According to the data of the Banks Association of Turkey (TBB), there are 48 banks in Turkey as of October 18, 2020. 23 of them are local and the remaining 25 banks are foreign-capital owned.
Bank accounts for foreigners in Turkey. How to open a bank account for foreigner in Turkey? What papers are needed?
Foreigners can open a bank account easily in Turkey if the foreigner has a residency (ikamet) and registered physical address. foreigners can also open a bank account if they are going open company, invest or buy a property with their passport and foreign registered address.
Document required for foreigners with Residency (ikamet) to open a bank account
- Kimlik (Turkish residency ID)
- Tax Number
- Registered physical / postal address or electricity or water bill on your name
- original passport and some deposit money to activate the account
Document required for foreigners with passport (without Residency) to open a bank account
- Original passport ( if translated much better)
- Tax Number ( can be taken by using passport from the tax office)
- Registered foreign physical address and electricity or water bill on your name
- Real estate buying papers or new company opening papers or investing related documents
Local banks in Turkey are listed as follows:
State-owned local banks in Turkey
- Ziraat Bank Inc.
- Halkbank of Turkey Inc.
- Vakifbank of Turkey
- Fonbank Inc.
- Iller Bank Inc.
- Turk Eximbank
- Development and Investment Bank Inc.
Privately owned local banks in Turkey
- Adabank Inc.
- Akbank Inc.
- Anadolubank Inc.
- Fibabanka Inc.
- Sekerbank Inc.
- Turkish Bank Inc.
- Turk Economy Bank Inc.
- Is Bank Inc.
- Yapi Kredi Bank Inc.
- Aktif Investment Bank Inc.
- Diler Investment Bank Inc.
- Golden Global Investment Bank Inc.
- GSD Investment Bank Inc.
- Istanbul Settlement and Custody Bank Inc.
- Nurol Investment Bank Inc.
- Turkey Industrial Development Bank Inc.
Foreign-capital banks are listed as follows:
Foreign-capital funded banks in Turkey
- Alternatifbank Inc.
- Arab Turkish Bank Inc.
- Bank of China Turkey Inc.
- Burgan Bank Inc.
- Citibank Inc.
- Denizbank Inc.
- Deutsche Bank Inc.
- HSBC Bank Inc.
- ICBC Turkey Bank Inc.
- ING Bank Inc.
- MUFG Bank Turkey Inc.
- Odea Bank Inc.
- QNB Finansbank Inc.
- Rabobank Inc.
- Turkland Bank Inc.
- Garanti Bank Inc.
- BankPozitif Credit and Development Bank Inc.
- Merrill Lynch Investment Bank Inc.
- Pasha Investment Bank Inc.
- Standard Chartered Investment Bank of Turkey Inc.
Foreign banks having branches in Turkey
- Bank Mellat
- Habib Bank Limited
- Intesa Sanpaolo S.p.A.
- JPMorgan Chase Bank N.A.
- Société Générale (SA)
There are also participation banks (interest-free banking/Islamic banking) in Turkey:
State-owned participation banks (interest-free banks/Islamic banks) in Turkey
- Turkey Emlak Participation Bank Inc.
- Ziraat Participation Bank Inc.
- Vakif Participation Bank Inc.
Privately owned participation banks (interest-free banks/Islamic banks) in Turkey
- Turkey Finance Participation Bank Inc.
Foreign-capital funded participation banks (interest-free banks/Islamic banks) in Turkey
- Albaraka Türk Participation Bank Inc.
- Kuwait Turk Participation Bank Inc.
written by Melisa Karayusufoglu / image: aksam.com