Bank Account In Turkey

Bank Account in Turkey: A Complete Guide for Individual and Businesses - 2025

Opening a bank account in Turkey is one of the most important steps for both individuals and companies planning to live, work, invest, or run a business in the country. Turkey's modern banking system offers convenient digital services, multi-currency accounts, and international transaction capabilities, making it attractive for foreign investors, expatriates, and entrepreneurs.

Why Open a Bank Account in Turkey?

Opening a bank account in Turkey has become an increasingly attractive option for a diverse range of people, from foreign investors and retirees to students and tourists. The reasons blend practical necessity with strategic financial benefits.

Here's why opening a bank account in Turkey is a compelling choice:

1. For Daily Life and Residency

Essential for Residents: If you hold a residency permit (İkamet), having a Turkish bank account is almost mandatory. You need it to prove financial sufficiency during your application and for everyday transactions.
Convenient Bill Payments: Paying utilities (water, electricity, gas, internet), property taxes (vergi), and other bills is seamless and often discounted through online banking apps (e.g., İşCep, Ziraat Mobil).
Salary and Rent Payments: If you work or rent out property in Turkey, having a local account simplifies receiving your salary or rental income securely.
Contactless & Online Shopping: Turkish society is increasingly cashless. A debit or credit card is essential for transportation (Istanbulkart), e-commerce sites (e.g., Trendyol, Hepsiburada), and in-store payments.

2. For Property Owners and Investors

Mandatory for Property Purchase: Turkish law requires foreign buyers to open a Turkish bank account to conduct the property transaction. The funds for the purchase must be transferred through the banking system and a foreign exchange (FX) purchase certificate (Döviz Alım Belgesi) must be obtained.
Easier Management: Manage expenses related to your property (maintenance fees, renovation costs, bills) directly from your account.
Receiving Rental Income: If you rent out your property, you can receive payments directly into your Turkish account.

3. For Financial and Investment Advantages

High Interest Rates on TRY Accounts: To combat inflation, the Central Bank of Turkey has maintained high interest rates. This can offer attractive returns on Turkish Lira (TRY) savings and time deposit accounts (vadeli hesap), though this comes with significant currency risk.
Diversify Currency Holdings: You can hold multiple currencies in a single account (e.g., USD, EUR, GBP, TRY). This allows you to wait for favorable exchange rates before converting to Lira for expenses.
Access to Local Investment Products: Gain access to the Turkish stock market (BIST), government bonds (Eurobonds), and investment funds that may not be available to non-residents without a local account.

4. For Business and Commerce

Business Operations: If you have a company in Turkey (e.g., a Limited Şirket), a corporate bank account is legally required to manage finances, pay employees, and receive payments from clients.
Easier Commercial Transactions: It streamlines operations with local suppliers and customers, reducing international transfer fees and processing times.

5. For Foreigners: Specific Benefits

Facilitates Residency Applications: As mentioned, proving you have a steady income or sufficient savings in a Turkish bank is a key requirement for a residency permit.
Turkish Citizenship by Investment: A bank account is fundamental for the citizenship-by-investment program. You must show the proof of a minimum $500,000 (or equivalent) investment, which is done through bank records.
User-Friendly for Expats: Many major banks (like İş Bankası, Yapı Kredi, Ziraat Bank) have international departments, English-speaking staff, and English-language online/mobile banking platforms.

Types of Bank Accounts in Turkey

1- Personal Bank Account:

For residents, non-residents, and expatriates
Available in Turkish lira and major foreign currencies
Used for savings, investments, and daily transactions

2- Corporate Bank Account:

Required for all businesses established in Turkey
Opened after company registration
Used for capital injection, supplier payments, and tax compliance

3- Non-Resident Account:

For foreigners without residency in Turkey
Limited services compared to residents' accounts
Requires additional compliance and approval from the bank

4- TL (Turkish Lira) Current Account – TL Vadesiz Mevduat Hesabı

Purpose: This is the standard everyday transactional account. It's designed for daily banking activities, not for earning interest.
Key Features:
- No Interest: Typically offers little to no interest on the deposited amount.
- Unlimited Transactions: Allows for frequent deposits, withdrawals, and transfers.
- Debit Card: Comes with a debit card for ATM withdrawals and point-of-sale payments.
- Cheque Book: Can be linked to a cheque book (though less common now).
- Essential for Bills: Used for automatic payments of utilities, rent, and other standing orders.
Best For: Everyone. This is your essential account for managing daily income and expenses in Turkish Lira.

