A Foreigner's Guide to Choosing and Opening a Bank Account in Turkey

Turkey welcomes people from all over the world to visit and reside. Many expatriates have chosen to settle in Turkey to work, study, or retire in a vibrant, culturally-rich environment. If you're planning to start a business or relocate to Turkey, opening a local bank account is essential for your financial processes. Here’s a comprehensive guide to help you navigate this process.

Why Open a Bank Account in Turkey?

Having a bank account in Turkey is crucial for modern life. Whether you're a student, employee, or tourist, opening a bank account offers numerous benefits:

• Paying fees (tuition, purchase, rent)
• Paying utility bills (water, gas, electricity, internet)
• Transferring funds within and outside the country
• Convenient online shopping through credit cards
• Using smartphone apps for banking processes without visiting the bank

Opening a Turkish Bank Account as a Non-Resident

While it can be challenging, it is possible to open a bank account as a non-resident. Banks are generally helpful, especially if you have a significant sum to deposit. Proof of residence is optional for opening a foreign currency account. The main task is obtaining a Republic of Turkey Tax Identification Number, which most banks require. Non-residents can obtain it, and the bank will guide you through the process and assist with your application.

Best Banks for Foreigners in Turkey

Turkey has many well-organized banks offering customer assistance in English and other languages. Here are some of the best banks where foreigners can open an account:

1. Ziraat Bank

• Established in 1863, Ziraat Bank operates under German laws and has branches overseas, especially in Germany.
• Offers Western Union service and has a multi-lingual customer service team.
• Headquarters in Ankara with 1,770+ branches throughout Turkey.

2. Yapi Kredi

• Fourth-largest private bank with 900+ branches.
• Separate banking section in English for foreigners.
• Offers investment solutions, insurance, loans, savings, debit and credit cards, and special accounts for international clients.

3. GarantiBBVA

• Turkey’s second-largest bank with headquarters in Istanbul.
• English-speaking service specialists and executives, English website.
• Focuses on expats with multi-currency accounts and international cards.
• 872 branches in Turkey with 18,636+ employees.

4. Akbank

• Founded in 1948, headquartered in Istanbul.
• Strategic partnership with Citigroup, with 20% equity stake.
• 716 branches with a full range of products and services for foreigners.
• Offers tax consultancy and a foreign traveler card for accumulating miles.

5. Denizbank

• Founded in 1938, now owned by Emirati group Emirates NBD.
• Popular with foreigners for interest-giving saving accounts.
• 740 branches with English-speaking personnel and English website.

6. Isbank

• Known as "the Turkish bank for foreigners," offers services in English.
• Founded in 1924 by Mustafa Kemal Atatürk.
• Largest private bank with 1,271 branches and more than 24,053 employees.

Opening a Bank Account

Anyone can open a Turkish bank account with the required documents. The process may vary between banks but generally follows these steps:

Documents Needed for Foreigners Residing in Turkey:

• Residence, work permit, or temporary protection ID
• Address document (utility bill, rental contract, or ID register copy)

Documents Needed for Non-Resident Foreigners:

• Tax number from the tax office
• Valid passport
• Translated copy of official address proof (utility bill or rent contract)

Documents Needed for Companies:

• Tax ID number
• Company’s Articles of Association
• Application form
• Proof of the registered address

Steps for Individuals:

• Prepare your valid passport (not older than ten years).
• Obtain a copy of your address proof (utility bill, rental contract).
• Get your tax ID number from the tax office or valid foreign national identity number.
• Visit a Turkish bank of your choice to open an account.

Steps for Companies:

• Prepare the company’s Articles of Association.
• Fill out the application form.
• Provide proof of the company’s registered address.
• Obtain the company’s tax ID number from the tax office.
• A director with signing authority must visit a Turkish bank to open the account.