How To Select and Open Bank Account As a Foreigner in Turkey

Turkey attracts individuals from all corners of the world for visits and residence. Many expatriates have chosen Turkey as their destination to work, study, or retire, drawn to its vibrant and culturally diverse atmosphere. If you're a foreigner contemplating business initiation or relocation to Turkey, it's crucial to open a local bank account for managing your financial activities, as well as obtaining a local mobile phone number and internet connection.

What's the Importance of Having a Bank Account in Turkey?

In today's world, having a bank account has transformed into a fundamental requirement to meet the demands of contemporary living. Regardless of whether you're a student, a professional, or a traveler, opening a bank account in Turkey offers a range of advantages, including:

·         Managing fees, such as study installments or purchases/rentals.

·         Settling utility bills, encompassing water, gas, electricity, and internet.

·         Facilitating domestic and international fund transfers.

·         Simplifying online shopping through credit card transactions.

·         Utilizing banking smartphone applications for conducting processes without the need for in-person visits to the bank.

Opening a bank account in Turkey as a non-residentWhile it might pose some challenges, opening a bank account in Turkey is indeed achievable. Banks are generally cooperative, and their assistance tends to be more forthcoming if you're depositing a substantial amount. Proof of residence is usually not mandatory for opening a foreign currency account. In the absence of requisite documents, expect to address numerous queries. The primary step involves obtaining a Republic of Turkey Tax Identification Number, a requirement for most bank account setups. Although attainable for non-residents, your bank will offer guidance on the most suitable approach and support you in the application process.

Which Bank is Ideal for Foreigners in Turkey?

Turkey boasts a wide array of well-structured banks that offer customer support in English and various other foreign languages. Regardless of your location or occupation, banking is an essential part of daily life due to the conveniences and advantages it brings. The Turkish banking system has evolved significantly to cater to the requirements of foreigners and expatriates residing in the country. Numerous expats have successfully opened bank accounts with both governmental and private banks, benefiting from the efficient services they offer.

The banking landscape within the nation is diverse and thriving. Below, we present a compilation of Turkish banks equipped with English helplines tailored to assist foreigners. These institutions offer specialized products and services for international clients. This blog presents a rundown of the top banks in Turkey where foreigners can readily establish a bank account. Let's delve into the details:

Ziraat Bank

Established in 1863, it holds the distinction of being Turkey's oldest bank. Operating under German regulations, it extends its reach internationally, notably with branches in Germany. In addition to standard banking services, it offers Western Union facilities, catering to regular needs. With a headquarters located in Ankara, this institution boasts a substantial network of 1,770+ branches across Turkey. Notably, Ziraat Bank's multilingual customer service team assists with a spectrum of banking and insurance services. Renowned for its flexibility in financial transactions, the bank facilitates straightforward account openings for employees, investors, students, and foreigners alike.

Yapi Kredi

With a robust network encompassing over 900+ branches and an extensive ATM presence, it stands as Turkey's fourth-largest private bank. Notably, this bank has designated an English banking section tailored for the convenience of foreign customers. Yapi Kredi emerges as a prime choice for investment endeavors, offering a comprehensive suite of solutions related to Mutual Funds, BStock Transactions, and more. Furthermore, the bank extends its assistance to encompass insurance and loans, savings and current accounts, debit and credit cards, as well as specialized accounts curated to cater to international clients and foreign residents.

GarantiBBVA 

Based in Istanbul, it's Turkey's second-largest bank. They have people who can help you in English at their branches, and you can also talk to English-speaking staff on the phone. Their website is in English too. This bank offers special things for people from other countries like accounts that can hold different currencies and cards that work internationally. Some of the bank is owned by another bank called Banco Bilbao Vizcaya Argentaria (they're also called BBVA). This bank, Garanti BBVA, has many branches in Turkey - 872 to be exact - and more than 18,636 people work there. They're also connected with Western Union. The part of the bank that deals with people from other countries is really focused on helping in English. This means their website, phone service, ATMs, and the people you talk to are all ready to help in English.

Akbank

Established in 1948 in Adana and now based in Istanbul, it's a bank that's been around for a long time. They're in a special partnership with Citigroup, where Citigroup owns part of the bank (about 20%). This bank, called Akbank, has over 716 branches all over Turkey, and they have more than 2,000 employees. They offer many different things like accounts and cards, and some of them are made especially for people from other countries and international customers.

