How to Open a Bank Account in Turkey as a Foreigner in 2025

Turkey remains one of the most popular countries for relocation and real estate purchase.

The main reasons are a comfortable climate, developed infrastructure, affordable housing, and a stable financial system. The country offers favorable conditions not only for living and leisure but also for doing business and investment, including in construction and property purchase.Turkey's banking system is open to both citizens and foreigners. Financial institutions offer a wide range of services, including for clients without citizenship or a residence permit, which is especially important for those who are only planning to move, already own property in the country, or regularly visit Turkey.In this article, we have compiled up-to-date information on how a foreigner can open a bank account in Turkey in 2025, what documents are required for this, and what to pay attention to when choosing a financial institution.

Why does a foreigner need a bank account in Turkey?

Legality of financial transactions: When purchasing real estate in Turkey, a foreigner is required to transfer funds through a Turkish bank and obtain an official currency exchange certificate for registering the transaction. Such a non-cash payment confirms the source of funds and increases the transparency of the transaction. The same applies to income from renting out property: if payments are received to a Turkish bank account, this simplifies tax accounting and demonstrates the legality of income.

Possibility of obtaining a mortgage: Having a local account increases the chances of receiving a mortgage loan from a Turkish bank, although as of 2025, issuance of mortgages to foreigners has been temporarily suspended pending legislative changes. In the future, when lending resumes, a bank account in Turkey will become a basic requirement for obtaining a mortgage and repaying the loan.

Payment of utilities and taxes: For property owners in Turkey, having a bank account significantly simplifies the fulfillment of regular obligations. Through internet banking, you can quickly pay bills for electricity, water, gas, aidat (complex maintenance fee), and other services without leaving home. Turkish banks usually do not charge fees for such payments, allow you to set up automatic payments for new bills, and even send SMS notifications if the account balance is insufficient. Paying property taxes is also more convenient: twice a year the tax can be paid through the bank (at a branch, ATM, or online) using payment details obtained from the municipality, instead of making a personal visit.

Obtaining a residence permit (RP): A bank statement is often required - migration authorities require confirmation of funds for living expenses. If you have an open account with a sufficient balance, you can easily obtain such a statement and thereby fulfill one of the requirements when applying for a residence permit. An account may also be needed to pay state fees, obtain health insurance, or connect electricity/water in your name.

Everyday convenience: Along with opening an account, you receive a bank card from international payment systems (Visa/Mastercard), which is accepted in stores, restaurants, online services, and apps throughout Turkey. Such a card also gives access to digital platforms and online payments: with it, it's convenient to book hotels and flights, subscribe to services, rent a car, and use other online services.

Convenient internet banking: Turkish banks offer service in English, multi-currency accounts (in lira, dollars, euros) with no minimum balance requirements and low maintenance fees. This means that a foreign client can store funds in different currencies, freely convert them when needed, and use all services - from instant QR code transfers to bill payments - with minimal costs.

Types of bank accounts in Turkey

There are several types of bank accounts in Turkey available to both residents and foreigners:

1. Current account (Mevduat Hesabı)This is a universal account with no expiration date. Suitable for storing funds, transfers, paying for goods and services, including rent, tax payments, and medical expenses. Can be used in lira or foreign currency. Available at most banks for foreigners.

2. Fixed-term deposit account (Vadeli Hesap)Interest is accrued on it over a fixed period (usually 1, 3, 6, or 12 months). Income depends on the amount and term. The deposit can be opened in lira, euros, or dollars. Available with a residence permit or a large deposit.

3. Gold account (Altın Hesabı)An account denominated in grams of gold. Allows you to buy, store, and sell gold without physical delivery. Transactions are done through online banking or a branch. This is an investment product that is not subject to lira inflation.

Banks also offer savings, interest-bearing, and insurance accounts, but these are more often aimed at residents.

Which bank to choose to open an account in Turkey as a foreigner

The question of choosing a bank remains key when opening an account. Despite the general tightening of conditions in the banking sector, foreigners can still access financial services, but only in certain institutions and subject to additional requirements.

Comparison of conditions for opening an account in Turkish banks

What is required to open an account with a residence permit?

• Passport (sometimes with notarized translation)
• Tax number (Vergi Numarası)
• Proof of address (a rental contract is sufficient, but some banks require confirmation)
• Turkish phone number registered in your name (SIM card)

What is required to open an account without a residence permit?

• Passport
• Residence permit card
• Tax number
• Proof of registration in Turkey (Yerleşim yeri belgesi)
• Local phone number
• If required - a utility bill

In some cases, they may additionally request:

• Notarized translation of your original passport
• Photos
• Insurance
• Rental agreement
• Explanation of the purpose for opening the account (property purchase, receiving income, residence permit, etc.)

How does the account opening process work?

The first step is obtaining a Turkish tax number (Vergi Numarası). Without it, opening any bank account is impossible. You can apply for it either online via the tax office website or in person at a tax office.

The next step is visiting a bank branch. You must bring the required documents. Some banks may also ask for your original passport with residence registration and, in some cases, a notarized translation into Turkish.

To activate your card and use online banking, a Turkish phone number is required - it is used for login and transaction confirmation via SMS.

Once all documents are submitted, the bank manager may approve the account immediately or after an internal review. In many branches, the account opening fee is charged at the time of application. Then a plastic card is issued - delivery takes from 5 to 14 business days, depending on the bank and region.

Luxury Estate Turkey, a licensed real estate agency, offers a full range of services for buying property in Turkey. We assist clients at every stage of the transaction: from selecting a property and organizing a viewing tour to transferring ownership and providing after-sales support. Our specialists will also help you collect all necessary documents and open a bank account. With us, purchasing property in Turkey is convenient and secure.