Expats are residing, working, or starting a business in Izmir; Turkey needs a bank account to process their finances. Although the process may differ from bank to bank, the overall process remains the same. You can still open an account here if you reside in Izmir or any other country.
Locals can apply for a Visa or a bank card, but the cards are not immediately provided; they are forwarded to the customer’s registered mailing address after about a week. With your tax number, you may establish an account in dollars, euros, or Turkish lira in any bank.
Types of bank accounts in Izmir
An account that does not have a term and the account holder can deposit and withdraw money anytime at the same time does not give any profit.
This account allows the distribution of the returns between the account holder and the bank. This account operates according to the participatory system.
Current Gold Account
A Current Gold Account is an indefinite type of account and offers the opportunity to evaluate savings in gold. Some banks in Izmir assess savings by the price of other metals. The minimum deal is 0.01 grams.
Other Bank Account
Some banks provide other bank accounts, including insurance, term savings, and others.
Steps to open a bank account as an individual
A foreigner holding a residence permit or work permit in Turkey with a foreign national identity card can open a bank account here. There aren’t any restrictions for foreigners to open a bank account. They can visit the bank and open a bank account online via its official website. Turkey has no restrictions to open a bank account and you get the option to choose the bank. .
How to open a bank account when you are a company?
Whether a Turkish national or foreign national, you can open a bank account in Turkey when you have a company here. A bank account is mandatory to set up your business and financial operations like monetary transactions, depositing the share capital, etc. For business owners, it is necessary to have a corporate bank account before they register the company in Turkey.
Getting a tax number in Turkey:
Visit the Turkish Treasury and produce your passport to apply for a unique foreigner tax number in order to get this code.
Documents required to open a bank account in Izmir
The documents needed for a foreigner to open a bank account differ in three ways they are:
Documents for foreigners who reside in Izmir, Turkey
- Residence permit or work permit, or temporary protection ID
- Address Proof ( Utility bill, rental contract, or ID register copy)
Documents for foreigners who do not reside in Izmir, Turkey
- The potential tax number is taken from the tax office
- Valid Passport
- Translated copy of an official document showing the address
Company/Business owners in Izmir, Turkey
Companies must obtain a tax identification number for opening a bank account. For the tax ID number, the company’s Article of Association, a filled application form, and proof of the registered address are required. Corporate bank accounts can only be opened by the director, who has the signing authority. Apart from these following documents are required to be submitted to a local bank:
- Tax ID number
- Company’s Article of Association
- Application form
- Proof of the registered address of the company.
Steps for opening a bank account in Izmir
While opening a bank account in Izmir for a foreign citizen, you need to follow the below-mentioned steps
- A valid passport (not older than ten years),
- Address Proof (copy of electric, water, or phone bill with your name on it),
- Tax ID from the tax office or valid foreign national identity number,
- Go to your selected bank to open the account.
Following are the steps while opening a bank account in Izmir for a foreign company:
- Prepare the company’s Articles of Association,
- Filled application form,
- Address proof of the company,
- Tax ID number of the company from the tax office,
- A director with signing authority needs to visit the bank for account opening.
Are foreigners allowed to open a bank account in Turkey?
Any foreign national established in Turkey with a valid identification number in the country can open a bank account without restrictions. The applicant’s passport copy, Turkish tax numbers, filled forms, and a utility bill are required to open a bank account.
Am I allowed to open an online bank account in Turkey?
Opening an online account in Turkey is very easy. The applicant must have a Turkish identity, proof of residence, and a Turkish phone number. Next,you need to call one of the bank numbers in which you wish to open the account and follow the procedure as guided by the executives.
Best Banks in Izmir
- Ziraat Bank
- Garanti Bank
- AK Bank
- Yapi Kredi Bank
Turkish citizens and foreign residents legally working here can open as many bank accounts as needed.