Foreigners who work or reside or want to start a business in Turkey need to open a bank account to carry out their financial processes. Whether living in Turkey or any other country, anyone can open a bank account in Turkish banks. Although the bank account opening process may differ from one Turkish bank to another, there are general procedures to follow while opening a bank account.
How to Open a Bank Account in Turkey as an Individual
A foreign with a work or residence permit in Turkey and a valid foreign national identity number can open a bank account without any restrictions by going to a bank of their choice. It is also possible to open a bank account in Turkey online via the official websites of the banks. There are no restrictions on which bank to choose or how many bank accounts to open.
Foreigners who do not work or reside in Turkey can also open a bank account in Turkey.
Check out: Work Permits
How to Open a Bank Account in Turkey as a Company
National or foreigner, all the companies are obliged to open a bank account in Turkey to set up their business and execute financial operations such as money transactions, depositing the share capital, etc. It is necessary for business owners to open corporate bank accounts before registering their company in Turkey.
Check out: Company Establishment Procedure and Registration Requirements
Documents for Opening a Bank Account in Turkey
The documents needed for foreigners to open a bank account in Turkey differ in three ways: foreigners who reside in Turkey, foreigners who do not reside in Turkey, and business owners who need a bank account for their company.
Documents needed for foreigners who reside in Turkey:
- Residence or work permit or temporary protection ID,
- Address document (utility bill, rental contract, or ID register copy).
Documents needed for foreigners who do not reside in Turkey:
- The potential tax number is taken from the tax office,
- Valid passport,
- Translated copy of an official document shows the address (utility bill or rent contract).
Companies are needed to obtain a tax identification number to open a bank account in Turkey. For the tax ID number, the company’s Articles of Association, a filled application form, and proof of the registered address of the company are needed. Corporate bank accounts can only be opened by a director with signing authority. These documents also must be submitted to the local bank:
- Tax ID number,
- The company’s Articles of Association,
- Application form,
- Proof of the registered address of the company.
Steps to Open Bank Account in Turkey
Steps to follow while opening a bank account in Turkey for a foreign citizen:
- Prepare your valid passport (not older than ten years),
- Proof of your address paper (such as a copy of electric, water, or phone bill with your name on it),
- Get your tax ID number from the tax office or your valid foreign national identity number,
- Go to your choice of Turkish bank to open an account.
Steps to follow while opening a bank account in Turkey for a foreign company:
- Prepare the company’s Articles of Association,
- Fill the application form,
- Proof of the registered address of the company,
- Get your company’s tax ID number from the tax office,
- A director with signing authority should go to a Turkish bank to open an account.
Check out: Opening Bank Account