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How to open a bank account in Turkey?

In accordance with the current laws of Turkey in 2020, foreigners do not need to provide a residence permit or citizenship in order to open a bank account in Turkey.

At the same time for many foreigners who decide to become a property owner in the Republic of Turkey, it will be necessary to open a current bank account in advance, as so it is a must-be requirement for getting residence permits later, furthermore you can easily transfer money from your country to a property seller in Turkey if needed.

One more important point that you will get a Bank card that give you more flexibility with your payments, as pros you can use a full range of banking services. By using a Debit card you can pay for your purchases, utilities and other payments.

What do you need to know before opening a bank account in Turkey?

 There are plenty of various Banks in Alanya, each of them has some differences from others.

  • We recommend you to look up of Banks’ interest rates and check how it would be suitable for you before making a final decision about Bank. The best option would be for you to check all necessary information and do a comparative analysis before opening a bank account.
  • A multilingual customer service offered at Bank is another point, that you need draw you attention, because Bank's staff will be assist you with all services later on.
  • A Mobile Banking is also very importnant thing. The Mobile Banking application allows you to managing cash flows and make payments online, regardless of location.
  • A number of ATMs with great location is also significant, along with partnership between local Bank and your country home Bank will be an asset. 

  • If you would like to get a mortgage in future it will be better to open a Bank account at the same Bank in avoid an additional fees in future.

 

How to open a bank account in Turkey? Procedure for opening a bank account.

Opening a bank account is a pretty easy and quick process. You can find an instruction of opening a bank account below.

Step 1. Get an Indentification Tax Number (ITN).

To foreigners are needed to have an ITN for opening a bank account, that’s why you should visit “Vergi Dairesi Müdürlüğü” or local Tax Office. You have to bring with you your passport and a copy of it, the process of getting ITN usually takes about 15 minutes, however for opening a bank account you have to wait a day after getting your ITN. Alanya Tax Office address is Kadıpaşa, Sugözü Cd. No: 6, 07400 Alanya / Antalya

Step 2. Choosing the right Bank.

 About the importance of choosing the Bank we wrote previously.  You can also follow recommendations of a real estate agency or a construction company that you deal with in buying a property.

Step 3. Opening an account.

How to open a Bank account in Alanya for a foreigner?

Of course each Bank has different procedures for account opening therefore we listed below the standard documents that actual for all Banks, such as Garanti, Ziraat and Yapi Kredi Bank.

The following documents for foreigners are needed:

  • Tax number (Vergi Numarası)
  • A valid international passport with a stamp of crossing a border of Turkey
  • A valid original Passport or ID card with your home address
  • 3X4 size photographs (2 pcs.)
  • Proof of your address in Turkey (a rental contract for your apartment or recent utility bill)
  • Local mobile number (if you are planned to use Mobile Banking application)

You can open a bank account in Turkey at any convenient currency for you. It can be turkish lira, euro or US dollar.

Besides, you have to fill in an application form for opening a Bank account, after that Bank’s staff will do whatever is necessary and give you the account number and during the week the Debit card will be given to you.

Finally,  we would like to notice that your bank account will be fully protected. All Banks operating is being operated under government control, all banking procedures are as clear as possible and accounts are insured. There are official guarantees that your invested amount will be returned in case of bankruptcy of Bank.

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