Opening a Bank Account in Turkey
There are a few basic things that we need as a part of modern life in any country, and a bank account is definitely one of them. Which means, whether you plan to be in Turkey for a few months or want to move there permanently, you’ll probably need to learn about opening a bank account in Turkey. Here’s what you need to know.
How to open a bank account in Turkey
Opening a bank account is much like opening an account in any country these days. In some rare cases, you might be able to open an account online or by phone, but in most cases, you will have to be physically present to sign paperwork and present your documentation.
Certain bank accounts might not be available to you depending on your residency status in Turkey, but your banker will advise you of your options.
In most cases, you will need to make a deposit to your bank account, and you will usually receive things like check books and ATM cards during your visit. Often, you will also be able to create an activate online banking and mobile banking accounts during your visit – which means you can limit your in-person banking in future!
How to open a bank account in Turkey as an Expat?
Yes, you can. However, you will almost always have to have a Turkish tax number to have any bank accounts in Turkey. So that should be your first step, no matter how long you plan to be in Turkey.
What documents do I need to open a bank account in Turkey?
Many banks will ask you for slightly different information, so it’s a good idea to check with the bank you hope to use. However, usually, when you are opening a bank account in Turkey as a foreign national, you will need the following:
- Your valid passport
- A Turkish tax number, which you can get from the Finance and Tax Office
- Proof of your address, which could be a lease or a recent bill
- Proof of your signature
If there’s any doubt, and you can’t find a list of documents you will need on the bank’s website, you can always call or email the local branch to make sure.
Can I open a bank account remotely in Turkey?
Yes, you can, but you may be limited by your residency status in Turkey. If you are opening a bank account in Turkey before you take up residency in that country, you may have different options to the standard banking options for foreigners in Turkey. If in doubt, contact the bank or banks you are considering, and find out what your options are.
Can foreigners open a bank account?
Yes, in theory, foreigners can open a bank account in Turkey, however, because most banks require a Turkish tax number, you will need to have one of those, and that means you will have to apply for one in Turkey.
Government and Public Banks in Turkey
Fortunately, if you are investigating opening a bank account in Turkey, you will have plenty of options available. There are four big commercial banks in Turkey, as well as local branches of many large international banks. While you could also choose one of the smaller banks, it might be better to choose a larger bank where they are more likely to have more banking options and be more likely to speak English!
The four big banks in Turkey are:
- Isbank, which not only has branches inside Turkey, but also throughout the Middle East, in China and even in the UK. They are specialists in helping expats with their banking, so they should be top of your list when opening a bank account in Turkey.
- Garanti Bankası is the second largest bank chain in Turkey. Most branches have staff that speak English, and they have people who are specially trained to help expats with their banking needs.
- Akbank is another large Turkish banking chain. They offer all the modern banking essentials as well as English speaking expat banking specialists.
- Yapi Kredi is the fourth largest bank group in Turkey. They do offer some expat banking products and services, but they are not as large as some of the others on this list.
Aside from Turkish banks, you will also find branches of Deutsche Bank, Citibank, HSBC, and J.P. Morgan Chase, but they typically only have branches in the very biggest cities. So, if you will be staying outside of a major centre, they might not be as convenient for day-to-day banking needs.
Which banking services are provided in Turkey?
Banks in Turkey offer all the same services you are used to getting at a bank in your home country. You can open checking and savings accounts, credit cards and more. Most banks have ATMs dotted throughout most cities and towns too, so you can access your money easily.
Transferring Money
There are many ways you can transfer money to Turkey. You might choose to use a wire transfer from your home country bank to your Turkish bank account. This is usually safer for large sums, as the process is completed directly between the two banks in question.
There are other ways to send small sums to Turkey though, including Wise, Western Union and MoneyGram. It’s worth noting that PayPal does not work in Turkey and has not for several years.
Fees and Taxes
Each bank will charge different fees for different transactions and account types. If you use your accounts a lot, ask your bank in Turkey about a no fee account. Usually, you will have to pay an amount upfront for this type of account each month, but then many day-to-day transaction fees may be waived.
Some of the fees you can expect to pay when you use a Turkish bank account include:
- Monthly account fees
- ATM transaction fees
- Transfer fees
- Forex fees
- Fees for using checks
- Interest on cash withdrawals from credit accounts
Fees can vary widely from bank to bank, so make sure that when you are opening a bank account in Turkey, you pay close attention to the costs associated with the account.
Some bank accounts may also have lower fees if you keep a minimum balance in your account. So be sure to ask about that when you are opening a bank account in Turkey.
FAQ
Can I use my Mastercard and Visa cards in Turkey?
Yes. If you have just arrived in Turkey or are only staying for a short while and don’t want to open a bank account yet, you can use Mastercard and Visa in most places. Some hotels will accept American Express, although many retailers will not.
Is it safe to put my money in a Turkish bank?
Yes. The big banks are very well regulated in Turkey, so your money will be safe. However, Turkey’s exchange rate is not that stable, so if you are planning to move large sums of money, be sure to consider how exchange rate fluctuations might affect your money after it is moved.
What are banking hours in Turkey?
Most banks in Turkey are open from 9am to 5pm during the week. Most are closed on weekends, but some do stay open during lunch.
Is there online banking in Turkey?
Yes, there is online banking in Turkey, and most of the big banks have websites that are available in English.
Do I have to open a bank account in Turkey?
No, strictly speaking, you are not required to open a bank account in Turkey. Especially if you bank with a large international bank, it is possible to use your foreign bank account in Turkey. However, if you will be working or running a business in Turkey, it is a good idea to get a local bank account, so you can simplify the process of receiving your salary and other payments.
Can I transfer my existing bank account to Turkey?
If you use an international bank that has a presence in Turkey, you may be able to transfer your bank account to Turkey, but you should check with the bank you use.
If you are looking for a specialist to assist you please feel free to contact us.
