Complete Guide to Opening a Bank Account in Turkey for Foreigners
- March 9, 2020
- Posted by: admin
- Category: Blog
Can a Foreigner Open a Bank Account in Turkey?
Yes. Foreign individuals can open a bank account in Turkey, but the requirements and approval process may vary depending on the bank, the applicant’s nationality, residence status, purpose of the account and the bank’s internal compliance procedures.
Foreigners may wish to open a Turkish bank account for different reasons, including company formation, property transactions, receiving or making payments, investment activities, residence in Turkey or everyday banking needs. The documents requested by the bank can therefore differ according to the applicant and the intended use of the account.
We assist foreign individuals, investors and companies with the preparation and coordination of bank account opening procedures in Turkey, including identifying the likely documentation requirements, arranging related tax or company documents where necessary and coordinating the process with the relevant bank.
Who Can Open a Bank Account in Turkey?
Bank accounts in Turkey may be opened by foreign individuals, Turkish companies with foreign shareholders and, in certain circumstances, foreign companies or their Turkish branches. However, the required documents and compliance process may differ depending on the applicant’s legal status, nationality, residency and intended use of the account.
Foreign Individuals
Foreign nationals may apply to open a personal bank account in Turkey for purposes such as living in Turkey, receiving or making payments, property transactions, investments or everyday banking. The documents requested and whether an application is accepted may vary depending on the bank, the applicant’s nationality, residency status and the bank’s internal compliance requirements.
Turkish Companies with Foreign Shareholders
Companies incorporated in Turkey may apply to open a corporate bank account even when their shareholders or directors are foreign nationals or foreign companies. Banks generally review the company’s registration and tax documents, authorized representatives, ownership structure and ultimate beneficial owners as part of their KYC and compliance procedures.
Foreign Companies & Non-Resident Businesses
Foreign companies and non-resident businesses may also apply for banking services in Turkey depending on their activities and banking needs. These applications may require additional corporate documents demonstrating the company’s existence, ownership structure and the authority of its representatives, together with the necessary translations and authentication. Account opening remains subject to the relevant bank’s KYC, compliance and internal approval procedures.
What Documents Are Required to Open a Bank Account in Turkey?
The documents required to open a bank account in Turkey vary depending on whether the applicant is an individual or a company and may also differ between banks. Foreign applicants should also be aware that banks conduct their own KYC and compliance checks and may request additional information concerning identity, address, source of funds, business activities or the intended use of the account.
For this reason, there is no single document list that guarantees account opening at every Turkish bank. However, the following documents and information are commonly requested from foreign individuals and companies.
Documents for Foreign Individuals
Foreign individuals applying to open a personal bank account in Turkey are generally asked to provide identification and information enabling the bank to verify their identity, address and tax status.
- Valid passport
- Turkish tax identification number or foreigner identification number, where applicable
- Address and contact information
- Proof of address, where requested
- Information regarding the purpose of the account
- Additional KYC or source-of-funds information, if requested by the bank
The exact requirements may vary between banks and according to the applicant’s nationality, residency status and individual circumstances.
Documents for Corporate Bank Accounts
Companies applying to open a corporate bank account in Turkey are generally required to provide documents enabling the bank to verify the company, its ownership structure and the persons authorized to represent it.
- Company registration and trade registry documents
- Company tax identification information
- Articles of association, where requested
- Documents showing the authorized representatives of the company
- Identification documents of shareholders, directors and authorized persons
- Information regarding the company’s ownership and ultimate beneficial owners
- Information regarding the company’s activities and intended use of the account
Banks may request additional corporate or supporting documents depending on the company’s ownership structure, activities, shareholders and their internal compliance procedures.
Additional KYC & Compliance Requirements
Providing the standard documents does not automatically guarantee that a bank account in Turkey will be opened. Turkish banks carry out their own KYC, anti-money laundering and internal compliance assessments before accepting an individual or corporate customer.
- Source of funds or source of wealth information
- Purpose and expected activity of the account
- Business activities and countries of operation
- Expected transaction volumes and currencies
- Ownership and ultimate beneficial owner information
- Additional supporting documents requested by the bank
Requirements and acceptance policies may differ significantly between banks. Each application is ultimately subject to the relevant bank’s internal compliance review and approval.
Can a Foreigner Open a Bank Account in Turkey Without a Residence Permit?
It may be possible for a foreigner to open a bank account in Turkey without holding a Turkish residence permit. However, account opening for non-residents is subject to the policies and compliance requirements of the particular bank, and the requirements may differ considerably between banks.
A bank may consider factors such as the applicant’s nationality, tax identification, address, purpose of the account, source of funds and relationship with Turkey. Additional documentation may therefore be requested from a non-resident applicant.
