Opening a bank account in Turkey has become one of the essential life needs, in order to benefit from many services that banks is offering in Turkey, foreigners residing in Turkey are quick to open a bank account through visiting of the bank branches, or open a bank account on the internet, in line with the qualitative leaps witnessed by the banking sector in Turkey through the recent years and the entrance of the Turkish Economy to more effective sectors, and a strong investment motivation not only in the Middle east but in the whole world.
What is The Importance of Opening a Bank Account in Turkey:
The importance of opening a bank account lies in the following:
1. Paying daily expenses like purchases, instalments, house or office rent or shops.
2. The ability to shop on most of the small and big Turkish retailers through the bank card.
3. The ability to pay different bills like: water, electricity, gas and internet through the bank card.
4. The ease of transferring money inside and outside of Turkey.
5. Internet purchases and ordering many products like: clothes, food meals, electronic devices, home appliances and others.
Credit Card:
This card is issued by financial institutions like: banks after opening a bank account in Turkey, it offers its holder the ability to withdraw the money they already deposited in the bank, this card can be used in depositing, withdrawal, purchases in instalments, and obtain short-term financing.
Obtaining this card is an essential part of the account opening process for the following reasons:
1. Guaranteeing the personal rights to its holders Such as ensuring the financial ability of the credit card holder.
2. Theft protection, or money loss protection through depositing the funds to the card instead of carrying it in the wallet.
3. The ability to check the account balance through the card itself.
4. The ability to use the card in restaurants and shopping malls which increases the sells volume.
Types of Bank Accounts in Turkey:
1. Current Account:
It is an indefinite term account, the feature of this account that the client can deposit and withdraw the funds at any time without any interest, and the client through the current account can execute many bank transactions like: paying credits, transferring money, paying bills and taxes, paying social security instalments, and exchanging foreign currencies, and the bank cannot use the client’s funds.
2. Participation Account:
It is an account that allows the distribution of returns within the principle of profit and loss partnership between the account holder and the bank that operates through the participatory system, and the funds from participation accounts are used in banking and Islamic services that operate on a non-interest system, and the most important point in the participatory account is that a percentage is not specified at the beginning, but it is determined At the end of the term, and the customer is not entitled to withdraw the money until the end of the contract period.
3. Current Gold Account:
It is an indefinite term account that allows saving and investing in gold, this gold account is used for saving in addition to purchasing and selling gold at any time and at the current gold rates, one of the banks that offers gold purchase and sell transactions is kuveyt türk, with the ability to withdraw the gold in grams from some branches that offers this type of accounts.
What are the Required Documents to Open a Bank Account in Turkey?
1. Residency number in Turkey.
2.Tax number which can be extracted from the closest tax department.
3.Passport..
4. Address statement, a residence document is preferred.
What are the Steps to Open a Bank Account in Turkey?
1. Heading to any bank you choose in Turkey that allows opening an account to foreign residents.
2. Choosing the type of the account and the currency in Turkish Lira, US Dollar, or Euro.
3. Providing the documents mentioned above to the bank employee.
4. Th Turkish law allows opening a bank account to non-residents, but some banks require a Turkish phone number.
What are the Best Banks to Open an Account in Turkey?
1. Ziraat Bank:
One of the oldest banks in Turkey and one of the most important government banks, featuring many services on the internet like: paying bills, paying fees and rents through the bank’s application on mobile phones easily.
2. Akbank:
Established in 1948 and considered among the banks that offers banking services for individuals, projects, and small and big establishments.
3. Finans Bank:
Established in 1987, considered among the best banks to transfer in Turkey, it is the first bank to offer installment cards in the banking services sector, it ranks fifth among Turkish private banks.
4. Vakif Bank:
Establisehd in 1957, it is a government bank, offering its first class services to commercial establishments in addition to individuals.
5. İş Bank
It is the first bank in Turkey, established in 1924 and ranked among the best 100 banks in the world, it has 1183 branches around Turkey and it features low interest loans.
6. Albaraka Bank:
Established in 1984 in Istanbul, it is an Islamic bank and it offers investment services to foreigners and locals easily.
Turkish Banks that Allows Opening a Bank Account for Syrians in Turkey:
1. Ziraat Bank.
2. PTT Bank.
3. Kuveyt Turk Bank.
4. Vakif Bank.