5- Foreign Currency (FX) Account – Döviz Hesabı

Purpose: To hold and manage money in a foreign currency, protecting savings from the volatility of the Turkish Lira.
Key Features:
- Multiple Currencies: Can be opened in major currencies like USD (US Dollar), EUR (Euro), GBP (British Pound), CHF (Swiss Franc).
- Hedge Against Inflation: Protects your capital from TRY devaluation.
- Interest: May offer a very small amount of interest, but this is not the primary goal.
- Easy Conversions: Funds can be easily converted to TL within the bank's online system when needed.
Best For: Foreigners receiving income/pensions in foreign currency, investors looking to hedge against Lira fluctuations, and anyone saving for future large purchases (like property).

6- Time Deposit Account – Vadeli Mevduat Hesabı

Purpose: To earn interest on savings that you can set aside for a fixed period.
Key Features:
- Fixed Term: You commit your funds for a specific period (e.g., 1 month, 3 months, 6 months, 1 year). Withdrawing early usually results in a significant loss of interest.
- High Interest Rates: Generally offers the highest interest rates available, especially on TRY. The rate is agreed upon at the start of the term.
- Currency Options: Can be opened in TRY or in major foreign currencies (though FX rates are much lower).
- Compound Interest: Many banks offer the option for interest to be paid monthly or at maturity.
Best For: Individuals with surplus TRY looking to grow their savings and combat inflation. Note: This is popular due to high TRY interest rates but carries currency risk if you are a foreigner.

7- Participation (Islamic) Account – Katılım Hesabı

Purpose: A Sharia-compliant alternative to a traditional interest-bearing savings account. It complies with Islamic finance principles, which prohibit earning or paying interest (riba).
Key Features:
- Profit-Sharing Model: Instead of earning a pre-determined interest, you share in the profits (or losses) generated by the bank's pool of Sharia-compliant investments and projects.
- Ethical Screening: Funds are not invested in industries like alcohol, gambling, or tobacco.
- Similar Structure: Often functions like a time deposit account with a expected profit rate.
Best For: Individuals seeking Islamic banking products. Offered by both participation banks like Kuveyt Türk, Albaraka Türk, Ziraat Katılım and conventional banks with participation windows.

8- Gold Account – Altın Hesabı

Purpose: To save and transact using gold without the need for physical storage.
Key Features:
- Digital Gold: Your account balance is denominated in grams of gold rather than a currency.
- Price Fluctuation: The value of your account fluctuates with the international market price of gold.
- Transactions: You can buy, sell, or transfer digital gold. Some banks allow you to convert your gold balance into TL or withdraw physical gold from specific branches.
Best For: Savers looking for a traditional store of value and a hedge against both inflation and currency volatility.

Requirements & Documents to Open a Bank Account in Turkey

Here is a detailed breakdown of the requirements and documents needed to open a bank account in Turkey for both individuals and corporations.

Important Note: Requirements can vary slightly from one bank to another and may change based on your nationality and the specific branch. Always contact your chosen bank beforehand to confirm the exact list.

For Individuals (Foreign Nationals)

The process for individuals is straightforward but requires specific documentation.

