Opening a Bank Account in Turkey - Updated for 2024
Opening a Bank Account in Turkey
Updated on Wednesday 31st January 2024 Rate this article
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When registering a company in Turkey in 2024, one should know that a bank account will be necessary to properly function and start doing transctions. Individuals can also open bank accounts in Turkey for personal purposes if they meet the requirements of the chosen financial institute. Our Turkish lawyers are ready to offer you information and legal assistance if you want to open a bank account in Turkey. Plus, you can solicit information about immigration to Turkey, if interested.
Open a bank account as a foreign or national company in Turkey
A foreign or national enterprise in Turkey needs to have a bank account in order to properly function on the market, to make money transactions and to deposit the share capital, a necessary step before registering the company. The complete documentation of the new company in the country will need to be provided to the bank, where the “potential tax number” issued by the tax authorities in Turkey will be necessary. The company representative can be in charge of opening the bank account. Additional information about how to open a bank account can be found from our lawyers in Turkey.
Around 55 banks are activating in Turkey, among which, about 36 are branches of international financial institutions. This data is provided for the year 2022 by the Turkish Bank Association.
Open a bank account as an expat in Turkey in 2024
Any overseas citizen established in Turkey and with a valid foreign identity number (YKN) in the country can open a bank account with no restrictions. A copy of the passport, the Turkish tax number, the bank forms and a utility bill will be necessary when opening a bank account. The entire procedure takes about one hour or less and can also be made online on the official bank websites. There are many important banks in Turkey and people can choose from national institutes like Is Bankasi, Akbank, Garanti, Yapikredi, Denizbank or from the foreign banks with branches in the country, like ING, Citibank, HSBC or Eurobank Tekfen.
As a reminder, all natural persons in Turkey and foreign residents who legally work in the country can open as many bank accounts as they need. Regarding the enterprises in Turkey, a corporate bank account is necessary to start doing activities and to make all kinds of transactions. Here is an infographic that explains you how to open a bank account in Turkey:
Time deposit accounts are available in Turkey and mostly generate interest on foreign currency or Turkish lira deposits. However, high interest rates might apply to fixed-term periods.
Why is it necessary to open a corporate bank account in Turkey?
The bank account is one of the first steps when starting a business in Turkey in 2024. Banks in this country allow for the opening of several types of accounts, most of them dedicated to natural persons, including foreign citizens with Turkish residence permits. Foreign shareholders in Turkish companies are included in this category. However, most banks also provide corporate bank account services through which companies may operate. Turkish companies need corporate bank accounts for two reasons:
- for depositing the share capital;
- for completing its transactions.
The corporate bank account must be set up prior to the company incorporation in Turkey.One of our advisors will provide assistance in this matter and information about regulations updated for 2024. Plus, you can solicit details about immigration to Turkey, if you want to relocate here.
The savings and current accounts can be mixed into a so-called gold bank account in Turkey and are offered by some banks in this country. As such, the deposits are backed by precious metals, and firstly by gold. Buying and selling precious metals are allowed with such an account.
How to set up a Turkish corporate bank account
The first step to open a corporate bank account in Turkey is to obtain a potential tax identification number. The following documents are required to obtain the tax identity number:
- the company’s Articles of Association;
- a prescribed application form;
- proof of address of the registered address of the company.
The tax number will be requested by the bank upon the opening of the account. The same documents will be required when setting up the Turkish corporate bank account. Additionally, the company must also submit the details of the company’s representative operating the account and the recently created tax number. It is important to keep in mind that in Turkey any type of account can also be set up through power of attorney.
You might want to benefit from the services of our immigration lawyers in Turkey, so get in touch with us soon.
Do I need a bank account in Turkey to obtain the residence permit?
Obtaining the residence permit in Turkey is not related to the local bank account. However, the authorities will ask for proof of your financial situation. Once the residence permit in Turkey is obtained, you should consider opening a bank account in order to make the necessary payments while living in Turkey. If you would like to know more about how to open a bank account in Turkey, please feel free to discuss it with our Turkish lawyers.
