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Opening a Bank Account as a Foreigner in Turkey

Created : 02 Nov 2021
Opening-a-Bank-Account-in-Turkey-for-Foreigners- Prime Property Turkey

By. Justin Mays

Opening a bank account as a foreigner in Turkey is not as daunting as some may assume. In this modern world, having a bank account has become a necessity in order to meet the demands of daily life. Whether you need to manage your financials, pay bills, you are a student, an employee, or a tourist, having a bank account is of paramount importance. There are only a few steps you have to take to open an account. 

Turkey has a total of 53 banks, 34 deposit banks, 13 are development and investment banks, 3 are state-owned and 9 are private banks. There are also international banks offering different services. The requirements that are needed to open a bank account are a passport, utility bill, and a tax identification number. In order to obtain a Turkish tax I.D number, you can easily get one by going to the local tax office and applying with your passport. The utility bill must be within the last three months with your name correctly spelled. Some banks require a residence permit in order to open a bank account.  

There are various accounts that you can open in Turkey according to your preference. There are current Account, credit Account, gold savings Account, and participatory Account. Examples of banks are Isbank, Garanti Bank, Yapi Kredi, Denizbank, AK Bank, Anadolu, and Ziraat bank just to mention a few




Some banks also open accounts for non-residents without an initial balance, and most of these branches open accounts based on the relationships and credits of people wishing to open accounts for clients who are presented with passports. When opening an account, it is advised that you go with an interpreter if you do not know any Turkish.  Given the sensitivity of banking matters, it is recommended that you go with a Turkish speaker.

If for any reason you decide to close your bank account, you should transfer all your funds to the new account. You should make it a point to ask the bank if you have any debts and inquire if there are any fees required for this procedure. The process of closing a bank account takes only a few days. 

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