Key Requirements:
- Turkish Tax Identification Number (TIN): This is the absolute first step and is mandatory for everyone. You can get this easily from any local Tax Office (Vergi Dairesi) with just your passport. The bank will not open an account without it.
- Valid Passport: Your primary form of identification.
- Residency Permit (İkamet Tezkeresi): If you are a resident, this is a crucial document. Some banks may open an account for short-term tourists, but a residency permit makes the process much smoother and is often required.
- Proof of Address: This can be a Turkish address (from your residence permit) or a foreign address.
  - Required Documents Checklist:
    1. Turkish Tax Identification Number (Vergi Numarası): Obtain this first from the tax office.
    2. Original Passport: Must be valid.
    3. Notarized Turkish Translation of Passport: Some banks insist on this. It's a simple and quick process done by a notary public (noter).
    4. Residence Permit (İkamet Tezkeresi): If applicable.
    5. Proof of Address
      - For Residents: A utility bill in your name (water, gas, electric) or the rental contract (kira kontratı) for your Turkish address.
      - For Non-Residents: An official proof of address from your home country (e.g., utility bill, bank statement) may be accepted. This often needs to be recent (within the last 3 months) and may require an apostille.
    6. Contact Information: A mobile phone number (which you must have access to for SMS verification) and an email address.
    7. Proof of Income/Employment (sometimes requested): Documents like an employment contract, salary slip, or a letter from your employer can be asked for by some banks to assess your financial profile.

Process for Individuals:
1. Obtain your Tax ID from the Tax Office.
2. Choose a bank (e.g., AKBANK, QNB Finans Bank, İş Bankası, Yapı Kredi, Garanti BBVA, Ziraat Bankası).
3. Visit a branch with all your documents.
4. Complete the application form.
5. Your debit card and PIN will usually be mailed to your Turkish address within a few business days.

For Corporations / Companies (Şirketler)

Opening a corporate account is a more involved process and is a legal requirement for operating a company in Turkey. All authorized signatories must typically be present.

Key Requirements:

The company must be fully registered with the Trade Registry.
All authorized signatories (as listed in the company's articles of association) must be present with their original ID documents.

Required Documents Checklist:

A. Company Documents:
1. Company Incorporation Deed (Şirket Kuruluş Sozleşmesi or Anasözleşme): The official document detailing the company's structure and rules.
2. Trade Registry Gazette (Ticaret Sicil Gazetesi): The announcement of your company's establishment.
3. Certificate of Registration (Faaliyet Belgesi or Ticaret Sicil Kayıt Örneği): The document proving your company is actively registered.
4. Tax Registration Certificate (Vergi Levhası): The certificate showing the company's tax number and office.
5. Company Activity Report: A description of the company's intended business activities.

B. Documents for Company Representatives & Beneficial Owners:
1. Original Passports of all shareholders and authorized signatories.
2. Turkish Tax ID Numbers for all shareholders and authorized signatories.
3. Residence Permits for any foreign shareholders/signatories.
4. Proof of Address for significant shareholders and signatories.
5. Power of Attorney (Vekaletname): If an attorney is handling the process on behalf of the shareholders, this document must be notarized.
Process for Corporations:

Ensure the company is fully registered.
Schedule an appointment with the corporate banking department of your chosen bank.
All authorized signatories must visit the branch with the complete set of original company and personal documents.
The bank will conduct a more detailed background check (KYC – Know Your Customer) on the company and its beneficial owners.
Once approved, the account will be activated, and checkbooks/company cards will be issued.

Taxation & Banking Regulations

Here is a detailed overview of the key taxation and banking regulations in Turkey for individuals and corporations with bank accounts.

This information is crucial for compliance and financial planning. Please note that this is a guide, and you should always consult with a Turkish Tax Advisor or Certified Public Account for your specific situation.

A- Banking Regulations

Turkish banking is regulated primarily by the Banking Regulation and Supervision Agency (BDDK – Bankacılık Düzenleme ve Denetleme Kurumu) and the Central Bank of the Republic of Turkey (TCMB – Türkiye Cumhuriyet Merkez Bankası).

Key Regulations for Account Holders:

Anti-Money Laundering (AML) & Know Your Customer (KYC):
- Banks are required to rigorously verify the identity of all clients (individuals and corporations) and understand the nature of their activities.
- This is why documentation requirements are strict. Banks must report suspicious transactions to the Financial Crimes Investigation Board (MASAK).

Foreign Currency Transactions:
- Individuals and companies can freely open and hold accounts in foreign currencies (USD, EUR, etc.).
- There are generally no restrictions on bringing foreign currency into Turkey, but declarations are required for large sums (over $15,000 or equivalent).

