Procedures for opening a bank account in Turkey
Last Updated: 2023-07-27
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How do I open a bank account in Turkey?
In light of the transition to banking for the circulation of funds, this transition has given banks greater advantages for credit cards and for all banking services. Banking services, their diversity, offers and facilities increased in conjunction with the increase in the number of banks in Turkey, which increased the importance of banking circulation in Turkey for Turkish citizens and foreigners. It has become important to have a bank account in Turkey for ease of trading, for facilitating complex procedures, and for sound financial security supported by strong and very sensitive policies in the banking system throughout Turkey.
Steps required to open any bank account:
1. The passport should be valid. Some banks require a translation of the passport with the notarization of the notary, and some are satisfied with the residence (whether it is a tourist or business residence)
2. Tax number: The individual must extract it from the tax department of the city in which he resides.
3. Proof of address: Any official document bearing the name and home address is sufficient, for example, the title deed or the lease contract.
4. Fill in the data or information in the bank on the document and sign it.
The importance of opening a bank account in Turkey is never small, as it helps to accomplish many things and official transactions, including:
• Payment of tuition fees in Turkey
• Payment of monthly rents
• Payment of "water/electricity/gas/internet" bills
• Paying taxes
• Payment of health insurance premiums or any other type of insurance
• Paying loan installments
• Real estate payments
• Use of credit cards.
• Online purchase
• Remittances
• Exchange currency at a lower cost than exchange in exchange shops
In addition, benefit from the bank's online services, such as the phone applications of each bank, to complete your previous banking work, whether you are inside or outside Turkey. You can also enter the E-devlet and complete the official transactions through the application and the official website of the bank with which you have an account.
Is it possible to open a bank account from outside Turkey:
A large number of banks offer to open international bank accounts remotely, whether for personal or corporate accounts, meaning that you do not have to take a plane and visit the bank branch in Turkey on your own in order to open the account. Private banking and investment banking are different from each other. It is usually possible to open remote bank accounts in most of the first category banks and usually the initial deposit is required to be more than 100,000 US dollars. In addition, the bank requires you to have a strong commercial background or business relations within the Turkish region.
If you decide to open an account from outside Turkey, you will go through a lot of legal procedures and regulatory transactions that differ from one bank to another, but there are some things that will support your request:
• Account type: Some banks in Turkey offer facilities if the deposited amount is in dollars or euros.
• Deposit amount: The deposit amount must exceed $100,000
• Tax number: If you have a residence permit in Turkey, keeping the tax number that you extracted during the residency transaction in Turkey will help you with that if you attach the number with the account opening application.
You can also extract the tax number via the following link https://ivd.gib.gov.tr in case you lose it.
Types of banks in Turkey, the most important of which are:
1. FINANS BANK: A private bank established in 1987 with more than 500 branches around Turkey, it also ranked first in the competition established by Visa International. In 1999, he presented the first card in the field of banking services and credit cards, thus becoming the most luxurious source for providing visa cards in Turkey. Thus, this bank took the fifth place among the banking centers in Turkey.
2. DENİZ BANK: It was established in 1938 as a government bank that works to finance Turkish maritime transport companies and then to the private sector after its purchase in 1997. This bank has 24 branches in Turkey.
3. ZİRAAT BANK/ Agricultural Bank: It provides all types of banking services, whether for individuals or institutions, such as deposits, investments, loans and credit cards. In its inception, it was established as national funds through the provision of services by foreign banks and banks within the Ottoman Empire in the 19th century. Based on the quality and speed of its services, the funds were established under the name Ziraat Bank 1988. Today, the bank has more than 4,161 ATMs and more than 1,545 branches all over Turkey. It includes about 24,374,000 employees, working to provide service on the Internet, a call center and banking services via mobile phones.
4. YAPI KREDİ Credit Building Bank: It is considered one of the first private banks in Turkey, was established in 1944, has more than 1012 branches, and ranked fourth among the best banks in Turkey. It provides banking services to individuals, both commercial and private.
5. İŞ BANK Business: It was established by orders from Mustafa Ataturk in 1924, and thus it is considered one of the first national banks. It was opened and established with a capital of one million Turkish liras, and the number of its employees did not exceed 37. This bank is considered one of the strongest banks in terms of protection and economic financing. And it works to provide all its banking services and endless support for industrial developments, including that it offers to come to meet the needs of the citizen.
6. KUVEYT TÜRK BANK: Founded in 1989 and occupied the third number in Islamic banks, and this bank enjoys correct banking services, justice, equality, professionalism and safety. It has more than 290 branches around Turkey, and it is an Islamic bank most of which is owned by Kuwait Finance House. This bank aims to enhance its growth and prosperity in Turkey and enhance its spread outside the countries of Turkey by establishing other branches for it such as Bahrain, Emirates, Qatar and Dubai. And looks forward to establishing branches in Germany in the future.
7. AK BANK: One of the largest banks in Turkey and was established in 1948
8. ANADOLU BANK: This bank was established in 1997, it has more than 120 branches around Turkey, and it has a branch in the Netherlands.
9. FİBA BANK: It was established in 2010 and has about 70 branches in Turkey, its head office is located in Istanbul.
Mersat Company team is with you with all the services you need for opening bank accounts and information related to the economy, trading and investment in Turkey.
Edited by Mersat Real Estate Team©
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