A content writer at Monito, Melike has embraced life as a digital nomad for many years. She tries to give Turkish-speaking readers succinct, understandable explanations of her proficiency in international money transfers because she is very interested in personal finance. Jul 26, 2023 Advertiser disclosure.
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Turkey is a popular destination for both tourists and foreigners alike. It is a distinctive fusion of East and West, well-known for its colorful bazaars, centuries-old human history, and sweet treats.
However, moving to Turkey can be challenging, and since opening a bank account is necessary for daily living as well as business, it is frequently the first task for newcomers. This guide explores opening a Turkish bank account online for locals, expats, and newcomers, regardless of residence status.
Fortunately for you, compared to many other countries, opening a Turkish bank account is a simple process. Whether or not you live in Turkey, you can typically access a Turkish lira account without much difficulty. There are four main methods for opening an online bank account in Turkish, as this article explains. The method you select will mostly depend on your needs, preferences, and place of residence. These paths are as follows:
Living in Turkey or planning a long-term stay? Opening a bank account can simplify your financial life and offer numerous benefits. This guide provides a comprehensive overview of the process for foreigners including requirements steps, and helpful tips.
Key Points:
- Yes, US citizens can open bank accounts in Turkey.
- Two options exist: with and without address confirmation.
- Essential documents include a passport, tax number, proof of address, and residence permit.
- Opening an account online is possible with some banks.
- Consider alternative options like multi-currency accounts for non-residents.
Let’s dive into the details!
Can US Citizens Open a Bank Account in Turkey?
Absolutely! US citizens can open bank accounts in Turkey, especially if they hold residency. Many major banks offer dedicated expat banking services with English-speaking staff and online banking options.
Non-residents may face some challenges, but it’s still possible. For greater flexibility, think about utilizing a multi-currency account or opening a foreign currency account.
How to Open a Bank Account in Turkey: A Step-by-Step Guide
1. When selecting a bank, do your homework and evaluate the offerings, costs, and availability of English-language assistance offered by each.
2. Gather your documents:
- Valid passport
- Turkish tax number (or Foreigners Identification Number)
- Proof of address (utility bill or rental contract)
- Residence permit (if applicable)
- Completed application form
3. When you visit the bank, look for a branch where the employees speak English, or bring a friend who speaks Turkish so they can help you.
4. Complete the application: Provide your information and required documents.
5. Deposit the initial amount: The minimum deposit varies depending on the account type.
6. Receive your account details: You’ll get your account number and linked cards.
Opening an account online: A Turkish ID number or an in-person visit may be necessary for verification when opening an account online, according to certain banks.
Essential Documents for Opening a Bank Account in Turkey
- Valid passport: Your primary identification document.
- Turkish tax number (or Foreigners Identification Number): Required for most banks.
- Proof of address: A recent utility bill or rental contract in your name.
- Residence permit: If you’re a non-resident, some banks may require this.
- Completed application form: Fill out the bank’s application form accurately.
Opening a Bank Account in Turkey: Additional Tips
- Make an appointment: This ensures you’ll be assisted by an English-speaking staff member.
- Bring a Turkish-speaking friend: If your Turkish isn’t fluent, consider bringing someone to help with communication.
- Check the bank’s website: Many banks have English websites with detailed information about account opening procedures.
- Compare fees and charges: Understand the bank’s fees for account maintenance, ATM withdrawals, and international transfers.
- Consider alternative options: If you’re a non-resident, explore multi-currency accounts for greater flexibility.
Best Banks in Turkey for Foreigners
- Isbank: Large branch network, expat banking services, multi-lingual branches.
- Garanti Bankasi: Second-largest private bank, English-speaking staff, expat customer relations managers.
- Akbank: Wealth management specialists, tax advisory services for foreigners, expat card with travel rewards.
- Yapı Kredi: Expat services, large branch network, easy-to-use English website.
Remember, each bank has its own process and requirements. Contact your chosen bank for the most up-to-date information.
Opening a Bank Account in Turkey: FAQs
Q: Can I open a bank account in Turkey without a Turkish tax number?
A: Some banks allow opening accounts with a Foreigners Identification Number if you don’t have a tax number. Contact the bank directly for confirmation.
Q: Can I open a bank account in Turkey online?
