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Opening Bank Account

Requirements for Opening Bank Account for Foreigners in Turkey

The government has enacted numerous laws in order to facilitate the process of opening bank accounts for foreigners as well as utilizing their money within the Republic of Turkey. Extensive efforts are exerted with a view to attract the money of especially middle and upper income class citizens of foreign countries to Turkey. It has been made very easy to open a bank account for foreigners in Turkey. Much as banks operating in Turkey have their own terms and conditions there are various certain procedures in order to open a bank account within Turkey.

Opening a Bank Account for Foreigners in Turkey

If you are a foreign citizen and desire to open a bank account in Turkey, you have the chance to open a deposit and checking account by applying to the certain bank you desire subsequent to obtaining specific terms and conditions and documents. Turkish state has put some rules for opening a bank account for foreign nationals however some banks may stipulate extra conditions for foreign nationals, therefore you have to check terms and conditions for opening a deposit and checking account for foreign citizens written in the bank’s website. Much as most of the banks in Turkey act in line with the guidelines for opening bank accounts for foreign citizens within the Republic of Turkey, some private banks may have small additional requests from foreign citizens. Foreign citizens can open a bank account in Turkey in two ways as corporate bank account and individual bank account regulations for corporate bank account and individual bank account for foreign citizens are different.

Documents Required for Opening Bank Account for Foreigners in Turkey

 

One of these requirements naturally is your address of notification which will ensure your communication with your bank. Much as such notification address can be any address where the foreign citizen resides within the Republic of Turkey the address of a friend or relative of the foreign citizen can also be utilized to this end. We receive many questions on the issue that if a foreign citizen should have a residential address to open a bank account. The answer to this question is no. Some foreign citizens state as a comment on their website that a residential address is strictly required therefrom in order to open a bank account. Residential address is not required for opening a bank account in within the Republic of Turkey; this issue is not specified in state regulations, therefore state this issue to the bank officers insistently. However, a notification address is necessary but you do not have to live in that building or at that address. Subsequently you have to go to the nearest tax office with your passport and receive your tax number. This special tax number is given to foreign nationals free of charge. It takes about maximum 1 hour depending on the work load of the tax office. You can go to the bank you desire with the special tax number you receive from the tax office, your passport details and notification address and open a bank account; the necessary documents for this transaction are only these documents. You can benefit from all kinds of transactions such short-term investments, long-term investments, foreign exchange investments as well as stock exchange and internet banking transactions.

Documents Required for Opening Bank Account for Foreign Companies in Turkey

 

Naturally there is a difference between individual banking and Corporate Banking. This situation is also valid for foreign citizens desiring to open a bank account within the Republic of Turkey. The signature of the foreign company's manager is required in order to open a corporate bank account which is different from individual bank account. Documents of the Company should be translated by a sworn translator before going to the tax office. A corporate tax number is received from the tax office which takes longer due to specific transactions compared to individual tax number. Following the receipt of the Tax Number, you will go to the bank and receive the documents which each and every bank requires from the foreign companies and if you can meet the requirements and fill these documents you can open a bank account for your foreign company within the Republic of Turkey.

 

 

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