)
- Your Foreigner’s Identification Number or Tax Identification Number
- Proof (copy of electric, water, natural gas or phone bill addressed to your name and of the last three months) of your valid residence address in Turkey or the printed address on your passport
Garantibank: Visit the branch in order to get a Mobile/Online Banking password to be able to open an account.
Akbank: Visit branch in order to open a bank account or get an online banking password or call the Akbank expat banking service.
Ziraat Bankası: In order to open a Foreign Currency Current Account or a Turkish Lira Current Account you can apply to our branches or our internet branch.