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January 24, 2022

Guide “How to Open a Bank Account in Turkey”

Our Guide on “How to Open a Bank Account in Turkey” will make applicant’s life easier, but legal rules maybe a little complicated – a couple of unique features of the banking system of this country. It is necessary to have information on Turkey law and rules of a specific financial institution. This information is important for any person, who would like to get a citizenship by investment without problems with a local law. First thing that should be highlighted – the operation of the banking system.

Banking System in Turkey

All financial transactions are possible for overseas citizens, who are acknowledged about different types of Bank Accounts. They include:

  •     A current account;
  •     Credit card account;
  •     Gold savings account;
  •     Participatory account!

Depending on what kind of account was opened, the ability to deposit and withdraw money can be limited due to the banking system policy in Turkey. To open an account in this country, applicant need a residence permit. All financial institutions of this region work under this condition. It is necessary to get all documents that would help to obtain a residence permit and then work around the banking system in Turkey.

Most relatable local and international banks in Turkey

Before making any kind of investments in this country with either fiat money or cryptocurrency, it is important to know about the most popular and respected banks in Turkey. They include such financial institutions, like:

  •     Ziraat Bank;
  •     Akbank;
  •     Garanti;
  •     Vakifbank;
  •     Halkbank;
  •     Yapi Kredi;
  •     Isbank!

These 7 banks have been on the market for decades and even centuries in some cases. There are good enough reasons to trust these banks – good history of business lending, long history of existence, a large number of contributors, good stocks of foreign currencies.

How to open a bank account in Turkey

For any foreigner, who is interested in investments, it is important to understand the basics about opening a bank account in Turkey. First of all, such a person needs to gather all the necessary documents, including:

  •     The passport;
  •     Individual tax number code;
  •     A recent utility bill from the home country or Turkey!

Depending on a specific institution, there can be some additional requirements for foreigners. It is recommended to check them via the official website of a bank by choosing a specific city or region of the country.

List of banking services are provided in Turkey

Before getting Turkey citizenship, it is important to get more information on everything related to local banking services. They all depend on what type of account a person has opened. For a current account, it is possible to transfer money, checkbook transactions, make direct debit payments, pay taxes or bills, exchange currencies, buy gold or silver, make trade orders. It is, unfortunately, cannot be used for online shopping.

In the case of a credit card account, a person can use it for online payments without any limitations. A minimum of 1000 TL is required to open a credit account in any Turkish bank.

For Turkey citizenship by investment, a person should open a participatory account. It helps to work with making money through interest operations and real estate payments. With the help of a participatory account, it should not be a problem to buy property in Turkey. For gold savings, there is a separate account dedicated to such services. It is possible to use it in order to save money from deflation of a local currency. The gold can be bought at any moment with a minimum limit of 0.01 grams per transaction.

How to transfer funds & Fees

The question that bothers many people, who would like to invest in Turkey is how to transfer funds and what fees should be paid in the process. First of all, there are no limits in terms of the amount of money that can be brought into this country. But it is important to say there is a limit of money that can be taken out of the country – 5000 USD.

To transfer money from a hometown bank account to the one presented by Turkey bank, it is recommended to contact customer service of a specific financial institution to get more details on any possible fees during online money transferring. Some investors withdraw their money in their home country via ATMs, before they open bank account in Turkey to exchange them for lira personally without any third-party solutions. It is important to note that such a way can be a little expensive, as not all ATMs are offering free of charge withdrawal.

Recent updates on Immigration by Investment program for Fixed Capital Investment Option

To support Lira, a government decided to update Turkish citizenship by investment program. All foreign investors will need to hold their money in the local currency, instead of dollars or euros. Also, all money received as a part of property sales to foreigners will also be converted to Lira via local banks. In 2022, investors should own real estate with a minimum price of at least 250,000 USD in order to get citizenship.

LONDON BASED SOLUTIONS ADVISERS – Turkey Citizenship by Investment 

Full Support with our Immigration Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

  • Property virtual tours, 3-D tours, and in-person tours are available.
  • Due diligence checks and additional property checks are completed by our experts.
  • Residency & Citizenship document preparation and submission.
  • Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow.