BANK ACCOUNT OPENING FOR RUSSIANS IN TURKEY  

Due to the crisis between Ukraine and Russia many countries and their institutions apply sanctions against Russia. On the other hand, in some countries such situation seen in practice rather than official sanctions or restrictions.  As a result of such restrictions Russian nationals have difficulties to proceed their business. Therefore, they start to search alternative paths for their ongoing business. Turkey is one of the alternatives similar to other countries. The main concern of the Russian nationals are bank account opening. So, bank account opening for Russians in Turkey is frequently asked. Thus, in this post we plan to analyze such question more deeply.

Bank Account Opening Turkey for Foreigners

The banking system of Turkey is quite developed. Also, such ecosystem is under the regulation of Banking Regulation and Supervision Agency. Furthermore, the internet banking, mobile banking and customer service of Turkish banks are high quality. However, unfortunately majority of the banking staff are unable to communication in English. Hence, when visiting the branch we advise you to have a Turkish speaking friend or consultant with you.

The policies and procedures vary in each bank. Even though, the branches of the same bank may apply different conditions for bank account opening in Turkey. Thus, please make sure that you satisfy the criteria of the bank before visiting the branch, other wise you will both waste of time and money.

As it is known, the banks open generally two types of accounts these are personal and commercial. Since our concern is bank account opening for Russians in Turkey our main focus will be on commercial bank account opening. As,  the main focus of Russian citizens for opening a bank account in Turkey is to proceed their business.

Commercial Bank Account Opening for Russians in Turkey

In order to open a commercial bank account opening in Turkey at first the applicant will require to have a company in Turkey. Company formation in Turkey is possible for all foreigners. However, some formalities the shareholder need to satisfy for company registration in Turkey. The process of company opening can be done through power of attorney. Nevertheless, majority of the banks in Turkey require to see the customer at first when opening a bank account. Therefore, we can say, bank account opening in Turkey for Russians is possible if the customer comes to Turkey. The required documents for commercial bank account opening in Turkey may be different in each banks. However, generally the banks require the below documents;

• Signature circular of the company
• Potential tax number of the shareholders
• Trade Gazette of the company
• Tax number of the company
• Address Proof of the customer

Generally in Turkey the banks require residence permit in Turkey from the customers. On the other hand some banks may show tolerance on this required. However, in that scenario they ask a utility bill from the customer.

PERSONAL BANK ACCOUNT OPENING IN TURKEY

Some foreigners including Russian only need personal account. Additionally, for some banks to open a commercial bank account having personal bank account is mandatory. Therefore we would like to mention personal bank account as well. Though the documents mentioned above for commercial bank account is not required, the procedures are not same as the Turkish Citizens. Some banks ask residence permit from foreigners, some other banks ask address proof from the foreigner customers.