Important for Exporters: Companies that receive export revenues in foreign currency are subject to specific regulations requiring them to repatriate earnings to Turkey and sell a significant portion to the Central Bank.

Funds Transfer Reporting:
- All international wire transfers are monitored. Large or frequent transfers may trigger questions from the bank regarding the source of funds.
Deposit Guarantee:
- The Savings Deposit Insurance Fund (TMSF – Tasarruf Mevduatı Sigorta Fonu) guarantees deposits in Turkish Lira and foreign currency up to 700,000 TRY per person per bank.

B- Taxation for Individuals

The revenue authority is the Revenue Administration (Gelir İdaresi Başkanlığı).

Tax Residency:
- You are considered a tax resident if you reside in Turkey for more than 6 months (183 days) in a calendar year.
- Tax residents are taxed on their worldwide income.
- Non-residents are taxed only on their income derived within Turkey.
Key Taxes for Individuals:
- Income Tax (Gelir Vergisi):
- Taxable Income: Salary, rental income from property in Turkey, business income, investment income (interest, dividends).
- Progressive Tax Rates (2024):
  - Up to 110,000 TRY: 15%
  - 110,000 – 230,000 TRY: 20%
  - 230,000 – 580,000 TRY: 27%
  - Over 580,000 TRY: 40%
- Bank Interest Income: Interest earned on TRY deposits is taxed at a withholding rate of 15% at the source (stopaj). The bank automatically deducts and pays this tax to the government. For foreigners, this may be reduced or exempt under a Double Taxation Treaty.
Tax on Investment Income:
- Dividends: Subject to a 15% withholding tax.
- Capital Gains: Profits from the sale of securities (stocks, bonds) held in a portfolio are generally tax-free. However, profits from the sale of real estate and other assets are taxable.
Wealth Tax (Emlak Vergisi):
- An annual property tax is levied on the owner of real estate in Turkey. The rate is typically between 0.1% and 0.6%, depending on the property's type and location.

C- Taxation for Corporations

Corporate Tax (Kurumlar Vergisi):
- Taxable Income: Worldwide income for corporations resident in Turkey (i.e., legal headquarters in Turkey). Non-resident corporations are taxed only on their Turkish-sourced income.
- Corporate Tax Rate (2024): The base corporate tax rate is 25%.
Withholding Tax (Stopaj): Payments such as royalties, service fees, and interest made to non-residents are subject to withholding tax (typically at a rate of 10%-20%), which can be reduced under a Double Taxation Treaty.

D- Critical Interactions Between Banking & Taxation

Tax Identification Number (TIN – Vergi Numarası):
- This is the linchpin. You cannot open a bank account without a TIN. The bank automatically links your account to your tax profile.
Automatic Reporting:
- Banks automatically report account activities, interest income, and large transactions to the Revenue Administration. There is no hiding income earned on funds in a Turkish bank account.
Withholding Tax at Source (Stopaj):
- For interest income, the tax compliance is seamless. The bank calculates, withholds, and pays the 15% tax directly to the state before the interest even hits your account.
Documentation for Large Transactions:
- When making large transfers (e.g., for property purchase), the bank will require documentation proving the source of funds, which is also relevant for tax purposes

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.

Contact Us to Open a Bank Account in Turkey

Whether you live here or you're investing from abroad, setting up a bank account in Turkey is actually pretty simple. Pick the right bank, get your paperwork ready, and you're all set for easy everyday banking or growing your business.

Need a hand getting it done?

We get it—sometimes you just want an expert to handle the details. That's where we come in.

At A&M Consulting Co., we cut through the red tape.

We specialize in helping individuals, global investors, international companies, and entrepreneurs just like you open bank accounts in Turkey. We make sure you get started quickly, without any hidden fees or legal headaches.

Our goal is simple: to give you a smooth, affordable, and fully legal entry into the Turkish market. Let's get your business moving!

FAQs About Bank Account in Turkey

Can a foreigner open a bank account in Turkey?

Yes, absolutely. It is a common and straightforward process, especially if you have a Tax ID & residence permit. Some banks may also allow tourists to open accounts, though it can be more challenging.

Which is the best bank for foreigners in Turkey?

