Opening a bank account in Turkey is a matter of concern to many foreigners, and there are many facilities provided by Turkish banks for Foreigners residing in Turkey.
Through our article, we will learn about the most important Turkish banks in which foreigners can open accounts, and what are the necessary steps to open a bank account.
The best banks in Turkey and the best option for foreigners:
You alone decide the best bank that you can deal with, by looking at the terms and regulations of banks, so what works for others may not suit you.
And you have the right to choose what is suitable for you, and we will share with you some options:
Turkish Agricultural Bank (Türkiye Ziraat Bankası):
1- It was established before the First World War in the year 1888.
2- Ziraat Bank owns more than 1545 branches around Turkey, in addition to more than 4000 ATMs.
3- The bank provides jobs for more than 24,000 employees and workers.
4- the companies included in the Turkish Agricultural Bank:
- Agricultural Pension Company,
- Agricultural Leasing Company,
- Agricultural Insurance Company,
- Agricultural Technology Company,
- Financial and other agricultural portfolio.
The Turkish Agricultural Bank has many branches around the world: in New York and London, and in Bulgaria and Georgia, as well as in Iraq, it has two branches in Baghdad and Erbil, and in Cyprus and Greece, in the Saudi city of Jeddah, Tehran, Iran, and other branches.
Kuveyt Türk Katılım Bankası:
1- Founded in 1989, it is the third Islamic bank in Turkey.
2- It has more than 340 banking branches in Turkey and Kuwait.
3- It has several foreign branches in Bahrain and the Emirates, and preparations are underway to open a branch in Qatar and another in Germany.
4- There are foreign employees in the Turkish branches, and it is considered the first destination for foreigners in Turkey.
1- This bank was established in the year 1997.
2- Bank Anadolu has 120 branches around Turkey, in addition to a branch in the Netherlands.
3- The bank’s subsidiaries include: Anadolu Investment Company, Anadolu Leasing Company, and Anadolu Globalization Company.
4- Anadolu Bank provides job opportunities for more than 650 workers.
And other banks in Turkey:
- Garanti Bankası Turkish Guarantee Bank
- Akbank Akbank
- Fibabanka FIBA* Bank
- Burgan Bank
- Yapı Kredi Bankası Yapı Kredi
- Odeabank Bank Audi
- Al Baraka Turk Bank
documents you need to open a bank account in Turkey:
Each bank or bank in Turkey has its own conditions that it requires from the customer,
Although the difference in procedures is very slight from one bank to another, but in general, the most important documents that must be present for opening a bank account in Turkey are in the following
To start opening a bank account in Turkey:
1- A valid passport.
2- Tax number: It can be obtained easily from the financial and tax offices distributed in the Turkish states and neighborhoods.
3- Proof of address: such as a copy of the contract to own the property “tapu”, or a copy of the lease contract, or an electricity or water bill.
4- Fill out and sign the bank form.
Check the different types of proof of property ownership here
Turkish banks have their own web pages, and often these sites support the Arabic and English languages so that dealing with them is easy.
open a bank account as a non-resident:
Opening a bank account in Turkey as a non-resident will be more complicated, but it is possible. If you are depositing a large amount of cash, banks will be more inclined to help you. Similarly, if you want to open a foreign currency account, then residency is not usually required. The advice from expats already in Turkey is to ask and be prepared to negotiate if you don’t have the exact documents usually needed.
The main issue is getting the Republic of Turkey Tax Identification Number, which is required by most banks to open an account. You can acquire this as a non-resident, but ask your bank’s advice on the best way to go about this. Your chosen bank may be able to help you make your application.
kinds of banking fees and charges can yoy expect:
When choosing opening a bank account in turkey, it’s important to read the terms and conditions carefully – especially when it comes to banking fees and charges.
You might find that there are regular handling charges levied to keep your account open, or to use a credit or debit card. These fees mount up over time. Other common charges include a set fee for withdrawing cash from an ATM operated by a different bank. Choose a bank with a good ATM network to avoid this problem.
Another common problem for expats is the costs included when moving money between accounts which use different currencies. Bank fees can be particularly costly here. As well as an transactional charge many banks will convert your money at an exchange rate which is far from favourable.
You can avoid this problem by using Transferwise for international money transfers.
With Transferwise you can transfer money between accounts using the real exchange rate. There is no markup, and no hidden fees. Instead, you’ll find a clear set charge for your transfer, and you benefit from the best exchange rate available.