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Having a bank account in Turkey is sometimes a necessity, sometimes an advantage giving amazing benefits. On our page, we described why you should have a bank account in Turkey, what you can do with it, and how to get one.
Besides the bank being one of the most secure ways of holding money, it has also other advantages, also even sometimes it is a must. While it is giving you the ability to send and receive money 24/7, having a bank account is also necessary for some situations such as if you are willing to buy a property.
In several cases, having a bank account in Turkey as a foreigner is not only an advantageous choice. If you are a foreigner and willing to;
• buy property
• start your own business
• invest in
• or to get a residence permit or citizenship in Turkey,
you will need a bank account. These situations consists of formal procedures. As a foreigner, if you are willing to do one of these, you will need to have a formal financial existence in Turkey. Being an owner of a bank account makes really easier many things for foreigners.
In nearly all of these situations, you will need to transfer your money from your own country to Turkey. In short, a bank account is a big requirement if you have future plans in Turkey.
Even as a current account, being an owner of a Turkish bank account have lots of advantages. You may deposit your money, pay your bills and taxes, do online shopping, send and receive money 24/7, make your payments easier with automatic payment orders, and more.
Turkish banks have one of the most developed infrastructures that offer modern and fast banking services. In association with well-designed mobile and online banking systems, you may conclude your transactions within seconds, without leaving your home.
In addition to the widely known latest QR solutions that give the advantage of contactless transactions, Turkish banks are developing new systems.
Before 2021, if you had willing to transfer money from one Turkish bank to another, you had to know the receiver’s ID number, full name, and 26 characters long IBAN number. Also, if you were willing to make a money transfer between different banks, you had to do it during working hours.
Starting from January 2021, the Turkish banks have developed another method with cooperation with the Turkish Central Bank. The new method is called FAST. In addition to giving the capability of 24/7 money transfer between banks, it also makes the process really easier.
FAST works with the “Easy Address” system. This system allows you to identify specific information to your bank account by choosing from 4 options, which are ID number, tax number, phone number, or e-mail address. So, if you need to receive money from someone, you only need to give one of this identified information to the sender, and the money will be in your bank account in seconds.
The advantages of having a Turkish bank account are not limited to the inland. You may also transfer money from your bank account in your own country to your bank account in Turkey with the SWIFT system. Also, Turkish banks allow you to accept money sent to you by money transfer systems such as Western Union.
Opening a bank account in Turkey hardly takes a couple of hours, obviously if you prepare the required documents. After preparing the required documents, the practical systems of Turkish banks will allow you to open your bank account in an hour.
The process will be easier for foreigners that have a residence permit, as they will already have Foreigner’s Identification Number. But, the process is also not hard-to-deal for foreigners without a residence permit. They only need to go to tax offices with their passports and get a Tax Identification Number.
As there are many documents that can be submittable while opening a bank account as an expat, we have listed only the mandatory documents. Also, you must know that even mandatory documents can vary in some banks. Documents needed to open a bank account are;
• Valid passport (not older than 10 years) or valid residence permit (if applicable)*
• Foreigner’s Identification Number or Tax Identification Number**
• Proof of your valid residence address in Turkey*** or the printed address on your passport
* If you don’t have a valid passport or residence permit, some banks can accept official documents validating your national ID document. This document must be issued and approved by the Republic of Turkey Ministry of Finance.
** Foreigner’s Identification Number can be found on your card that is given with your residence permit. If you don’t have a residence permit, you can get a Tax Identification Number from tax offices.
*** Proof can be a copy of the electric, water, natural gas, or phone bill of Turkish service providers. This document must be addressed to your name and issued in the last three months.
Q: Can non-resident foreigners open bank account in Turkey?
A: Yes, non-resident foreigners can open bank account with their Tax ID Number. You may get this number from tax offices with your passport.
Q: Do I have to pay while opening a bank account in Turkey?
A: No. There is no fee for opening a bank account.
Q: How many hours takes opening a bank account process?
A: Getting a Tax ID Number does not takes more than an hour. It can take 2 hours for banks to monitor your newly created Tax ID Number. After these, it won’t even take an hour to open your bank account.
Q: Are Turkish banks secure?
A: All Turkish banks, including the private banks, are under state guarantee.
Q: Can I transfer money from my bank account in my country to my bank account in Turkey?
A: Yes. International money transfer systems such as SWIFT allow you to transfer money between banks of different countries.
The services of Tekce Visa include bank account opening. Our experienced team will ensure your process concludes in the fastest way.