After moving to Turkey for permanent residence, foreigners often face the issue of opening an account in one of the local banks. However, this procedure has its own subtleties, which we will deal with today.
What are the advantages of having a personal account in a Turkish bank?
Opening an account with a local bank undoubtedly has its advantages, namely:
- Developed banking system with both public and private Turkish banks and foreign
- Transparency in the provision of banking services to foreigners
- Quality and service
- Diversity in the provision of financial services
- Availability in servicing foreign companies, including
How to choose a bank?
In order to choose the most suitable bank, you need to decide on the desired parameters, such as the currency of the future account - national or foreign, the opening of an account for an individual or a company, the desired financial services provided by the bank.
The best recommended banks for opening an account:
- Türkiye Cumhuriyeti Ziraat Bankası A.Ş.
- Türkiye Vakıflar Bankası T.A.O.
- Türkiye İş Bankası A.Ş.
- Denizbank A.Ş.
- Türkiye Garanti Bankası A.Ş.
- Türkiye Halk Bankası A.Ş.
- Yapi ve Kredi BankasI A.Ş.
- Akbank T.A.Ş.
- QNB Finansbank A.Ş.
The choice of a bank should also be accompanied by a study of fees for withdrawals, transfers of funds, currency conversion at an ATM.
Types of accounts to open:
- Current account or Mevduat Hesabi. This is a perpetual account for performing banking operations for withdrawals, transfers of funds, payment of bills, housing, various goods and services.
- Term deposit account or Vadeli Hesap. This is an account on which interest is accrued on deposits in any of the currencies - both local and foreign.
- Gold account or Altin Hesabi. This is an account for holding funds in precious metals.
How to open a Turkish bank account
- Preparation of a basic package of documents (passport, lease agreement confirming the place of residence in Turkey)
- Provision of an ikamet card showing that you have a residence permit in Turkey
- Provision of a Turkish tax number
Thus, the procedure for opening an account with the National Bank of Turkey is quite transparent and uncomplicated, subject to all the necessary nuances.