Manuel Garrido
Looking to open a bank account in Turkey but not sure where to start? Whether you’re an expat, investor, student, or digital nomad, navigating the Turkish banking system can feel overwhelming, especially if you’re unfamiliar with the local requirements and processes. But don’t worry, you’re not alone.
In this complete guide, we’ll walk you through everything you need to know—the types of accounts available, the documents required, and the best banks for foreigners. Discover how a Turkish bank account can make your life easier, enabling seamless money transfers, access to savings accounts, and eligibility for citizenship by investment.
This guide covers:
Turkish Banking Overview
Turkey’s banking system is modern, well-regulated, and accessible to foreigners. Supervised by the Banking Regulation and Supervision Agency (BDDK) and the Central Bank, it includes state, private, and international banks.
Foreigners can open current, savings, and multi-currency accounts, with most banks offering advanced online and mobile banking.
A Turkish bank account is essential for managing finances, paying bills, receiving salaries, buying property, or applying for a residence permit or citizenship.
How to Open a Bank Account in Turkey
Opening a bank account in Turkey as a foreigner is a clear process if you follow the correct steps and prepare the necessary documentation. Here’s a breakdown:
1. Obtain a Turkish Tax Identification Number (Tax ID)
Obtain your TIN online on the official website, Interactive Tax Office at İnteraktif Vergi Dairesi, to receive your Tax ID, which is mandatory for banking and other official procedures.
2. Gather the required documents
Prepare the following documents:
- Valid Passport
- Turkish Tax ID
- Proof of Address (utility bill or rental agreement)
- Foreigner’s ID Number (if applicable)
- Completed Bank Application Form
Note: Some banks may also request a residence permit, especially for long-term or business accounts.
3. Choose the right account type
Select a bank based on your needs:
- Personal banking (daily use, savings)
- Business accounts (for entrepreneurs or investors)
- Foreign currency accounts (USD, EUR, GBP)
Look for banks offering English-language support, mobile/online banking, and multi-currency services.
4. Visit a branch or apply online
- In-person: Most banks require you to apply at a branch.
- Online options: Banks like Garanti BBVA, TEB, and DenizBank offer remote onboarding for eligible clients.
5. Complete the application process
Submit your documents, choose your account type (current, savings, or multi-currency), and sign the necessary forms.
6. Activate online & mobile banking
Once your account is approved, set up internet and mobile banking. This allows you to:
- Transfer money
- Pay bills
- Access ATM withdrawals
- Monitor transactions 24/7
Processing Time for Opening a Bank Account in Turkey
Opening a bank account in Turkey usually takes 1–2 hours. Most banks provide your account number and debit card the same day or dispatch it by mail shortly after.
Pro Tip: Requirements and processes can vary slightly across banks, so it’s best to contact your chosen branch in advance for up-to-date details.
Best Banks in Turkey
Turkey has a strong mix of state-owned and private banks, many offering tailored services for foreigners, including multi-currency accounts, online banking, and support for residence or business needs. Here are some of the best Turkish banks:
Ziraat Bankası
As Turkey’s oldest and largest state-owned bank, Ziraat Bankası provides a range of services suitable for foreigners. Individuals can open accounts without a residence permit by visiting a branch with a valid passport, Turkish Tax Identification Number, and proof of address. The bank offers current accounts in multiple currencies, including Turkish Lira, USD, and EUR.
Türkiye İş Bankası
Established in 1924, Türkiye İş Bankası is one of the country’s leading private banks. It offers various account types, including savings and settlement accounts. Foreigners can open accounts by visiting a branch with the necessary documentation.
VakıfBank
VakıfBank, a state-owned bank, provides services to both individuals and businesses. To open an account, a personal visit to a branch is required, along with the submission of relevant documents.
Yapı Kredi Bankası
Yapı Kredi caters to foreigners with residence permits. Their services include foreign currency and Turkish Lira accounts, deposits, savings accounts, credit cards, overdraft facilities, and debit cards. Banking transactions can be conducted in English via online platforms and customer service lines.
Halk Bankası
Founded in 1933, Halk Bankası serves customers through its extensive network of branches and offices. To initiate internet banking services, individuals must visit a branch to sign the necessary contracts and provide identification documents.
Garanti BBVA
Garanti BBVA offers a streamlined account opening process through its mobile application. By downloading the app and completing the required steps, individuals can become customers without visiting a branch.
Akbank
Akbank provides specialized services for expatriates, including multi-currency banking and foreign exchange deposit options. Their Expat Relationship Managers assist with tailored banking solutions.
QNB Finansbank
QNB Finansbank facilitates account openings for foreigners with a straightforward process. Required documents include proof of identification and a Turkish Tax Identification Number.
Denizbank
DenizBank allows non-residents to open accounts, typically requiring a deposit of approximately $2,500 USD. The bank offers flexible term deposit accounts, permitting withdrawals without forfeiting interest.
Türk Ekonomi Bankası
TEB offers the CEPTETEB Internet Branch, enabling online applications for account openings. Applicants can also call the TEB Phone Branch or visit a local branch to initiate the process.
Turkish Banking for Investors
Turkey is a strategic destination for foreign investors, offering a stable banking environment and financial incentives. Opening a corporate bank account is needed for company incorporation, asset management, and participating in Turkey’s Citizenship by Investment Program. Major banks support multi-currency accounts, international money transfers, and business banking services, making it easier for foreign entrepreneurs to operate.
Will you obtain Turkish citizenship?
Foreign investors can obtain Turkish citizenship by investing a minimum of $400,000 in real estate or depositing $500,000 in a Turkish bank account for at least three years. The account must be opened in the applicant’s name and confirmed by the Banking Regulation and Supervision Agency (BDDK).
