Can Foreigners Open a Bank Account in Turkey?

Yes! Opening a bank account in Turkey for foreigners is possible even without a residence permit. Turkey does not require foreigners to be physically present in the country for account setup, making it an attractive destination for international banking and business transactions.

However, during the final signature process, the account holder is required to be physically present at the bank.

Requirements to Open a Bank Account in Turkey for Foreigners

Foreigners can open both personal and business bank accounts in Turkey. The required documents vary depending on the type of account:

Personal Bank Account for Foreigners

✅ Valid passport
✅ Tax Identification Number (TIN) from the Turkish Tax Office
✅ Proof of address (utility bill or rental contract from the home country)
✅ Bank application form and signed contract
✅ Initial deposit (varies by bank)

Business Bank Account for Foreign Companies

✅ Company registration documents (translated & notarized if necessary)
✅ Tax Identification Number (TIN) for the company
✅ Board resolution for opening the account (if applicable)
✅ Authorized signatory’s passport and power of attorney (if applicable)
✅ Certificate of Good Standing (if required by the bank)

Important: A foreign company does not need to establish a company in Turkey to open a business bank account. Turkish banks allow non-resident businesses to open accounts under their foreign-registered company name.

Step-by-Step Process to Open a Bank Account in Turkey

1️⃣ Obtain a Turkish Tax Identification Number (TIN) – This can be done at a local tax office or online.
2️⃣ Gather the Required Documents – Ensure all necessary paperwork is complete before visiting the bank.
3️⃣ Select a Suitable Bank – Some banks have more flexible policies for foreigners than others.
4️⃣ Visit the Bank in Person – While many steps can be completed remotely, the final signature process must be done in person.
5️⃣ Sign the Banking Contract – The applicant must be physically present to sign official bank documents.
6️⃣ Deposit the Initial Funds – Some banks require an initial deposit to activate the account.
7️⃣ Receive IBAN and Account Details – Once approved, the bank provides account details and online banking access.

Assistance for Russians and Iranian Nationals

We provide professional assistance for Russians and Iranians looking to open a bank account in Turkey. Whether for personal banking, business transactions, or investment purposes, we offer:

✔️ Document preparation and legal translations
✔️ Assistance with Turkish tax identification number (TIN) registration
✔️ Bank selection guidance based on your needs
✔️ In-person support during the signature process

Note: Turkish banks conduct thorough due diligence before approving accounts for foreign nationals and companies. However, in ordinary circumstances, clients do not face major difficulties.

Benefits of Opening a Bank Account in Turkey

✅ No residency requirement – Foreigners can open accounts without living in Turkey.
✅ Multi-currency options – Hold accounts in Turkish Lira (TRY), USD, EUR, and GBP.
✅ Online banking – Manage finances remotely through digital banking services.
✅ Fast transactions – International transfers and business payments made easy.
✅ Investment opportunities – Access to the Turkish financial market, stock exchange, and real estate investments.

Frequently Asked Questions (FAQs)

Can I open a bank account in Turkey without a residence permit?
✅ Yes! Foreigners do not need a residence permit to open a bank account in Turkey.

Do I need to be physically present to open the account?
✅ Yes. The final signature process must be completed in person.

Can a foreign company open a bank account in Turkey?
✅ Yes. A foreign business does not need to establish a Turkish company to have a Turkish bank account.

How long does it take to open a bank account?
⌛ Usually one business day if all documents are ready.

What are the best banks in Turkey for foreigners?
Some banks with good services for foreigners include Garanti BBVA, İş Bankası, Yapı Kredi, Ziraat Bankası, and DenizBank.