Turkey Business Guide

Open a bank account

1. Open an account

Open a personal account
It is relatively convenient for foreigners to open personal accounts in Türkiye, and they can directly go to the bank to open them. The required materials mainly include: (1) passport; (2) Proof of residential address in the land; (3) Personal tax identification number (temporary tax identification number can be applied for at the local tax department). Some banks will require to provide other auxiliary information, such as Türkiye's local mobile phone number, water and electricity bills in the last three months (the bills should show the applicant's name and home address), etc.

Open a company account
The application for opening an account must be handled by the company's legal representative or authorized representative, and the company has a corporate tax identification number in Türkiye. The required application materials for opening an account vary among different banks, but generally require companies to provide their articles of association, registration information with the Chamber of Commerce and Industry, company establishment documents, business documents, relevant permits or licenses, etc. The above documents must be certified by a notary public before submission.

2 Other related matters
Most banks in Türkiye are open from 8:00 a.m. to 12:00 a.m. and from 1:30 p.m. to 5:00 p.m. from Monday to Friday. They are closed on Saturdays and Sundays. A few banks offer partial services on Saturdays (excluding public holidays). Daily deposits, withdrawals, and transfers can be made through ATM. In Türkiye, credit cards are widely used. But the bank will evaluate the applicant's credit conditions based on their payment habits, provided materials, financial history, etc. If they do not meet the credit requirements, the bank may reject the credit card application.

3 Special Tips
Opening a bank account in Turkey does not require any account opening fees. Account holders can withdraw deposits from their accounts at any time, but if the withdrawal amount exceeds 50000 lira, an appointment must be made one day in advance. It is generally recommended to open two accounts, one is a consumption account, which is used for fund transfers, electronic transactions, issuing checks, etc; The second is a deposit account, used for making regular payments.