Complete Guide for Opening a Bank Account in Turkey for Foreigners
As a result of the strategic importance of Turkey and the increasing economic performance Turkey became an attractive option for foreigners. Such attrction brings a demand on opening a bank account in Turkey.
Some of those foreigners show this interest by Turkish Citizenship some others establish a company in Turkey.
One other possibility is that some foreign based companies without opening a company in Turkey wishes to open a bank account in Turkey.
The reasons behind to open a bank account in Turkey can be listed as below
1- Making payments to the Turkish partners through Turkish Banks
2- Performance of the internet banking facilities of Turkish Banks
3- Trustworthiness of the Turkish Banks
4- High interest rates given by Turkish Banks
5- Both Islamic Bank and Regular Bank options in Turkey
6- Relocation to Turkey and requirement for a personal bank account in Turkey
7-Opening a company in Turkey and requirement for a commercial bank account in Turkey
In order to answer the most asked questions related with bank account opening in Turkey, we decided to write this article under three headings.
1- Opening a personal bank account in Turkey
2- Opening a commercial bank account in Turkey for Turkish Companies with a Foreigner Shareholder
3- Opening a bank account in Turkey for foreign companies
This article has been divided to those above sections since the requirements and the process of those scenarios are different.
Opening a Personal Bank Account in Turkey
Compared to many countries around the world opening a personal bank account in Turkey for foreigners are quite easy. However, still Turkish banks require some documents and additionally banks have quite wide discretion to accept or reject the applicant.
Event though it may vary based on the banks and even the different branches of the same bank, the required documents for opening a personal bank account in Turkey is mainly as follows.
- Address proof of the client
- Passport copy of the client
- Potential tax number in Turkey
For the address proof the utility bill of the client will be sufficient such as gas, electricity, internet etc. Additionally, in some countries the residence address of the citizens is defined on passport or ID, such documents will be sufficient as well. For opening a personal bank account in Turkey some banks accept the copies of those documents in English language. On the other hand, some bank requires official Turkish translation and notarization.
Also, some banks ask for residence permit to their applicants for opening a personal bank account in Turkey.
The potential tax number should be obtained by the foreigner from the tax authority in Turkey.
With those documents the application can be made to the bank, however as it was stated earlier banks have complete discretion to accept or reject the applicant.
When the application is completed, in all currencies the bank account can be opened in Turkey such as EUR, TL and USD.
After opening a personal bank account in Turkey, in order to use the internet banking facilities of the bank, a mobile phone number should be given to the banking system.
Some banks do not accept foreigner mobile operators’ numbers for their operations, on the other hand some of them accepts.
Banks in Turkey time to time may apply some restrictions for the citizens of the specific countries. For example, currently Iranian citizens face a problem for opening a bank account in Turkey.
The process may take couple of hours.
Opening a Commercial Bank Account in Turkey for Turkish Companies with a Foreigner Shareholder
Since increasing number of investors show interest to open a company in Turkey, after their company formation process in Turkey is completed they need a commercial bank account in Turkey for their banking operations.
In such case the applicant will be Turkish, however, since the shareholder is a foreigner, ID related documents are different from the Turkish shareholders.
Therefore, in this type of bank account opening in Turkey it is better to divide the documents as company related documents and shareholder related documents.
1-Company related documents for opening a commercial bank account in Turkey;
- Trade registry gazette
- Tax board
- Activity certificate
- Signature circular
- Chamber of Commerce registration document
All those documents will be ready after the company registration in Turkey and tax opening.
2-ID related documents for opening a commercial bank account in Turkey;
- Address proof of the client
- Passport copy of the client
In commercial banks account for Turkish companies, they shareholders may assign third party signatory for bank related authorities. However, such delegation should be proved by the signature circular of the company in Turkey.
The explanations in the above section related with address proof and passport copy, also the possible restrictions in terms of nationality is applicable for opening a commercial bank account in Turkey with a foreigner shareholder.
After the bank account is opened in Turkey, the authorized director of the company can use the internet banking facilities.
Please be informed that, especially foreign related banking operations should always be justified with a document such as contract or invoice.
Opening a Bank Account in Turkey for Foreign Companies
Opening a commercial bank account in Turkey for foreigners is also possible however in this case the possibility for the rejections is more compared to other scenarios. In such case the banks have more discretions and wishes to listen the reason for opening a bank account in Turkey by a foreign country. This should be made face to face with the authorized person of the applicant company. Therefore, the main condition to proceed in this scenario is the bank should be convinced that such foreign company requires a bank account in Turkey. The rejection rate of the offshore companies are more compared to tax payer companies.
When the bank is convinced for the account opening reasons with the below documents the process for opening a bank account in Turkey for foreign companies may proceed ;
- Articles of Association
- Certificate of Incorporation
- Certificate of Good standing
- Certificate of Registry
- Circular of Signatures
- Specimen Signature Certificate
- Tax Board
- Potential Tax Number
In order to opening a bank account in Turkey for foreign companies all the above document should be either apostilled or notarized. Additionally, the documents should be officially translated to Turkish.
The explanations above for the other types of bank account opening in Turkey is applicable in this case well. Which means, banks have discretion and some nationalities may have restrictions.
Restrictions on Bank Account Opening in Turkey in 2023
Such restriction depends on several factor. These are the nationality of account holders, the nationality of the transferee, the products subject to transfer etc.
However, as of 2023 we can state that mainly the banking activities in relation to Russia and Iran are subject to some restrictions.
Therefore, in order to use your bank account in Turkey in a sustainable manner you shall in advance explain your needs.
Can I open a bank account remotely in Turkey?
The answer to this question varies depending on the bank and the person’s characteristics. Especially when it comes to foreigners, many banks want to get to know their customers during the first account opening, as per their working principles. Therefore, it is not possible to open a bank account remotely in Turkey, that is, through power of attorney, for most banks. However, if the potential customer of the bank is a person who has been accredited by the bank in various ways, it is possible to open an account through power of attorney.
Another important issue is that the power of attorney must be either notarized or apostilled. In addition, it is also a sensitive issue that the power of attorney that will be used to open a bank account in Turkey remotely must have given all necessary permissions in detail. If you are planning to open a bank account in Turkey remotely with power of attorney, first talk to the bank. Ask if this is possible. If you get the answer “possible”, find out what kind of power of attorney they will ask for. Even better, ask the bank for a copy of the power of attorney.
In conclusion, in all scenarios the bank account opening in Turkey is possible for foreigners. In some cases at their discretion the banks might be more conservative. Please be aware that such conditions and procedures may be different in different banks. Even the different branches of the same banks may follow different procedures. Some banks may request extra service fee for bank account opening in Turkey for foreigners. Briefly, it can be said that, in Turkey bank account opening is not restricted but its not very flexible as well. Please consult us for your requirements we may tailor a service based on your requirements. For more informations on banking in Turkey in general please read our post.
