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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.

Steps

01

Choosing a Bank in Turkey

First of all, you need to select the desired bank. Reliability, tariffs, and client segment preferences of the bank should be considered. It is better to apply to several banks at once to increase the chances of opening an account.

02

Document Preparation

It is necessary to prepare the company’s incorporation documents (considering validity periods and notarization requirements), the personal documents of company members, and complete the bank’s forms. Proper completion of forms and presentation of information play an important role.

03

Application Submission

After preparing all documents, they must be submitted to the bank. During the review process, the bank may send additional questions or requests for documents. It is important to provide correct and timely responses. In some cases, the application review may be subject to a fee, which must be paid when submitting the application.

04

Verification

Banks usually require representatives of the company to visit a branch for verification purposes.

05

Receiving Access and Account Details

Upon successful account opening, the bank assigns account details to the company and issues access credentials. For full account activation, a prompt deposit of the minimum balance may be required, from which the account opening fee (if applicable) may be deducted.

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.

Free initial consultation on legal issues, related to the daily activities of the business

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Frequently Asked Questions:

We select banks based on the company’s country of registration, the residency of beneficiaries and directors, planned turnovers, required currencies, and regions of payments. The bank’s reputation and tariffs are also taken into account. To choose the most suitable option for your company, please consult our specialists.
To open a bank account in Turkey, it is necessary to complete and submit the bank’s KYC and AML forms, provide the company’s incorporation documents, and the personal documents of directors and beneficiaries during a personal visit. During the bank visit, verification must be completed.
Turkish banks open accounts for local companies with non-resident participants, as well as for foreign companies. To increase your chances of successfully opening an account in Turkey, it is recommended to seek professional assistance.
A bank account in Turkey can be opened with the personal presence of the company’s representative.

Contact
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+85281926676

info@incluence.net

Rm 7B, One Capital Place, 18 Luard Road, Wan Chai, Hong Kong

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