Many foreigners visit Turkey to purchase real estate and make investments. When purchasing a property in Turkey, foreigners must first open a bank account. It is usually a basic and uncomplicated procedure. The biggest challenge that foreigners may experience in this procedure is the language barrier. Don't be concerned! We help our clients open their accounts in Turkey as we assist them at any stage of property purchasing with Bursa Homes. If you want to learn how to open an account in Turkey, this article will answer all your questions.
Your passport (most banks require a notary-approved passport translation), tax ID number, and address proof are the documents needed to open a bank account. A residency permit (İkamet Tezkeresi) or a utility bill in your name can be used to prove your address. It's possible that this electricity bill originated in your country. On the bill, they'll need to see your name and address. There are no requirements for opening a bank account in Turkey, everyone can open up an account in Turkish banks as soon as they can provide the necessary documents.
It is critical to have a positive relationship with your bank. We advise our clients to open up a bank account and cooperate with only one bank to build a strong connection with them. The more transactions you conduct with a bank, the better known you are to the bank and the more welcome you will be.
Having a checking account in Turkey has a lot of advantages. Here are a few examples:
- You can transfer money from your home country to your account in Turkish banks at any time.
- You may have your utility bills paid automatically.
- You don't need to carry cash since you can pay with your debit card.
- When you invest in the Turkish Lira, Turkish banks will pay you a high rate of interest.
Q: What do you need to open a bank account?
A: To open up an account, you'll need the following documents:
• Turkish Tax ID Number
• Turkish Tax ID Number
• A document showing your name and address such as a utility bill.
Q: Does it cost anything to create an account in Turkish banks?
A: No, it doesn’t. When you create a checking account in Turkey, you do not have to pay anything. Besides, you can open a bank account with no deposit required.
Q: Is it time-consuming to open a bank account in Turkey?
A: It takes roughly two hours to get your tax ID number tracked at banks once you acquire one at the tax office. If your paperwork is ready, opening an account takes less than an hour.
Q: Which Turkish banks may I open a bank account with?
A: You may open an account in Turkey at any bank.
Q: Do Turkish banks have mobile applications?
A: Yes, every bank has a smartphone app, and they're all available in English.
Q: Can I have several currencies in my bank account?
A: In Turkey, you can open a bank account in any currency.
Q: Can you tell me what the SWIFT code is?
A: The Society for Worldwide Interbank Financial Telecommunication is abbreviated as SWIFT. Each bank has a different swift code. As a result, each swift code serves as a unique bank account registration ID. When transferring money internationally, a SWIFT number is sufficient to identify the receiver's bank account on an international level.
Q: What is an IBAN?
A: An IBAN is a mix of the receiver's swift code and account number. Each money transfer requires an IBAN. It is abbreviated from the term “International Bank Account Number”.
Q: What details do I need to send money to Turkey from abroad?
A: To send money to Turkey, you'll need the following information:
Full name of the receiver,
Receiver's complete address,
Name of the bank and the branch,
Receiver bank address,
IBAN of the receiver.
Q: Can I withdraw my money the same day it arrives in my account in Turkey banks?
A: Yes, your funds do not have to sit in a bank for an extended length of time. However, if you wish to withdraw money worth more than 50.000 TL, you must notify the bank the day before.
Q: Is there a difference in security between state banks and private banks?
A: No, there isn't. All banks are guaranteed by the state.