Opening a bank account in Turkey is essential for both residents and foreigners looking to manage finances, receive payments, or invest in the country. Whether you are a local, an expat, or a business owner, this guide will walk you through the steps, requirements, and benefits of opening a bank account in Turkey.
Why Open a Bank Account in Turkey?
Capital gains tax is charged on profits made from selling assets that have appreciated in value, such as property, stocks, or other investments. In Turkey, this tax is imposed on both resident and non-resident individuals and businesses alike. The rules can differ depending on the type of asset sold and the holding period.
Open Bank Account in Turkey
Taxable Assets on Capital Gains Tax in Turkey
Having a bank account in Turkey offers several advantages, including:
- Easy money transfers within Turkey and internationally.
- Secure online banking for payments and purchases.
- Access to investment opportunities in Turkey.
- Ability to receive salaries and make business transactions.
- Convenience for foreigners looking to buy property or invest.
Types of Bank Accounts in Turkey
There are two main types of bank accounts in Turkey:
- Personal Bank Accounts – For individuals managing personal finances, savings, and daily transactions.
- Business Bank Accounts – For companies to handle business transactions, invoicing, and payroll.
- Corporate Bank Accounts – For charities and foundations to manage fundraising, donations, and financial transactions efficiently.
Additionally, you can choose between:
- TL Accounts (Turkish Lira) – Used for local transactions.
- Foreign Currency Accounts (USD, EUR, GBP, etc.) – Ideal for international transactions.
Requirements to Open a Bank Account in Turkey
Opening a bank account in Turkey is a straightforward process, but it requires specific documents and steps, especially for foreigners. The documents needed vary based on residency status and the type of account.Below are the general requirements:
For Personal Account For Foreigners (Non-Residents):
Passport (original and copy).
Valid Residance or Work Permit (original and copy).
Tax Identification Number (TIN)
– Obtainable at a local tax office.
Proof of address (utility bill or official
document from your home country).
A Turkish phone number to be required for SMS
verification.
Note: Some banks may request additional documents based on their policies.
For Business & Corporate Account:
Articles of Association of Company or Legal Entity
Company registration certificate
Tax Identification Number (TIN)
– Obtainable at a local tax office.
Proof of address
A Turkish phone number to be required for SMS
verification.
Company seal
Wet signatures of representatives
Valid Residance or Work Permit (if representatives are based in Turkey)
For Foreign Companies & Instutions:
Translated in Turkish of Articles of Association of Company or Legal Entity apostilled by Turkish Embassy
Translated in Turkish of Company Registration Certificate apostilled by Turkish Embassy
Tax Identification Number (TIN) –
Obtained at a local tax office in Turkey
Company seal
Wet signatures of representatives
Valid Residance or Work Permit (if representatives are based in Turkey)
Note: Some banks may request additional documents based on their policies.
How to Open a Bank Account in Turkey – Step-by-Step
Step 1: Obtain a Tax Identification Number
Before opening a bank account, you need a Turkish Tax ID. You can get it at the local Tax Office (Vergi Dairesi) by presenting your passport. The process is free and takes only a few minutes.
Step 2: Choose a Bank
Some of the most popular banks in Turkey include:
Ziraat Bankası – Government-owned,
ideal for expats and businesses. It's also ideal for tax
payments.
Garanti BBVA – Known for digital banking
services.
İş Bankası – Offers a variety
of personal and business accounts.
Akbank – Good for international
transfers.
Yapı Kredi – User-friendly mobile
banking.
Step 3: Visit the Bank with Required Documents
Go to the nearest branch of your chosen bank with the necessary documents. Some banks allow online applications, but an in-person visit is usually required for verification.
Step 4: Sign the Banking Agreement
Once your documents are approved, you will be asked to sign an account agreement. This outlines the terms and conditions of using your bank account.
Step 5: Deposit the Minimum Balance (if required)
Some banks require an initial deposit to activate the account. The amount depends on the bank and the type of account you open.
Step 6: Get Your Debit Card & Online Banking Access
After successfully opening your account, you will receive a debit card (if applicable) and online banking details to manage transactions digitally.
Can You Open a Bank Account in Turkey Online?
Yes, some Turkish banks allow online account opening for residents and existing customers. However, foreigners usually need to visit a branch to complete the process due to identity verification requirements.
Fees & Charges for Turkish Bank Accounts
Account Maintenance Fees – Some banks charge
a small monthly or annual fee.
ATM Withdrawal Fees – Free at your own
bank's ATMs but may incur fees at other banks.
International Transfers – Fees vary
depending on the bank and transfer method.
Currency Exchange Fees – Applied when
exchanging foreign currency.
Best Banks for Foreigners in Turkey
Ziraat Bankası – Easy for
foreigners; government-backed.
Garanti BBVA – English support and
international banking options.
İş Bankası – Offers accounts
in multiple currencies.
HSBC Turkey – Great for international
transactions.
Contact Us to Open a Bank Account in Turkey
Opening a bank account in Turkey is a straightforward process, whether you are a resident or a foreign investor. By choosing the right bank and preparing the necessary documents, you can enjoy seamless banking services for personal and business needs.
Need help to open a bank account in Turkey? Contact us today to explore tailored solutions for your business.
A&M Consulting Co. is an business consultancy firm specialized in openning a bank account services in Turkey for especially global investor and foreign companies & indivicual entrepreneurs.
We continue to provide cost-effective professional tax services as for global companies and individual entrepreneurs & indivicuals who want to enter the Turkey's market smoothly, quickly, and fully comply with local legislation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
