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How to Open a Bank Account in Turkey

To obtain Ikamet (the residence permit) you may need a bank account statement from Turkish bank. This account must be opened in your name in a Turkish bank. How to open a bank account and how much should be kept in it?

Every bank requires you to present an Individual Taxpayer Identification Number (vergi numarasi) to open a checking account in Turkey. You can apply for an Individual Taxpayer Identification Number by providing your passport to an any convenient for you branch of Tax Administration. With this document you can go to the bank.

When it is time to open a new bank account, you should carefully consider all of your options, as some of them can get you a number of advantages. For instance, if the Turkish bank cooperates with any bank in your native country or if you are going to take a real estate mortgage in this Turkish bank. It is also important to make sure that the bank has a convenient online service. This will be extremely useful for people who are not going to spend most of the time in Turkey.

The bank will offer you to choose the most convenient currency for you: euros, U.S. dollars or Turkish lira (the national currency of Turkey). By European standards deposit account in Turkey are quite profitable. On average it is 2.4% per annum for foreign currency and from 7 to 14% for Turkish lira. The calculation takes place on a monthly basis (extremely important to remember this).

The irrefutable evidence of the advantages of opening bank account in Turkey is that local investors are 100% protected by the state. It is quite difficult to obtain a banking license in Turkey and all banks are insured in the interbank insurance system. This means that in case of banking failure you will get all of your money without any problems.

Moreover, applying for a new bank account as an alien you will be asked to get a card. Its advantages are also unquestionable especially if you are going to spend a lot of time in Turkey and are planning to make purchases in local stores. If earlier due to the peculiarities of the banking system in Turkey it was difficult for a foreigner to get a card with the opportunity of paying for online shopping, now it is quite real. All you can do is just apply for it in the bank.

The most popular among foreigners are the following banks: Garanti bank, AK bank, Deniz bank, HSBC bank, Ziraat bankası, Yapı Kredi bank, Küveit Türk bank. But, of course, as you can understand the choice is much greater and the final decision is always for you.

As for the amount of money on your new bank account, it should be 6000 U.S. dollars per year (or the same amount in Turkish lira).

Cumhuriyet Mah. Namik Kemal Cad. No: 8A/C Mahmutlar / Alanya / Antalya / Turkey.
Turkey Tel: +90 530 442 42 33 | Russia Tel: +7 (499) 350 16 45
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