A: Some banks offer online account opening, but it might require a Turkish ID number or in-person visit for verification.
Q: How much does it cost to open a bank account in Turkey?
A: Fees vary depending on the bank and account type. Check the bank’s website or contact them directly for specific information.
Q: Can I use my US bank account in Turkey?
A: You can use your US bank account in Turkey, but you’ll likely incur high fees for international transactions. Consider opening a local Turkish bank account for more convenience and lower costs.
Q: What are the benefits of opening a bank account in Turkey?
A: Benefits include easier access to local financial services, lower transaction fees, and the ability to manage your finances in Turkish lira.
Opening a bank account in Turkey is a straightforward process for foreigners with the right information and preparation. By following the steps outlined in this guide, you can easily set up an account and enjoy the benefits of local banking services. Remember to choose a bank that meets your needs and offers English-language support for a smooth experience.
Path 4: Wise Account
Wise 
For non-residents wishing to open a bank account in Turkey, we think the Wises Multi-Currency Account is the best option. Wise allows users to send and receive money like a local in Turkey and other countries, in addition to the corresponding virtual or physical Visa debit card.
Fortunately, after opening your account online, youll only be required to verify your identity through their interface. You will need to provide proof of residency in the US, Singapore, Japan, Australia, or New Zealand in lieu of proof of residency in Turkey in order to register and obtain the Visa debit card. If you want to create an account without proving that you live in the UK, Wise has the following advice, which is applicable to other countries as well: “You can then choose to send in a selfie holding your ID or supply proof of address from a standard list of documents.” This can be a great alternative if you’re still waiting to move to the UK or if bills and other documents aren’t yet registered in your name. “.
If you reside in Turkey, you can still apply; the only thing you won’t receive is the actual debit card. However, you will still receive a virtual Visa card that you can use in a similar way with Apple Pay or Google Pay.
Regardless of whether you have a physical or virtual card, once you’ve signed up for Wise, you can take advantage of the following exclusive features:
- Information about local banks in the US, the UK, New Zealand, Singapore, Romania, Canada, Hungary, Australia, and the Eurozone
- Hold, exchange, and top-up up to 56 currencies.
- A Visa debit card with multiple currencies that can be used to make free foreign exchange transactions
- You can access Wises’ reliable international money transfer service right from your account balance.
Consider the following scenario: You recently moved to Turkey from Germany and would like to spend in liras until you have your proof of residency sorted out. This will show how helpful Wise can be for foreigners living in Turkey. With the Wise Multi-Currency Account, youll be able to:
- Move money from your bank account into your Wise Turkish lira account in euros;
- Convert to liras at a low fee of around 1. 16% or €3. 88 to buy ₺10,000 with euros,.
- Use your Wise debit card to make and receive SEPA (and SWIFT) payments, as well as to set up direct debits.
Youll also have dedicated Turkish bank details to share with friends, colleagues, or even your employer. This is in the form of a Turkish IBAN, which can be used to send and receive money inside Turkey just like any other Turkish bank. The only drawback, though, is that this IBAN account cannot be used to receive foreign SWIFT payments.
- Low-cost, handy multi-currency account and card.
- No proof of residence is required in Turkey.
- Cheap money transfers to and from the Turkish lira.
- does not impose interest on any credit balances and does not provide overdraft protection.
- Incoming SWIFT payments not supported.
Path 2: Digital-Only Banks
Scott Graham on Unsplash 
Turkey is pushing the growth of its online-only banking sector at a rapid pace, taking its cues from North America and Europe. These banks are fully-fledged financial institutions offering all or most of the standard banking services; their main difference is that they offer online banking services in place of branch offices. These banks have grown quickly in the EU, especially in recent years.
The government’s intention to establish the legal framework necessary to support online-only banks in the coming years is a positive development for the Turkish banking sector. However, as of 2023, there is currently only one digital-only bank in the country:
Enpara.com is Turkeys first online-only bank. It provides low-cost banking services via the internet and mobile platforms at significantly lower costs than the traditional deposit banks we explored above.
Like traditional banks, Enpara. com offers its users fee-free debit cards, low-cost local and international bank transfers, savings accounts, gold current accounts, and term accounts (in Turkish lira, US dollar, or euros).