Open a Bank Account in Turkey
Open a Bank Account in Turkey
Since Turkey is not a member of the European Union, local credit and financial institutions are quite loyal. They work with all individuals, including non-residents and companies, even organizations from offshore jurisdictions. Opening a bank account in Turkey for non-residents is possible within a short time; all conditions are created here to attract foreign clients:
- remote account opening is possible;
- low maintenance cost;
- the standard account opening period does not exceed 3 months.
How to Open a Bank Account in Turkey
When opening a bank account in Turkey, it is recommended to consider the following:
- The institution should have extensive experience.
- Check the bank’s reputation in advance.
- Find out in advance the terms of cooperation: account opening deadlines, minimum balance requirements, available account types, service costs, and possible benefits.
It is also important for corporate clients to clarify whether personal presence is required during the account setup process.
Bank Account in Turkey: Requirements and Documents
Having a tax identification number is a mandatory requirement for opening a bank account in Turkey. It is issued both to citizens of the country and to non-residents conducting business activities. A foreign passport is also often required. Before opening a corporate account in a Turkish bank, note that the following documents may be needed:
- a notarized copy of the shareholder(s)’ and director(s)’ passports;
- proof of residential address of the shareholder(s) and director(s);
- documents confirming the amount and establishment of the company’s authorized capital, notarized;
- proof of financial stability, such as contracts with partner companies.
To better understand the process of opening a bank account in Turkey, let’s look at the main conditions of one of the leading local institutions:
Bank Name | Personal Presence | Registration Period | Minimum Balance Requirements |
Ziraat Bank | not required | 2 months | none |
Bank of Turkey | not required | from 7 business days | from 1000 EUR |
Albaraka Bank | required | 3-4 weeks | none |
Garanti Bank | required | 3-4 weeks | none |
Türkiye Finans Bank | required | from 1 business day | none |
Professional Support in Opening a Bank Account in Turkey
At first, it may seem easy to open a bank account in Turkey, but in reality, without proper experience, it is quite difficult. This is due to strict requirements for registering foreign individuals and legal entities. Each bank has its own list of required documents, so it is important to be knowledgeable about the country’s financial sector. Moreover, mistakes during the account opening process may result in limited account functionality or even a complete refusal.
The specialists at Incluence Limited have extensive experience working with credit and financial institutions worldwide and guarantee a smooth account opening process. With our assistance, you can open a bank account in Turkey:
- within the required short time;
- avoiding difficulties and errors in the process;
- with the best conditions for your situation.
To contact us, please use the contact details provided on the website.
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