To open a bank account in Turkey is an essential step for anyone planning to live or work in Turkey. You can start from Türikiye İş Bankası (Isbank) and Ziraat Bankasi. Having a bank account makes it easier to receive and manage your finances. It is also necessary for everyday activities, such as paying rent, receiving a salary, or purchasing.
Opening a Turkey bank account is essential for ex-pats due to Turkey’s cash-based economy, saving on ATM fees, facilitating salary payments, and enabling convenient setup of direct debits for bills.
How to open a bank account in Turkey
Banking is an integral part of Turkey’s dynamic financial system. Banks handle the majority of money and capital market transactions and activity. Commercial banks account for 91 percent of total financial sector assets in Turkey as of 2020.
To open a bank account in Turkey, you generally need to follow these steps:
Choose a bank: Search different banks in person or online to find the one that suits your needs.
Gather documents: Valid passport/ID, proof of address in Turkey, and local Tax ID number (TIN); can be obtained instantly. Foreign national ID can also be used for application.
Make an appointment: Contact the bank and make an appointment to open an account.
Visit the bank in person: Bring your documents to the appointment and fill out the necessary forms, or you may apply online.
Wait for account activation: After the bank approves your application, they will activate your Account.
Can foreigners create a bank account in Turkey
Every overseas resident residing in Turkey and possessing a valid foreign identity number (YKN) can open a bank account. Anyone can also create a bank account online by visiting the official website of their preferred bank and following the instructions.
Wise is probably your best alternative if you don’t have a residency visa in Turkey and merely need daily transactional freedom and a Turkish IBAN for bank transfers.
But Wise has a new announcement. Read more on:
Turkish consumer restrictions.
Also, check Best banks in Turkey
What are the types of bank accounts in Turkey
In Turkey, there are several types of bank accounts that individuals and businesses can choose from, including:
Current Accounts: for everyday transactions.
Time Deposit Accounts: higher interest rates on fixed-term deposits in lira or foreign currency.
Golden Accounts: combine savings and current features, backed by genuine gold, can buy/sell precious metals.
Some Turkish banks provide other bank accounts, including insurance and term savings accounts.
Turkey Bank Account Requirements
Banks in Turkey need different documents to establish accounts. However, you’ll likely need to present the following:
A valid ID (passport or residency permit);
Proof of Turkish residency (utility bill, renting contract, etc.);
Foreign identity number (YKN);
Completed application form.
What kind of money do the Turkish use
Turkey uses the lira. The Turkish government recognizes the Turkish lira as legal currency, so you may use it to pay for products, services, taxes, and debts.
The Turkish lira is the only legal currency in the country.
Can I open a bank account online in Turkey
After the COVID-19 outbreak, Turkish laws allowed people to open bank accounts online without visiting a branch.
A new electronic framework allows Turkish customers to access financial services.
If you have:
A Turkish identity,
Proof of residence and;
A Turkish phone number,
You can open a bank account in Turkey online by calling one of the bank numbers and uploading the required documents on their websites.
Note:
Turkey does not allow foreigners to create bank accounts online.
How to find the nearest branch in Turkey
Fortunately, most banks in Turkey have an extensive network of branches and ATMs, making it easy for customers to access their funds and manage their finances.
You can type” banks near Istanbul” on Google Maps or any other map app. There you can find a list of relevant branches that you can contact. You can search your area for the nearest branch if you are not in Turkey. They can help you find a bank in Turkey.
The cover image is somewhere in Istanbul, Turkey. Photo by Emre Alırız on Unsplash
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