How to open a bank account in Istanbul?

You can open a bank account in one of the banks in Istanbul. The Turkish Kimlik Card (ID) or residence card, a water, electricity, or gas bill in your name, and a Turkish SIM card are all required to start an account.

Bank cards and Visa cards are issued in the name of residents, but they are not immediately delivered; issued cards are forwarded to the customer’s registered postal address after roughly a week.

You can go to any bank and open an account in a dollar, euro, or Turkish lira once you have your tax number.

How to open a bank account in Istanbul?

A foreign national having a valid foreign national identity number and a work or residence permit in Turkey can establish a bank account at any bank of their choice without any restrictions. Opening a bank account in Turkey can also be done online using the banks’ official websites. There are no restrictions on which bank you can open an account with or how many accounts you can open.

Account opening procedures vary by bank, but you may anticipate to be asked for the following information:

• Tax Identification Number of the Republic of Turkey. This can be obtained through the Finance and Tax Office.
• A recent utility bill or rental contract is usually sufficient proof of address.
• A proof of signature form will also be required.

Examine the website of your preferred bank to ensure that you’re aware of the paperwork you’ll need to bring to the branch.

Steps to take when creating a bank account in Turkey for a company

• Prepare the business’s articles of incorporation.
• Fill out the online application.
• Proof of the business’s registered address is required.
• Your company’s tax ID number can be obtained from the tax office.
• An account with a Turkish bank should be opened by a director with signature authority.

Banks in Istanbul

To find the closest bank in Istanbul you can use Google maps or any other mapping app.

How to open a bank account in Istanbul for a foreign citizen?

The following are the steps to take when creating a bank account in Turkey :

• Make sure your passport is still valid (not older than ten years),
• Your proof of address paper (such as a copy of electric, water, or phone bill with your name on it),
• Get your tax ID number or your legitimate foreign national identity number from the IRS.
• To open an account, go to any Turkish bank of your choice.

Obtaining a Turkish tax number

To obtain this code, go to the Turkish Treasury and present your passport to apply for a special tax number for foreign people.

What can I expect in terms of banking fees and charges in Istanbul?

It’s critical to read the terms and conditions carefully when choosing a bank account in Turkey, especially when it comes to banking fees and penalties.

You may discover that there are ongoing handling fees for keeping your account open or using a credit or debit card. These charges add up over time. A predetermined cost for withdrawing cash from an ATM operated by a different bank is another prevalent tax. To avoid this issue, choose a bank with a strong ATM network.

Another issue that expats face is the charges associated with transferring money between accounts that utilize foreign currencies. Bank fees can be extremely expensive in this situation. In addition to a transactional fee

The cover image is somewhere in Heybeliada, Turkey. Photo by Emre on Unsplash