Opening a Bank Account for Foreigners

Persons who are not citizens of the Republic of Turkey, regardless of their status or origin, are considered foreigners. In this regard, they are subject to the regulations for foreign citizens. Opening a bank account for foreigners is a challenging task in many ways. Many foreigners are asking how to open a bank account if they want to study, live, invest in business, buy real estate, send money to their family in Turkey, etc. in Turkey.

In our article, we will discuss how foreigners open bank accounts, what are the conditions for foreigners to open bank accounts, what documents and application procedures are required, what are the procedures for foreign companies to open bank accounts and what is opening a bank The Necessity contains information on obtaining Turkish citizenship by investment and some banking practices, as well as other important details on the subject. We recommend that you read the article carefully to understand the process properly.

Important! : In practice, each bank requires additional documentation which we will discuss later. Also, in the form of a letter request a company profile and history, previous activities and reasons for opening an account, especially when opening a bank account with a foreign company. To do this, when we apply, we first meet with the bank, set up additional documents, get the bank's approval to open an account, and then invite our client to sign.

How do foreigners open bank accounts? Application and Required Documents

There are two differences in the question of opening a bank account for foreigners. There is a difference between opening a bank account for a foreign individual and opening a bank account for a foreign company. First, we'll discuss how real people open bank accounts. When banks open accounts for foreigners, they require some information and documents. Foreigners who want to open a bank account must first prepare themselves. Therefore, foreigners who want to open a bank account must make the following transactions:

First, the foreigner concerned needs a registered address. Without this, it is difficult for foreigners to open a bank account.
Then the foreigner in question needs a possible tax number, which is applied for with his passport at the tax office.
In addition to address and tax ID, a passport is also an essential element. Foreigners wishing to open a bank account must carry their passports with them during the process.
In fact, some banks may also require a phone number obtained in Turkey or an invoice on behalf of the foreigner. If such an application is to be submitted to the bank, a number must be obtained this way.

If a foreigner opens a bank account in Turkey, he/she can access it anytime and has cheaper options for sending money. With this bank account card, foreigners can shop in Türkiye. This card can also be used for online shopping. However, opening a bank account does not mean that credit cards can also be used. Because in Turkey, owning a credit card is more strictly restricted than owning a bank account.

Bank application and differences for foreigner account opening

The procedures and conditions mentioned are the minimum requirements to be achieved in practice. The Bank may, at its sole discretion, impose additional terms and conditions. Many banks do not want to open bank accounts for companies and individuals with international problems. Participating banks may also differ from regular banks due to differences between banks when opening a bank account.

Also, it is important to note that opening bank accounts is very difficult for citizens and companies in countries such as Iran and Afghanistan. The reason given was that the bank does not open accounts that could finance international terrorism or break the US embargo.

How long does it take for a foreigner to open a bank account?

The time for foreigners to open a bank account is basically only a few hours in the bank. However, it may take some time for the above requirements to be met. In particular, the process of applying to a bank, getting pre-approved and completing additional documents and providing a residential address can be a bit complicated and in some cases take longer. One of the main factors affecting the deadline for foreigners to open a bank account is undoubtedly the legal assistance of an experienced foreign lawyer. Immigration lawyers provide timely positive results by following the process quickly and efficiently.

Opening a bank account to obtain Turkish citizenship by investment

Obtaining Turkish citizenship by investment is a topic of general interest to foreigners. In particular, the conditions for obtaining Turkish citizenship by investment have been significantly relaxed starting in 2018. As a result, there has been an increase in interest in obtaining Turkish citizenship by investment. Obtaining Turkish citizenship by investment is outside the scope of this article. In general, however, some investments confer citizenship on foreigners. These capital investments are also made through Turkish banks. Therefore, foreigners who want to become Turkish citizens by investment must open a bank account. Therefore, follow the Turkish citizenship pre-investment procedure and bank account opening procedure mentioned in this article.