Major banks with dedicated international customer service and English support include:

AKBANK
Yapı Kredi
Garanti BBVA

QNB Finansbank

HSBC Turkey

Ziraat Bankası (state-owned, very widespread)

Is my money safe in a Turkish bank?

Yes. Deposits in Turkish Lira and foreign currency are guaranteed by the Savings Deposit Insurance Fund (TMSF) up to 700,000 TRY per person per bank.

Can I have online and mobile banking in English?

Yes. Most of the major banks listed above offer full-featured internet and mobile banking apps (e.g., İşCep, Yapı Kredi Mobile) with English language options.

What are the common banking fees?

Be aware of potential fees for:

International wire transfers (SWIFT)

ATM withdrawals (especially from other banks)

Account maintenance (some accounts have monthly fees)

Currency conversion

What is the first step to opening an account?

Obtain a Turkish Tax Identification Number (Vergi Numarası). This is mandatory and can be acquired quickly from any local tax office (Vergi Dairesi) with just your passport.

What documents do I need to open a personal account?

The standard requirements are:

Passport (original)

Turkish Tax ID Number

Residence Permit (İkamet Tezkeresi) – highly recommended

Proof of Address (Turkish utility bill or rental contract)

A mobile phone number for SMS verification

Can I open an account without a residence permit?

It is possible but more difficult and at the bank's discretion. Sometimes you can get around this by working with a local consultant or Accountant.

How long does it take to open an account?

If you have all the correct documents, the process in the branch typically takes 1-2 hours. Your debit card and PIN will be mailed to your Turkish address within a few days.

Can I hold multiple currencies in one account?

Yes. Most banks offer multi-currency accounts where you can hold TRY, USD, EUR, GBP, etc., in separate sub-accounts under one main account number.

How do I transfer money to my Turkish account from abroad?

Via an international SWIFT transfer. You will need to provide your beneficiary details to your home bank:

Bank Name, SWIFT/BIC Code

Your Account Number (IBAN – which you will get in Turkey)

Your full name as it appears on the account

Are there restrictions on sending money out of Turkey?

There are no significant restrictions for individuals sending legally obtained and declared funds. You may need to provide documentation for large transfers to prove the source of funds (e.g., a property sale contract).

Do I have to pay tax on the interest I earn?

Yes. Interest earned on Turkish Lira accounts is subject to a 15% withholding tax (stopaj), which is automatically deducted by the bank. This rate may be lower under a Double Taxation Treaty if you are a tax non-resident.

When do I become a tax resident?

If you stay in Turkey for more than 183 days (6 months) in a calendar year, you are considered a tax resident and must declare your worldwide income to the Turkish tax authority.

Is it necessary to hire an accountant?

For individuals with simple finances, it may not be necessary. However, for corporations, property landlords, or self-employed individuals, it is highly recommended to hire a Certified Public Accountant (Mali Müşavir) to handle complex filings like corporate tax, VAT, and income declarations.

Is a bank account mandatory for buying property?

Yes. It is a legal requirement. You must transfer the funds through the Turkish banking system and obtain a "Foreign Exchange Purchase Certificate" (Döviz Alım Belgesi) to complete the property transaction at the Tapu office.

Why are interest rates on TRY accounts so high?

The high interest rates on Turkish Lira savings and time deposit accounts are set by the Central Bank to combat high inflation. While attractive, they come with significant currency risk if you are converting from a foreign currency to benefit from them.

What is a Participation (Islamic) Bank?

These are banks that operate on Islamic finance principles (profit-and-loss sharing), avoiding interest (riba). Instead of fixed interest, you earn a share of the profit from the bank's investments. Examples include Kuveyt Türk, Albaraka Türk, and Ziraat Katılım.

What should I do if my debit card is lost or stolen?

Immediately block your card through your bank's mobile app, internet banking, or by calling the bank's 7/24 customer service line. You can then request a replacement card.

My bank asked for an updated residence permit. What happens if I don't provide it?

Banks are legally required to keep customer information up-to-date. If you fail to provide a renewed residence permit, the bank may eventually restrict your account (e.g., freeze transactions) until you comply with their KYC (Know Your Customer) rules.

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.