Do I need a residence permit for opening a bank account in Turkey?
Yes, you need to have a residence permit for opening a bank account in Turkey, as all banks impose such conditions. In some cases, you might need a work permit, so you should first of all obtain such documents, helped by one of our lawyers in Turkey. All the formalities of obtaining a residence and work permit, plus the ones for opening a bank account can be discussed with one of our immigration lawyers in Turkey, so feel free to address your inquiries to us.
Opening a bank account in Turkey from the UK
UK citizens can open bank accounts in Turkey, helped by one of our Turkish lawyers who will take care of all the procedures involved. There is no need for you to travel to Turkey, as one of our specialists can handle the formalities involved in opening a bank account in Turkey.
A foreign currency account can be opened in Turkey, for individuals dealing more with specific currencies for daily transactions. This kind of account offers flexibility and transactions in euros, dollars, pounds, or other desired currency. Your bank officer can present you the options in this case.
Banking services offered in Turkey in 2024
Banks in Turkey offer a wide range of services, many of them tailored to the needs of clients, whether natural persons or company owners. Yet, there are specific facilities offered by the bank and mostly are free of charge. Money transfers inside and outside the country, ATM withdrawals, payments in the selected currency, plus other online banking services are normally part of the facilities provided by any bank in Turkey. It is extremely easy to make payments with your account in Turkey, whether online or visiting the bank. On the other hand, one must pay attention to the fees imposed for different banking services.
Many banks in Turkey impose specific fees, depending on the type of transaction. As such, ATM withdrawals, monthly and annual maintenance and foreign currency exchange are among the bank services offered at a specific cost.
How do I switch and close a bank account?
If you would like to switch your bank account to another one and close the old one you should respect a few steps and formalities. First, you should clear the bank account and transfer the money to the new bank account, making sure there are no debts left. Then, you can solicit closing the old bank account, not without asking if there are any fees involved for this kind of procedure. Then, the bank will provide you a document that confirms the account has been closed. The entire procedure normally takes a couple of days, sufficient time to make the transfers into the new account and close the old one. You can talk to our team of lawyers in Turkey and find out more about the bank account requirements in Turkey.
The Turkish ID number is solicited for opening a bank account in Turkey. In the case of foreigners, the residence permit comprising the YKN number is asked for such procedure. However, it all depends on the bank formalities and policies imposed for customers of any origin in Tukey.
Making investments in Turkey
Turkey is a great business destination for international entrepreneurs who want to develop their operations in this part of Europe and Asia. There are many benefits in terms of investments in Turkey, such as an open market with worldwide connections, a stable economy, excellent infrastructure, and transport facilities, a skilled workforce, and a wide range of fields with good prospects for entrepreneurs. The company incorporation in Turkey is not complicated, foreign businessmen being allowed to easily start the activities, once the firm is registered. The key sectors in Turkey are the food industry, agriculture, tourism, automotive and construction, and the fields in which foreign entrepreneurs can thrive and generate large profits. The tax system is also appealing in Turkey, and the corporate tax rate is set at a 20% rate, one of the lowest in Europe. We have gathered some facts and figures about the economy and business in Turkey that can help you understand better why Turkey is a great location for investments:
- Around USD 165 billion was the total FDI stock for Turkey in 2019.
- The 2020 Doing Business report ranked Turkey 33rd out of 190 worldwide economies in terms of ease of doing business.
- The finance sector in Turkey received around 34% of the total FDI in 2018.
- Turkey attracted FDIs worth around USD 209 billion during 2003 and 2018.
Opening a bank account as a non-resident in Turkey might seem complicated without professional help. All the formalities related to the bank account for individuals or newly-formed companies in Turkey can be explained and properly handled by our team of specialists. We offer a wide range of services, and among these, support for opening bank accounts.
Please feel free to contact our Turkish law firm for guidelines or information about how to open a bank account in Turkey in 2024.
