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Opening an account for non-residents in Turkey

Bank accounts for non-residents in Turkey

2020-01-08
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Turkey has certainly become one of the countries that are attractive to entrepreneurs. It is a leader among the nations that provide guests with a high quality of life, good conditions for resting and starting a business.

The number of immigrants in different cities of the country is periodically increasing and the issue of banking services to individuals who do not have a residence permit and have received a residence permit becomes relevant. Learn more about the features of residence permit registration and the bank account in Turkey from our experts at IT-OFFSHORE.

Necessity of registration of the account

There are various reasons why opening a personal bank account in Turkey is necessary. By creating an account, you can pay for goods and services in various institutions, buy real estate or rent an apartment during a holiday. If you have a personal account, you can transfer your savings to it, accept funds, as well as in general make transfers while both in the country and abroad. 

To open a bank account for a non-resident and a person who does not have a residence permit is quite difficult. In this case, there is a high probability of bank failures. However, according to the legislation of the country, a foreigner has the right to be served in the banks of the country if the requirements are met.

With a residence permit, it is easier to open an account. Usually it is created to receive wages and other transfers, to save money for the purchase of a real estate for citizenship, pay for services within the country, and receive income from the rental of housing. The account makes it possible to save funds received from business activities and transfer utility payments.

Regardless of the purpose of arrival in Turkey, it is recommended to create a bank account after the visit. This will help to avoid loss of cash as well as reduce transfer or payment costs.

At which bank to open an account

Not all financial institutions can open an account in Turkey without a residence permit or citizenship. However, some organizations are ready to serve non-residents.

Which banks are best known:

  • Yapi Kredi - the institution has many branches in different countries. The bank offers many products, including bank accounts for foreigners;
  • Isbank - a large financial institution, which has branches in other countries. The Bank specializes in working with expatriate clients. The assistance of an interpreter from English is provided;
  • Akbank - an institution that has branches in major cities of the country. The services of an English-speaking consultant are provided;
  • Denizbank - one of the banks offering an advantageous interest rate on a savings account. There is a staff who speaks English.

You can open an account with an international financial institution such as HSBC. In the private bank Garanti Bankasi, you can consult by phone or in person at the organization; there is a staff who speaks German and English.

How to open an account

Opening an account in a Turkish bank is available for foreign citizens. The period of creation takes on average up to 2 weeks. If you choose an offshore bank, this procedure may be the longest. Various documentation is required in advance.

You will need TIN, residence permit and its copy (if available), photographs in the established format, and foreign passport. The bank may additionally require the provision of data from the place of residence. To use the online bank through a mobile device, you will need a SIM card of a Turkish operator.

The documents must be translated into Turkish and notarized before submission. The client must be present in Turkey at the end of the paperwork in the bank. You will need to sign, an agreement with a financial institution to create an account.

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