For this reason, foreigners should not assume that obtaining the standard documents automatically guarantees account opening. The application remains subject to the bank’s KYC, compliance and internal approval procedures.
Can I Open a Turkish Bank Account Remotely?
Remote bank account opening in Turkey depends on the bank and the circumstances of the applicant. Banks apply their own identification, KYC and compliance procedures, and a foreign applicant may be required to appear personally or satisfy alternative identification requirements before an account can be activated.
In certain situations, some preparatory or banking procedures may be carried out through an authorized representative under a power of attorney. Whether a power of attorney can be used, and the authorities that must be specifically included in it, should be confirmed with the relevant bank before the document is issued.
Foreign clients who are outside Turkey should therefore have their circumstances assessed before travelling or issuing a power of attorney. We can assist with checking the procedural requirements, preparing the necessary documentation and coordinating the account opening process with the relevant bank.
Opening a Corporate Bank Account in Turkey
Opening a corporate bank account in Turkey is an important step for companies that need to receive payments, pay suppliers and employees, make tax payments or conduct their day-to-day business activities in Turkey. Companies incorporated in Turkey may apply for corporate banking services even where their shareholders or directors are foreign nationals.
During the application, the bank will generally examine the company’s registration and tax information, authorized representatives, shareholders and ultimate beneficial ownership structure. Banks may also request information regarding the company’s business activities, expected transactions, source of funds and commercial relationship with Turkey as part of their KYC and compliance procedures.
Having a company registered in Turkey does not automatically guarantee that a corporate bank account will be opened. The final decision remains subject to the relevant bank’s internal compliance and customer acceptance procedures. We assist foreign-owned companies with preparing the required documentation and coordinating the bank account opening process.
How to Open a Bank Account in Turkey: Step by Step
The exact bank account opening process may differ according to the bank and the applicant, but foreign individuals and companies will generally go through the following stages.
Determine the Right Account
Identify whether you need a personal or corporate account and determine the purpose for which the account will be used.
Prepare the Documents
Prepare the identification, tax, address or corporate documents required for your particular application and arrange translations or authentication where necessary.
Submit the Application
The account application and supporting documents are submitted to the bank. Additional information may be requested during the bank’s KYC and compliance review.
Compliance Review & Account Opening
The bank evaluates the application under its customer acceptance and compliance procedures. If approved, the account is opened and the available banking services can be activated.
How Long Does It Take to Open a Bank Account in Turkey?
There is no standard processing time for opening a bank account in Turkey. The time required depends on the bank, the type of account, the applicant’s circumstances and whether the bank requests additional documents or information during its compliance review.
Straightforward applications with complete documentation may be processed relatively quickly, while applications involving foreign shareholders, complex ownership structures or additional KYC checks may take longer.
How Much Does It Cost to Open a Bank Account in Turkey?
The costs associated with opening and maintaining a bank account in Turkey depend on the bank, account type and services requested. Banks may apply their own account, transaction, transfer or other banking charges in accordance with their applicable tariffs and policies.
Foreign applicants may also incur separate costs for matters such as document translation, notarization, apostille, powers of attorney or professional assistance where these are required for the particular application.
Which Bank Is Best for Foreigners in Turkey?
There is no single bank that is automatically the best bank for every foreigner in Turkey. The most suitable bank depends on whether the applicant is an individual or company, whether the person is resident in Turkey, the nationality and ownership structure involved, the expected transactions and the services required from the account.
Foreign applicants should therefore compare banks according to their own circumstances rather than selecting a bank based only on account fees or branch location.
Foreign Customer Acceptance
Some banks may be more familiar with non-resident individuals, foreign shareholders or internationally owned companies than others.
International Banking
Consider international transfers, foreign currency accounts and the currencies or countries with which you expect to transact.
English-Language Support
Foreign customers may benefit from branches, relationship managers or digital banking services that can provide support in English.
Digital Banking
Online and mobile banking capabilities can be particularly important for foreign customers who travel frequently or manage their affairs from abroad.
KYC & Compliance Requirements
Banks may apply different documentation and customer acceptance requirements depending on nationality, residency, business activity and ownership structure.
Business Banking Needs
Companies should also consider payment services, corporate cards, payroll, trade finance and other services relevant to their business operations.
Frequently Asked Questions About Opening a Bank Account in Turkey
Answers to common questions from foreign individuals, investors and companies about bank account opening procedures in Turkey.
Need Assistance Opening a Bank Account in Turkey?
Tell us whether you need a personal or corporate account and whether you are currently in Turkey or abroad. We can review your circumstances, explain the likely documentation requirements and assist with coordinating the bank account opening process.
