Open Bank Account in Turkey

How to Open a Bank Account in Turkey

Opening a bank account in Turkey can be a challenging task for foreign nationals and companies with majority-foreign capital. Turkish banking laws require an additional set of documents from foreign nationals and apply stricter KYC rules.

Vakıfbank, Halkbank and Ziraat Bankası are the only three state-owned deposit banks while the rest of the banks (Garanti, Yapı Kredi, QNB Finansbank, Akbank, İş Bankası etc.) are privately-owned banks. Click here to check out the full list of banks in Turkey.

How Can Foreign Companies Open a Bank Account in Turkey?

For foreign legal entities, opening a bank account in Turkey is a complex process and involves various documents. For foreign legal entities, the prerequisite to open a bank account in Turkey is an established legal presence in Turkey. This legal presence can be accomplished by way of setting up a branch or a subsidiary. The difference between a branch and a subsidiary is that a branch can represent the main body but does not have an entity of its own whereas a subsidiary is a legal entity on its own and is owned by its parent company. If you need your company to establish presence in Turkey, it is recommended that you consult a Turkish corporate lawyer. 

How Can You Open a Bank Account in Turkey?

For foreign citizens, opening a bank account in Turkey requires a valid passport, tax identification number and a valid residence permit. Potential tax ID number can be obtained online via the interactive tax office. As for the resident permit, click here to find out how to apply for residence permit.

If you do not have a residence permit yet and wish to open a Turkish bank account without establishing residence in Turkey, you can hire an attorney to help claim a valid reason for opening a bank account. Antalya Lawyer Baris Erkan Celebi and his Antalya Law Firm offer legal advice to foreign clients on Turkish banking laws.