What's cool is that they have a phone app you can use, and you can also do banking on the phone and even get SMS services. Besides regular stuff, they also help with taxes and have a card for travelers that lets you earn miles when you go places.

Denizbank

Started in 1938 right here in Istanbul, this bank has a bit of an interesting story. At first, another financial service place called "Dexia" owned it. Then, from 2012 to 2019, a bank from Russia called "Sberbank" owned it. And now, since 2019, a group from the United Arab Emirates called "Emirates NBD" is the boss of this bank, DenizBank. They've got lots of branches - 740 to be exact - spread all over Turkey.

People from other countries really like DenizBank. They're famous for having a savings account where you can earn some extra money, and they give one of the best rates around. One of the reasons they're so liked is because they have folks who speak English in all their branches, and they even have a website in English too.

Isbank

Frequently recognized as " The Turkish bank for foreigners," this bank boasts a dedicated section on their English website catering to foreign banking needs. Their branches are geared towards serving expatriates, with one-on-one interactions facilitated by English-speaking representatives. İşbank, established in 1924 by Mustafa Kemal Atatürk, stands as the largest private bank when considering assets and equity. With its headquarters in Istanbul, it boasts an extensive workforce of over 24,053 employees and a network of 1,271 branches spanning Europe, the Middle East, and select Asian countries (including Germany, France, the United Kingdom, Switzerland, Netherlands, Bulgaria, Northern Cyprus, Russia, Georgia, Iraq, Bahrain, Egypt, Shanghai, and more).

The choice of the best bank for foreigners and non-residents in Turkey will hinge on your specific needs and preferences, language proficiency, and documentation. The banks mentioned each have their own account-opening processes, so we recommend checking their websites for detailed information. To ensure a smooth experience, consider arranging an appointment with an English-speaking relationship manager.

Navigating the Process of Opening a Bank Account in Turkey

Opening a bank account in Turkey is accessible to all, provided you possess the necessary documents. While the specific steps might vary among Turkish banks, there are overarching protocols that must be adhered to.

Documents you need to open a Turkish bank account

The documents required for foreigners to open a bank account in Turkey vary in three forms: foreigners who reside in Turkey, non-resident foreigners, and business owners requiring a bank account for their company.

Documents needed for foreigners residing in Turkey:

1- Residence, work permit, or temporary protection ID

• 2- Address document (utility bill, rental contract, or ID register copy).
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 Documents needed for non-resident foreigners:

• 1- The tax number is taken from the tax office
• 2- A valid passport
• 3- Translated copy of official address proof (utility bill or rent contract).
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Companies must receive a tax identification number to open a bank account in Turkey. For the tax ID number, the company’s Articles of Association, a filled application form, and proof of the registered address are needed. Corporate bank accounts can be opened only by a director with signing authority. The following documents are also required to be submitted to the local bank:

• 1- Tax ID number,
• 2- The company’s Articles of Association,
• 3- Application form,
• 4- Proof of the registered address of the company.

What are the steps to open a Turkish bank account by an individual?

Foreign individuals possessing a valid work or residence permit in Turkey, along with a valid foreign national identity number, are granted the freedom to initiate a bank account without encountering any limitations. This can be accomplished by visiting a bank of their preference or through online channels utilizing the official websites of the banks. No restrictions exist concerning the choice of bank or the number of accounts to be opened.

• ·           Ensure your passport is up to date (within a span of ten years).

·          Secure a copy of your address verification, such as an electric, water, or phone bill containing your name.

·          Obtain either your tax identification number from the local tax office or your valid foreign national identity number.

·          Visit a Turkish bank of your choosing to initiate the account opening process.

Steps for Establishing a Bank Account in Turkey for a Foreign Company:

Every business, whether local or foreign, is mandated to initiate a bank account in Turkey as a foundational step for establishing operations and conducting financial activities such as fund transfers and share capital deposits. Entrepreneurs must secure corporate bank accounts prior to official company registration in Turkey.

• ·         Compile the Articles of Association for the company.

·         Complete the application form.

·         Present verifiable proof of the registered company address.

·         Acquire the company's tax identification number from the local tax office.

·         A designated director with signing authority is required to visit a Turkish bank in person to initiate the account opening process.

We trust that this information has been beneficial and has provided insight into Turkey's prominent banks. If you're considering property acquisition for residency or future investment, don't hesitate to reach out to The Guide Real Estate. Our team of specialists is eager to assist you. As a dedicated Turkish real estate agency, our primary focus revolves around catering to the needs of international investors.