Thanks to the geopolitical location, the blooming economy and its significant history, Turkey has become a point where many foreigners strive to come and invest.

In the recent years the Turkish Republic has alleviated the processes to open a bank account in Turkey for foreigners with the means of some regulations in order to increase investment and make it more convenient to foreigners. These regulations will enable a foreigner who has come to Turkey for working to send easily money to his family abroad, they will enable that the daily life of a foreigner will get easier by being able to take advantage of banking processes and they will enable that the investment and company financial activities of foreigners will be realized considerably faster and many more advantages. However the opening procedures of a bank account for foreigners varies from bank to bank. While taking not long in some banks, it can be the opposite in another. Some major Turkish banks are İş Bankası (Isbank), Yapı Kredi Bankası, TEB, QNB Finansbank, Halkbank, Vakıfbank, ING Bank, Akbank, Ziraat Bankası and Garanti Bankası.

The benefits are enormous include bill payments, receiving money from abroad such as pensions, or like most expats, the savings interest rates are too lucrative to ignore. Many expats live in Turkey without touching their capital by putting their money in time deposit accounts of which interest rates roughly start at 10%.

The legal procedures and principles in order to be able for a foreign citizen to open a bank account in Turkey are listed below:

First of all, the person wanting to open a bank account has to determine a correspondence address.
Foreign citizens have to own a tax number to be able to open a bank account in Turkey. The foreign citizen can get a potential tax number by visiting a state tax office with his/her within a time that depends on the density of the office.
With the tax number received from the tax office, the foreigner will be able to open a bank account and realize banking processes.

Here at Turkish Home Office, the staff, will help all our customers to navigate the banking system to open an account smoothly and without hassle, but if you choose to go it alone, the following information will help.

HOW TO OPEN A BANK ACCOUNT IN TURKEY
Documents needed are…

Passport. The bank will take photocopies for their records.
Turkish Tax Identification Number
Proof of address. This can be in the form of a utility bill such as electric or water that has been issued within the last three months or driving licence.
Note: A few banks only open accounts for foreigners who permanently live in Turkey.

How to Apply for a Turkish Tax Number

Known in Turkish as a Vergi Numerasi, if you have bought property, you will already have a Turkish tax number. Otherwise simply go to your local Tax office (Vergi Dairesi) and present your passport, of which they will take copies and issue you with a number straight away.

How Safe are Turkish Banks?

Naturally, any foreigner will be asking questions about how safe their money is when deposited into a Turkish bank account. This is when the TMSF regulation comes into effect. The Savings Deposit Insurance Fund, known in Turkish as Tasarruf Mevduatı Sigorta Fonu is the governing body for insurance savings and deposits.

If administrators are called into a bank, each account is covered for 100,000 TL. For this reason, some expats spread their money into accounts held with two or three banks. More information is on the official website here – http://www.tmsf.org.tr/default-en.html 

If you plan to live in Turkey, you may also like to read our blog post about moving here and applying for residency. Otherwise, contact us today if you would like to sell or buy property in Turkey, and our sales representatives will pleased answer all your questions.