How to open a bank account in Turkey

It is important to know the steps to open a bank account in Turkey, as it helps in facilitating daily financial transactions and banking services

When you decide to live or invest in Turkey, you may need to open a local bank account to facilitate daily financial transactions and benefit from local banking services and opening a bank account in Turkey is not difficult, and with proper guidance, you can do it easily and in this blog, we will review the steps to open a bank account in Turkey and the documents that you will need to submit and we'll also explain some tips and tricks to make the process easier.

What is the importance of opening a bank account in Turkey?

1. You can pay tuition fees or monthly installments for apartments, offices or shops by bank transfer or using a credit card.

2. You can also pay utility bills such as water, electricity, gas and internet by bank transfer or using electronic payment services.

3. Bank credit cards can be used for purchases in most large and small stores in Turkey.

4. You can also easily transfer money inside and outside Turkey through online banking services or electronic payment gateways.

5. With the use of the Internet, you can shop online and order many products such as restaurant meals, clothes, electronic appliances, gifts, and many other products.

6. For currency exchange, you can benefit from exchange services that allow you to exchange currencies at acceptable rates compared to exchange shops.

7. By using your bank's mobile application, you can perform various banking transactions without having to visit branches, which saves time and effort.

What is meant by a bank credit card?

A bank credit card can be obtained through financial institutions such as banks after opening a bank account in Turkey and this card allows its holder to access the funds deposited in the bank and is used for withdrawals, deposits, purchases in cash or in installments, and obtaining short-term financing.

Obtaining a bank credit card is an essential part of the process of opening a bank account in Turkey, for the following reasons:

1. By depositing money in the card instead of carrying cash in the wallet, protection and insurance is provided against any theft or loss.

2. The bank credit card allows checking the cardholder's financial ability and guaranteeing his rights.

3. The value of the bank account and the balance of available funds can be known through the card itself.

4. The card can be used in many shops, restaurants and car rental companies, which contributes to increasing the volume of sales in the markets.

All in all, a bank credit card is a convenient and safe way to access funds and perform various financial transactions in Turkey.

What are the types of bank accounts in Turkey?

Current Account: An account with an indefinite term that is characterized by the possibility of depositing and withdrawing funds at any time, and does not entail any profits (interest) and the current account can be used to carry out many banking operations such as transferring funds, paying checks, paying loans and credit cards, paying donations, fees and rents, paying bills, taxes, insurance and social security premiums, trading in securities and instruments, transferring foreign currencies and precious metals, and making automated payment orders.

2. Participation account: It is a type of account that allows the distribution of returns at an agreed rate between the account holder and the bank and the participatory account works according to the participatory system, whereby the deposited funds are used to finance various sectors such as trade, industry, and services and it is consistent with the principles of Islamic banking services, which are based on an interest-free system and the percentage of return is determined at the end of the specified period for the calculation.

3. Gold Current Account: It is an account with an indefinite term that allows the evaluation of savings in the form of gold and some banks provide evaluation of savings using the prices of other precious metals, and the gold bank account can be used for saving and investment purposes, and it also allows the possibility of buying and selling gold at the market price and during the trading process, a documentary certificate is issued that reflects the stored amount of gold, as gold can be withdrawn by gram from some branches and ATMs of banks that offer this type of account.

4. Other bank accounts: Some banks in Turkey, whether governmental or private, offer other accounts such as insurance accounts, term savings accounts, and others and these accounts give customers a variety of options to suit their needs and financial goals.

Documents required to open a bank account in Turkey

1. A copy of your passport must be provided as an identification document.

2. If you have a valid residence permit in Turkey, it may be necessary to provide a copy of it.

3. The tax number must be obtained from the nearest tax department office in the region and you will need to provide a copy of this number to open a bank account.

4. It is preferable to submit a document proving your residence address in Turkey and it is preferable to use a residence document obtained from the E-Devlet website or application after your residence has been officially settled in the Turkish Population Department.

Please note that requirements may vary between banks as per each bank's internal policies and procedures and therefore, it is advised to check the required documents from the concerned bank before applying to open a bank account.

Procedures for opening a bank account in Turkey

1. Visit a bank in Turkey that allows foreign residents to open accounts.

2. Present the above documents to the bank employee, if you are not fluent in the Turkish language, it is recommended that you take an interpreter.

3. Fill in the account opening form and choose the desired account type and currency (Turkish lira, dollar, euro).

4. It is not a requirement to be a resident of Turkey to open a bank account, as it is allowed to open accounts for non-residents according to Turkish law, however some banks may require that you provide a mobile phone number in Turkey to send messages related to the account when there are any updates.

Common questions

Do I have to have a residence permit in Turkey to open a bank account?

Not necessarily, Turkish law allows non-residents to open a bank account, however some banks may require providing a local phone number to send account-related messages.