How To Open Turkish Bank Account in Turkey for Foreigner
How To Setup Guide for Turkish Bank Account in Turkey?
You will need a Turkish bank account, probably a current account (vadesiz hesap). Non-Turkish residents of Turkey can open a non-resident account (banka hesap). You will be provided with a chequebook (cek karne) and an ATM card, although cheques are not used with the same frequency as in the UK.
Note that post-dating a cheque is ineffective, it can be drawn on immediately. Many Turks ask for cheques to be made out to the Hamline i.e. cash, to avoid declaring it for tax purposes.
Documents required for foreigners required to open a Turkish bank account
- Turkish Notary certified passport translation
- Tax number from the state tax office
- Proof of Turkish home address abroad (utility bills accepted)
Foreigner residents have 1% of interest earned deducted direct for tax purposes, though you can recover this if you are not liable for tax. Bank charges in Turkey are high, even for routine operations. Commission on transfers out of Turkey varies tremendously.
Opening a new bank account in Turkey with multiple currency options (USD, GBP, EURO) takes only 10 minutes, and supporting documents required are your original e-Passport + translation into Turkish from any Public Notary, and obtain a Turkish Tax Number from the local State Tax Department while you local.
All Turkish bank accounts in Turkey are liable and insured by the Republic of Turkey government upto 100 thousand Turkish Lira.
Foreigners with a Turkish bank account may,
- Buy an apartment or house, or any property in Turkey and easily transfer currency
- Open a Turkish limited company as a sole or partnership, or business
- Make extra monthly income by their savings account
- Work at job in Turkey and get monthly salary deposit
- Pay monthly utility bills, such as water and electricity, wi-fi etc.
- Do shopping in Turkey with your bank debit Card
Next you will need to get short-term Touristic Residence Permit ID Card in Turkey to stay longer after entered, and can find a job more easier to work.
The banking sector in Turkey in 2018 has amazingly been awarded "The Worlds Best Digital Banks" and is hereby regulated by BDDK who is the government Banking Regulation and Supervision Agency.
You may learn more about regulations, Turkish bank sector data, announcements and legislation updates here