Opening a Bank Account as a Foreigner in Turkey

Turkey has been one of the coveted destinations in the last ten years in the world for both investment and permanent residence purposes among foreign buyers and investors. To invest by securely buying a property, foreign buyers and investors must open a bank account as the first action. Opening a bank account in Turkey to transfer money from your country is an quite easy and fast process. In this first stage, the key challenge might be not capable of speaking the Turkish language to continue the process and complete the transactions. With multi-language skilled agents, Trabzon Homes will help you to open a bank account just as at any phase of buying a property.

The following documents are required to open a bank account in Turkey:

  • Your passport (Most of the banks demand a notary-approved passport translation),
  • Tax ID number,
  • Proof of your address. Your residence permit (ikâmet tezkeresi) and any utility bill can be checked.

The advantages of having a bank account can be summarized as follows:

  • You can transfer your money from your country to Turkey whenever you need it with your bank account.
  • You can benefit from the auto-payment orders for your utility bills.
  • You can use your debit card instead of cash payment
  • Turkish banks provide high interest on your investments when you invest in Turkish Lira.

FAQ

Q: What are the required documents to open a bank account in Turkey?
A: Your password, Turkish tax ID number, and proof of address with a utility bill of the last three months behalf on your name are enough to open a bank account. If the utility bill is not written in Latin letters, banks request the notarized translation of it.

Q: Which informations I need when transferring money to Turkey from abroad?
A: The following information is needed for the money transfer to Turkey:

  • Receiver’s full name,
  • Receiver’s full address,
  • Bank & branch name,
  • Receiver bank address,
  • Receiver's IBAN.

Q: Is there any cost to open a bank account?
A: No. It is free of charge to open a bank account in Turkey.

Q: How long does it take to open a bank account in Turkey?
A: When you apply with all required documents to a bank, it takes less than one hour to complete the process.

Q: Is there any specific bank to open a bank account for foreign buyers?
A: No, you can open a bank account at any Turkish bank.

Q: Do Turkish banks offer mobile applications?
A: Yes, all Turkish banks in Turkey offer mobile apps to their clients, they serve in English too.

Q: What is the SWIFT code?
A: A SWIFT code is shortening of the Financial Telecommunication Society for Worldwide Interbank and unique code to identify the country, bank, and branch that an account is registered. You will need this code to identify your bank account at an international level when you transfer money abroad.

Q: What is the IBAN?
A: The IBAN is the combination of the recipient’s SWIFT code and bank account number. To transfer money on each transaction, you need an IBAN.

Q: Which currencies am I permitted to have in my bank account?
A: You can open a bank account in all currencies in Turkey.