Opening a bank account
Many foreigners come to Turkey to invest or purchase real estate, and one of the first practical steps in this process is opening a Turkish bank account. The process is fairly simple and streamlined, and the main difficulty foreign buyers may encounter is the language barrier.
That's why the Ayvazoglu Homes team supports its clients through every stage of the transaction, including assistance in opening a bank account.
What documents are needed to open an account?
To open an account in a Turkish bank, you will generally need:
- a valid international passport (in most banks - with a notarized translation);
- Turkish Tax Number (Vergi Numarası);
- A document confirming your residential address outside of Turkey - a utility bill (electricity, water, internet) issued in your name and indicating your address.
We review your documents in advance and accompany you to the bank to ensure the process is quick and hassle-free.
Why is it important to build a relationship with your bank?
Having a stable and long-term relationship with a single bank is important. We recommend that clients use a single financial institution, as this builds a positive banking history.
The more you use your account—making transfers, paying for services, depositing funds—the higher the level of trust the bank has, and the easier it will be to resolve financial issues in the future.
Benefits of having a bank account in Turkey
A Turkish bank account offers a number of practical benefits:
- the ability to easily transfer funds from your country to Turkey;
- Convenient payment for utilities and services through automatic payments;
- using a bank card instead of cash;
- attractive interest rates on deposits in Turkish lira;
- simplification of all financial transactions related to real estate.
Ayvazoglu Homes helps its clients not only with purchase of real estate, but also with the resolution of all related issues, so that the investment process in Turkey is comfortable, safe, and understandable.
Frequently asked questions about opening a bank account in Turkey
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What documents are required to open a bank account?
You will need the following documents:
• International passport
• Turkish tax number
• Proof of address: a utility bill in your name for the last 3 months, indicating your residential address. If the name on the bill is not written in Latin characters, the bank will request a notarized translation of this bill. For Russian citizens, sometimes it is sufficient to provide a Russian internal passport with a registration stamp indicating your place of residence.
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How much does it cost to open a bank account in Turkey?
It is a free procedure and you do not need to pay any additional fees when opening an account in a Turkish bank.
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How long does it take to open a bank account in Turkey?
Afterobtaining a tax numberIt may take a few hours at the tax office for your tax identification number (TIN) to be reflected in the banking system. If all the documents are ready, opening a bank account should take less than an hour.
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Which banks in Turkey can I open an account with?
You can open an account in any bank in Turkey.
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Do Turkish banks have mobile apps?
Yes, all banks have their own mobile apps, many have menus and support in English.
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In what currency can I open a bank account?
In Turkey, you can open a multi-currency bank account in euros, dollars and lira.
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What is a SWIFT code?
SWIFT is an abbreviation for Society for Worldwide Interbank Financial Telecommunication. It is a unique identification code for each bank, which is required for international money transfers between banks. If you are transferring money internationally, the SWIFT code is sufficient to identify the recipient's bank account internationally.
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What is an IBAN number?
An IBAN (International Bank Account Number) is a combination of the SWIFT code and the recipient's bank account number. An IBAN is required for every money transfer.
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What information is required to transfer money from abroad to Turkey?
To transfer money to Turkey, the following information is required:
Recipient's full name:
Recipient's address:
Name of bank and branch:
Recipient bank address:
Recipient's IBAN number: -
Can I withdraw money on the same day it arrives in my account in Turkey?
Yes, your money doesn't have to remain in the account for any specific period of time. However, it's very important that you notify the bank one day in advance if you decide to withdraw an amount over 50,000 Turkish lira.
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Is there a difference between government and private banks in terms of security?
No. All banks have a government guarantee.