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What Types of Bank Accounts in Turkey and Steps to Open An Account?

image1If you are planning to stay for an extended period of time or to live in Turkey whether you are a student or an expat, it will become a necessity for you to open an account in Turkish banks. Opening a bank account in Turkey will facilitate your almost every financial need and it is an actually very easy task to accomplish.

Types of Different Bank Accounts

Current Account

A current account is a non-term account that you can withdraw or deposit money any time you like. You can use the current bank account to transfer your money freely to your and other people’s accounts, repayment of loans, various other payments including fees, bills, rent, and to transfer foreign currency transactions and many more. 

Participatory Account 

Participatory accounts are used to avoid interest gains and direct collected money as capital in financial trade and various services. These accounts’ main goal is to use principles of interest-free İslamic banking. Gained money is disbursed at the end of the agreed term instead of weekly or monthly payments. 

Current Gold Accountimage2 

A current gold account is mostly about saving money with gold and is also an indefinite account. Thanks to a current gold account you can sell or buy gold at any time you like or issue gold checks and convert gold to cash.

Other than these most used forms of bank accounts, you can also open any other types of bank accounts in Turkey including savings account, interest account, insurance account, and etc. 

What Documents Do You Need to Open a Bank Account?

Banks in Turkey have slightly different procedures regarding opening a bank account as a non-Turkish citizen but documents are usually the same. 

  • A valid passport that has a foreign ID number.
  • Tax identification number. You can obtain this number free by visiting a Finance and Tax Office near you.
  • Proof of address. It can be a utility bill, residence permit, or valid rental contract.

After you have these necessary documents you can open various types of bank accounts in Turkey. You can also check bank websites that operate in Turkey to have more detailed information about the process of opening a bank account. They are available in many languages. It is also possible for you to open a bank account in Turkey without personally being in Turkey via the internet but some banks may ask a registered local phone number.