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How to open a bank account in Turkey in 2024?

Turkish bank account is an absolute necessity for companies engaged in international trade in 2024. Turkish banks are renowned for their speed, relative ease of opening an account, and the fact that they do not restrict the nationality of the beneficiary of a corporate account. Opening a bank account as a non-resident in Turkey is possible both remotely and in the personal presence of the director of the company.

Why do Turkish bank accounts attract foreign company owners?

  • It takes 5-7 days to open a company account in Turkey (including the KYC procedure).
  • It is possible to open a multi-currency bank account in Turkey (USD, EUR, TL etc.) for fast and unhindered transactions with Europe, USA, Asia and other countries.
  • After opening a corporate account you can open a personal account in Turkey.
  • Turkish banks have low fees for bank transfers and adequate cost of banking services. In addition, you can make most transactions on your own via Internet banking or mobile banking.

Documents needed to open a bank account in Turkey

  1. Constituent documents of your company (this is a certificate of state registration, charter, etc.).
  2. When opening an account remotely – notarised power of attorney with translation into Turkish and apostille.
  3. Individual tax number (vergi numarası) – we help you to obtain it even if you do not have Turkish residence permit or citizenship.

Can I open a bank account as a foreign?

In general, there is no formal restriction on opening an account for offshore companies in the Turkish banking system, but in practice many Turkish banks do not work with companies registered in other countries.

We cooperate not only with state-owned banks, but also with private banks that open bank accounts in Turkey for offshore companies without hindrance, so we can offer you an individual option to open a corporate account in Turkey for your company.

Do I need a Turkish director to open an account?

No, it is not obligatory. But let us not hide that a nominee Turkish director significantly simplifies and speeds up the account opening procedure. In some state banks, a resident director is a mandatory condition for opening a corporate account.

How to work without being blocked?

Opening an account in Turkey is just the first step to smooth transactions with your partners. In order not to get your corporate bank account in Turkey blocked, a number of conditions must be observed:

  1. If your company has several different activities, it is recommended to open several accounts to avoid unnecessary questions and checks.
  2. Do not transfer or convert money into another currency immediately after it is credited to the account: you should let it "settle" for a few days.
  3. Carefully fill in all documents required by bank managers and provide accurate information.
  4. Do not bring the account balance to 0: it may seem suspicious.
  5. It is desirable that your company has its own website and official e-mail – especially if you plan to make large transactions.
  6. Every bank transfer should be accompanied by documents confirming the basis for the payment (contract, invoice, etc.).

By the way, TURK ADVISER assists not only with opening bank accounts, but also with further banking services. Please contact us, we will be glad to help you in developing your business in Turkey!