If you wish to relocate to Turkey permanently or purchase property here, a local bank account is indispensable. It is needed for transactions with the seller and for payment of utilities and maintenance costs.
Tolerance real estate agency explains how foreign citizens can open accounts in Turkish banks and what features of the system you need to understand to simplify the procedure.
Turkish banks: how the system works
There are three state banks that work with individuals in Turkey and more than fifty private banks, including international ones.
The range of operations available to their clients is typically the same everywhere: account opening and maintenance, term deposits, debit and credit card issuing and servicing, cash desk servicing, currency exchange, money transfers, payment acceptance.
Not all banks work with non-residents, some banking institutions impose a number of restrictions for foreigners, in others a substantial deposit is required to open an account and start using the bank's services.
There are even banks that refuse to deal with those who do not have Turkish residency or citizenship.
Note: you cannot open a bank account in Turkey remotely, personal presence is necessary.
Most branches are open from Monday to Friday, from 9.00 to 17.00, with a lunch break starting at 12.00.
The most notable feature of Turkish banks that confuses foreigners is the absence of clear, uniform rules.
After a wave of Russians, Ukrainians, and Belarusians came to the country, many banks decided to stop working with non-residents altogether, while others started implementing harsh measures - huge deposits.
It is important to understand that such actions by banking institutions aim not only to make money but also to reduce the risk of sanctions from international regulatory bodies in any possible way.
In one branch of a bank, you may be refused the opening of an account without an explanation, at another, they might ask for a standard list of documents, and a third might require these documents along with a cash deposit.
And all of this can happen within the same bank, under the same brand.
A bank account in Turkey: advantages
Having an account in a Turkish bank, you'll be able to pay for utilities (electricity, water), maintenance charges, and this can be done through a mobile application.
It also makes transfer of money to accounts, purchase of foreign currency, and conversion available. You can open an account in liras, dollars or euros and subsequently issue a debit card for it.
The debit card linked to your account can be used in shops, cafes, and restaurants.
We recommend opening a card from any payment system, except for Troy. This is a local Turkish system, and such cards do not work abroad.
Even in Turkey, you may face issues with it.
Step-by-step guide: How to open an account in Turkey
Before opening an account in Turkey you will need to obtain a local TIN (tax identification number). You can do this online on the tax office website, by filling out the form stating your personal data in Latin letters, exactly as in your international passport.
You will also need a local SIM card, on which you will receive notifications from the bank, as only a few banks will accept your international number for registration.
You can choose any of the major telecom providers: Turkcell, Vodafone, or Turk Telecom, whose terms and rates are roughly the same.
We recommend buying a SIM card in the official telecom shop, and certainly not in the airport or train station — where the cost is highest.
Once you have a TIN and phone number, you can choose a bank that suits you in terms of branch location, number of ATMs, and rates.
Opening an account in Turkey is more difficult for Russian citizens, as not all banking institutions agree to work with them. Russians are most commonly accepted in Deniz Bank, Ziraat, Vakıfbank, and Iş Bank.
It is best to approach the bank in the first half of the day — there can be long queues and only one specialist may be managing account openings. There is no point coming at closing time; you may simply be refused service so as not to stay after working hours.
Required documentation for account opening
The list of documents for opening an account in a Turkish bank may vary depending not only on the institution itself, but even from branch to branch: in some, you may be asked for notarised copies, in other branches instead of a residence permit they may ask for a deposit or to pay for insurance.
The standard list of documents is as follows:
- Vergi Numerasi (TIN).
- International Passport.
- Ikamet (Residence Permit in Turkey)
- Adres Kayıt : location registration. Sometimes instead of a residence permit you can provide a utility payment receipt — Fatura. The receipt must be issued in your name, even if the apartment is rented. To do this, simply apply to the utility provider with a statement and the rental agreement. You don't need to re-register all the accounts, just the one for water or electricity is sufficient.
In some banks, you cannot open an account without having a work permit.
In others, a mandatory condition is depositing from 5 to 10 thousand dollars or euros, the deposit term can range from a week to a month.
Popular Banks in Turkey
These are the most popular banks in the country:
-
Ziraat Bank. This is the oldest state-owned Turkish bank, its head office is located in Ankara, and there are over 7000 ATMs of this bank operating all around Turkey.
-
Işbank. This is a major bank with its main branch in Istanbul. It features more than six and a half thousand ATMs and over 1200 offices.
-
Garanti Bank. This bank has more than 900 branches nationwide and provides services not just for individuals, but also caters to small and medium-sized enterprises.
- Halkbank. This is a reliable bank that has been operational since 1933, with over a thousand branches and several thousand ATMs in Turkey.
Other banks that are popular both among local residents and foreigners include QNB Finansbank, DenizBank, Akbank, Yapı Kredi, and Odea Bank AŞ.
All these banks are considered reliably, with many branches across the country and a large number of ATMs.
What to consider when opening a bank account in Turkey?
Whether a chosen bank would be convenient for you depends on many factors. Before opening an account, we recommend clarifying the following information either with the bank's staff or on its website:
-
ATM locations — ensure that ATMs dispensing your required currencies are available in your area. Find out whether these ATMs are for withdrawals only, or if they also accept cash deposits. Figure out the locations of the bank's branches in your city and their operating hours.
-
Conditions for opening a credit card. This is important as Turkish banks' debit cards may not work on car rental websites, apartment rental services, or foreign online shops. In such cases, a credit card is needed, but banks are often reluctant to issue these cards to foreigners, often requiring a deposit that is one and a half to two times the card's limit.
-
Fees for outgoing transfers and cashing out incoming SWIFT transfers.This is particularly important if you will be receiving money from a country under international sanctions. Some Russians, for example, have had to pay up to 2–5% of the amount for the collection of incoming money. This can be manageable if the amount is 200–1000 dollars, but what about cashing out 50 or 100 thousand?
- Availability and language of the mobile application. Most banks have an app interface that can be displayed not only in Turkish but also in English. This is handy because automatic translation options are typically not available in mobile versions. It's worth checking out the functions of the app in advance: usually, you can block and reissue cards, make transfers, pay bills, and move money between your accounts in different currencies.
Tolerance Company has been operating in the Turkish real estate market for 20 years and helps its clients quickly and easily open a bank account in Turkey to purchase real estate and transfer money from abroad for its payment.
Tolerance Homes invites you to take advantage of our viewing tour of real estate properties, and see the housing that you fancy with your own eyes.
We are happy to answer all your questions, reach us on Whatsapp +90 (532) 158 42 44
If you're looking to relocate permanently or buy an apartment in Turkey and enjoy life by the sea, write to our specialists who will find the best options that suit your budget.
Also subscribe to our YouTube channel and Instagram page to receive information straight from professionals!
Additional contact channel with us: Telegram
