How to Open a Bank Account in Turkey

How to open a bank account in Turkey.. Foreigners who work or reside or want to start a business or buy a property in Turkey need to open a bank account to carry out their financial processes. Moreover, having a bank account has become one of the necessities to meet the demands of modern life.

Table of contents:

• An introduction.
• Benefits of opening a bank account in Turkey.
• Types of bank accounts in Turkey.
  • The Current Account
  • Participatory Account
  • Gold Current Account
• Credit card in Turkey.
• How to open a bank account in Turkey: papers and procedures.

An introduction:

When it comes to managing our finances, opening a bank account has become an essential part of our daily life regardless of our location or profession in the world. Therefore, having a bank account in Turkey opens the door to many advantages due to the services and benefits it offers.

Benefits of opening a bank account in Turkey:

• Paying the fees due such as study installments, purchase or rent.
• Paying household bills such as water, gas, electricity, and internet.
• Transferring money smoothly within the country as well as outside of it.
• Grants you access to online shopping and the use of e-commerce websites through credit cards.
• Conducting currency exchange.
• Provides access and the ability to conduct all main bank services through smartphone applications without having to personally visit your bank.

Types of bank accounts in Turkey:

• The Current Account:

A current account is a non-term account. Moreover, it is characterized by the ability to deposit, transfer and withdraw available funds at any time. Furthermore, It doesn’t result in any profit or debt.

Services of the current accounts in Turkey:

• Money transfer.
• Checkbook Transactions.
• Repayment of loans and credit cards.
• Direct debit payments.
• Paying for shopping in person in stores and supermarkets.
• Paying bills, taxes, medical insurance, and social security.
• Foreign currency transactions and precious metals.
• Installment payments.
• Forex trading orders and gold.

• Participatory Account:

A participatory account works in line with the principles of interest-free Islamic banking. Moreover, it is a type of account that allows the distribution of returns – within the scope of the profit and loss partnership between the account holder and the bank operating under the participatory system. Furthermore, funds collected from participating accounts are used to finance halal trade, industry, and services sectors.

• Gold Current Account:

A type of account that is indefinite and provides an opportunity to evaluate savings in the form of gold. This account can be used for saving without the risk of deflating the currency value. Moreover, it offers the opportunity of buying or selling gold at any time. Additionally, with the gold in the current gold account, you can issue gold checks and convert the gold through the Bank transfer. In addition, Turkish banks that deal with gold accounts issue certificates to be in return for the saved gold.

In addition to the above, there are other types of bank accounts in Turkey, such as insurance accounts, temporary interest accounts, savings accounts…

Credit card in Turkey:

A credit card is a card issued by financial institutions, specifically banks. Moreover, it allows its owner to lend money. Thus, these types of cards are often used in both sales and getting installment offers.

Benefits of the credit card in Turkey:

• Provide protection and security from theft or loss.
• Knowing the bank account value associated with the card.
• Use the card in stores, shops and restaurants.

How to open a bank account in Turkey:

Required documents to open bank account in Turkey

1. Residence or work permit or temporary protection ID.
2. Passport.
3. The tax number that is extracted from the tax department office.
4. Address proof document (utility bill, rental contract, or ID register copy).
5. Signing the registration form at the bank.

Procedures and steps to open a bank account in Turkey:

• Submitting an address paper.
• Getting the tax ID number from the tax office or your valid foreign national identity number.
• Go to any bank you choose and open an account in any currency.

Important note:

A bank account can be opened in Turkey for non-resident. Thus, it is not necessary to be in Turkey to complete the process of opening a bank account, by all transactions on the Internet from outside Turkey. Thus, it is possible to open a bank account in Turkey for foreigners. However, some banks may need a Turkish mobile phone number to send a text message to confirm ownership.

FAQ:

Can a Syrian who holds a Temporary Protection Card open a bank account in Turkey?

There are several Turkish banks that allow Syrians to open accounts, and the most important of these banks are Ziraat Bank, Kuveyt Turk Bank, and Vaqf Bank.

Can a foreigner open an account in Turkey Online?

Yes, a foreign person can open a bank account through the Internet; Provided that he holds a legal residence card in Turkey. Bearing in mind that most Turkish banks allow customers to open an account online.

What are the best Turkish banks to open an account?

• Ziraat Bank
• Ak Bank
• İş Bank
• Kuveyt Türk
• Albaraka Bank

Thus, through this article from Ebla Real Estate in Bursa, we talked about how to open a bank account in Turkey and its importance. We also explained the types of bank accounts and some important details. In addition, we answered the most important questions about opening a bank account.

Edited by: Ebla Group Real Estate

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Read about the banks in Turkey