The bank account serves as proof of financial commitment and must be supported with:
- A transaction history
- A letter from the bank confirming the deposit
- Verification of investment compliance
Read our Turkey Citizenship by Investment Guide
International Banks in Turkey
Turkey has several international banks that cater to foreign clients and businesses. Institutions like HSBC Turkey, Deutsche Bank, and Citibank Turkey offer a full range of services, including multi-currency accounts, corporate banking, and personalized financial solutions for expatriates and investors. These banks provide English-speaking staff, enhanced online banking platforms, and dedicated support for international customers, making cross-border financial management seamless.
International money transfers in Turkey
International money transfers from Turkey are fast and efficient through both local banks and international institutions.
Most banks support SWIFT transfers, enabling secure fund movements worldwide. Services like Western Union, Wise, and bank transfer networks allow users to send and receive foreign currency quickly.
Fees and processing times vary depending on the bank and destination, but transfers typically complete within 1–3 business days. Setting up online and mobile banking simplifies managing international transactions.
Bank Fees in Turkey
Bank | Account Maintenance Fee | ATM Withdrawal Fee | International Transfer Fee | Currency Conversion Fee | Card Issuance/Annual Fee |
Ziraat Bankası | Free for basic accounts | Free at Ziraat ATMs; ₺1–₺5 at others | Fixed fee + % depending on destination | Mid-market rates + ~1-2% spread | Debit card free; credit cards vary |
Türkiye İş Bankası | ₺30–₺60/year (some accounts free) | Free at İş Bank ATMs; ₺2–₺5 at others | Fixed fee + ~₺150-₺300 | Conversion spread ~1.5% | ₺60–₺150 annually (card type dependent) |
VakıfBank | Free for personal accounts | Free at VakıfBank ATMs; ₺1.5–₺5 at others | ₺100–₺300 transfer fee + correspondent bank fees | 1–2% conversion spread | ₺30–₺100 per year |
Yapı Kredi Bankası | Varies (basic accounts low/no fee) | Free at Yapı Kredi ATMs; ₺3–₺6 at others | SWIFT fees ₺150–₺300 | Mid-market rate adjustment | ₺60–₺120 annually |
Halk Bankası | No fee for basic accounts | Free at Halkbank ATMs; ₺2–₺4 at others | ₺100–₺250 transfer fee | ~1.5% spread on FX rates | Debit cards free; credit cards vary |
Garanti BBVA | ₺30–₺70/year (basic accounts discounted) | Free at Garanti BBVA ATMs; ₺3 at others | Fixed ₺100–₺250 + correspondent fees | Slight markup on FX rates | ₺60–₺150/year |
Akbank | Some accounts free; others ₺50–₺80/year | Free at Akbank ATMs; ₺2–₺4 at others | Fixed SWIFT fees ₺120–₺250 | 1–2% margin | Debit card free; credit card fees ₺50–₺120 |
QNB Finansbank | ₺20–₺60/year depending on account type | Free at QNB ATMs; ~₺2–₺5 at others | Transfer fee ₺120–₺250 + small % | Mid-market FX rates + margin | ₺50–₺130/year |
Denizbank | ₺30–₺60/year | Free at Denizbank ATMs; ₺2–₺4 at others | SWIFT fees starting from ₺100 | Currency exchange spread 1.5–2% | ₺60–₺100/year |
Türk Ekonomi Bankası (TEB) | Some accounts free; premium services extra | Free at TEB ATMs; ₺2–₺5 at others | SWIFT transfers ₺120–₺250 + external bank charges | ~1.5% spread | ₺50–₺140/year |
*Notes:
- Fees can vary based on account type (e.g., premium or business accounts).
- Some banks waive maintenance or card fees if minimum balance requirements are met.
- International transfer fees can increase if intermediary banks are involved.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
Frequently Asked Questions
How can a foreigner open a bank account in Turkey?
Foreigners must present a valid passport, Turkish Tax Identification Number, proof of address, and complete a bank application. Some banks may also request a residence permit.
Can I open a Turkish bank account online?
Yes. Banks like Garanti BBVA, TEB, and Yapı Kredi allow online applications, primarily for residents or those with a Turkish ID number.
What are the requirements to open a bank account in Turkey?
Required documents include a passport, Turkish Tax ID, proof of address (utility bill or rental contract), and a completed application form.
Do I need a residence permit to open a bank account in Turkey?
Not always. Some banks allow account opening without it, especially for basic current or savings accounts.
How long does it take to open a bank account in Turkey?
In most cases, accounts can be opened in 1–2 hours, with debit cards issued the same day or mailed.
What can you do with a bank account in Turkey?
With a bank account in Turkey, you can manage everyday transactions such as paying bills, receiving salaries, transferring money domestically and internationally, accessing foreign currency accounts, investing in savings accounts or time deposits, and facilitating property purchases. It also simplifies business activities, supports residence permit applications, and is necessary for citizenship by investment processes.
Which Turkish banks offer accounts in foreign currencies?
Yapı Kredi, Ziraat Bankası, and QNB Finansbank offer multi-currency accounts including USD, EUR, and GBP.
What is the process for opening a business bank account in Turkey?
You need to register a company, provide business registration documents, tax ID, and proof of company address.
Can non-residents open a bank account in Turkey?
Yes, non-residents can open a bank account in Turkey. Most banks allow foreigners to open accounts by presenting a valid passport, a Turkish Tax Identification Number, and proof of address. Many offer options specifically for non-residents, especially for basic current or multi-currency accounts.
What documents are required to open a business bank account in Turkey?
Typically required: company registration certificate, tax registration, proof of address, and signatures of authorized signatories.
