Undoubtedly, a tourist or resident needs to open a bank account in Turkey. It helps him or her to facilitate his life of buying and selling, in addition to saving and keeping money in a safe place.

Opening a bank account in Turkey

Turkey is an economic country in which banking life is flourishing. It is a pioneer in the banking services it provides to its local and foreign clients through many banks, some of which include branches of international and Arab banks.

Therefore, in this article by Trustus, we will discuss types of banks, and procedures for opening a bank account, highlighting the most important governmental and international banks in Turkey.

Benefits of a bank account in Turkey

• Receiving and sending bank transfers to and from Turkey at low costs.
• Save and keep money in a safe place.
• Buying and shopping online.
• Payment of university, school, and hospital fees.
• Paying rent, taxes, and bills (electricity, water, gas, and internet).
• Payment of real estate prices, loans, health insurance, and others.

What are the types of bank accounts in Turkey?

1-  Current account

It is a bank account without profits, with no fixed term, through which money can be withdrawn and deposited at any time. Among the services it provides:

• Trading in financial instruments and bonds.
• Organizing transactions through the check book.
• Pay donations, rent, bills, taxes.
• Exchange between international currencies and precious metals.
• Paying bank loans, credit cards and periodic installments.
• Transferring an amount or paying an installment by the automated payment method.

2-  Shared account

The account in which savings are deposited in a participatory system, where the bank and the account holder share profits and losses of revenue, with the percentage of return determined at the end of the term and not at the beginning.

Clients' income from the joint bank account is used to finance industry, trade, and other services, according to the Islamic banking system without interest.

The most important feature of the shared account is:

• Account opening starts from 250 TL.
• The possibility of opening the account in Turkish lira, dollar, euro, or gold.
• Participation account with a term: a month, 3 months, 6 months, a year, or more than a year.
• Profits are seasonal for one year and for more than one year.
• Possibility to choose an account with a specific term with a minimum of 32 days and up to 1095 days.
• The possibility of evaluating the partnership account at the end of the term.

What are the most important state and international banks in Turkey?

• Qatar National Bank - QNB FINANSBANK
• Kuveyt Türk Katılım Bankası
• Ziraat Katılım Bankası.
• Albaraka Turkey - Albaraka Türk Katılım Bankası
• Garanti BBVA
• Anadolu Bank
• Turkish Guarantee Bank - Garanti Bankası
• Turkish Labor Bank - İş Bankası
• Turkish Halk Bank "People's Bank" - TÜRKİYE HALK BANKASI

What papers are required to open a bank account in Turkey?

• Passport document.
• Residency number in Turkey for the resident.
• Tax number is "obtained from the tax department for free".
• Electricity bill or any other service to prove the address.
• Some banks ask for a Turkish phone number.

Steps to open a bank account in Turkey

After obtaining the tax number from the Tax Department office, in addition to the proof of residence address, you must go to the bank in which you chose to open the account, and submit an official application accompanied by the aforementioned documents.

The bank will ask you to sign some papers necessary to open the account, after specifying the currency used whether lira, dollar, or euro.

Opening a bank account in Turkey does not require that the account holder hold a Turkish residency, as tourists can open an account by depositing 30,000 liras from inside Turkey, or online from outside the country.

This was a quick preview of how to obtain a bank account, and the most important governmental and international banks in Turkey... If you have any inquiries about this topic, or matters related to tourism in Turkey, do not hesitate to contact us...

Trustus Tourism team will be happy to provide you with the best advice, Contact us now.

Edited by: Trustus Consulting^©