Turkey has been one of the favorite destinations for investment and real estate purchases among foreign buyers and investors in the last two decades. When purchasing a house and making an investment, the initial action for foreigners is to open a bank account in Turkey, to transfer their money from their countries to Turkey in a secure way. Opening a bank account in Turkey is an easy and short-winded operation. The key challenge that foreigners could face in this process is language shortage. Our agents who speak your language will help you to open your bank account, as at any phase of purchasing a real estate with Istanbul Homes.

Required documents to open a bank account in Turkey are as follows;

-Your passport (most banks request a notary-approved passport translation),
-Tax ID number,
-Proof of your address. The address can be checked by your residence permit (İkamet Tezkeresi) or utility bill with your name and home address.

Having a bank account in Turkey has a range of advantages. Some of those are as follows;

• Whenever you need it you can move your money from your country to your account in Turkey.
• Auto payment requests can be made for your utility bills.
• You don't have to pay with cash, you can make payments using your debit card.
• When you invest in Turkish Lira, Turkish banks pay high interest on your investments.

It's crucial to have a good relationship with your bank. We suggest that our clients work with only one bank so they can develop a good relationship with their bank. The more transactions you make through a bank, the sooner the bank will be aware of you, and the more welcome you will be.

FAQ

Q: Is there any difference in security between state banks and private banks?
A: No. Both banks are under the guarantee of the state.

Q: What information do I need to transfer money to Turkey from abroad?
A: The information needed for the money transfer to Turkey is as follows;

Receiver’s full name,
Receiver’s full address,
Bank & branch name,
Receiver bank address,
Receiver's IBAN.

Q: Can I withdraw my money from my Turkish account the same day it drops in?
A: Yes, for any period, your money doesn't have to remain in the bank. However, the day before you want to withdraw your cash for sums above 50,000 TL, you must notify the bank.

Q: How long does it take in Turkey to open a bank account?
A: When you go to the bank with the required documents, it takes less than one hour to open a bank account.

Q: Is there a cost of opening a Turkish bank account?
 A: NO! Banks do not charge you for opening a bank account.

Q: Which documents do you need to open a bank account?
A: The documents needed to open a bank account are; your passport, your Turkish tax ID number, and address proof document (a utility bill or residence permit).

Q: What banks can I open a bank account in Turkey?
A: You can open a bank account at any Turkish bank.

Q: Do Turkish banks have mobile apps?
A: Yes, all banks have their mobile apps, besides they serve in English.

Q: What's the SWIFT code?
A: SWIFT is an abbreviation of the Financial Telecommunication Society for Worldwide Interbank. Each bank has a special Swift Code of its own. Hence, each swift code is a unique ID for registering a bank account. A SWIFT number is adequate to identify the receiver's bank account at the international level if you move money abroad.

Q: What is the IBAN?
A: The IBAN is a combination of the recipient's swift code and bank account number. For every money transfer, you need an IBAN number.

Q: What currencies am I allowed to have in my bank account?
A: In Turkey, you can open a bank account in all currencies.

Turkish Banks