Opening an Account in Turkey
The Central Bank of Turkey has issued circulars to a number of Turkish banks for opening accounts for foreign individuals in Turkey. All individuals who are not Turkish citizens, regardless of their nationality, are recognized as foreign individuals (yabancı) in Turkey and are subject to the legal regulations for foreign nationals in Turkey. However, for Iranian individuals, due to issues such as sanctions and Iran being on the FATF blacklist for money laundering, Turkish banks may have some strictness regarding account opening for Iranians. But on the other hand, some banks have provided the possibility of opening dollar accounts for Iranians in Turkey without requiring residency. This action by some banks is aimed at facilitating the financial and commercial activities of Iranian individuals in Turkey and has allowed Iranians to have formal and transparent dollar accounts in Turkish banks. This issue is generally considered an important option for Iranians who are active or residing in Turkey to manage their finances and conduct international transactions.
Having a bank account in Turkey can be your first step to entering the free world and international trade. Opening an international account in Turkey is of great importance because this type of account allows you to:
1. Have transparent and international financial exchanges: With an international account, you can conduct your financial affairs transparently and internationally. This includes payments, receipts, fund transfers, and exchange of different currencies.
2. Purchase main goods: By having an international account, you can easily purchase main and cheaper goods from other countries and send them to all parts of the world.
3. Transfer different currencies: An international account allows you to transfer different currencies such as dollars, euros, pounds, etc., to different parts of the world. This is crucial in international trade and foreign investments.
4. Use standard banking services: With an international account, you can benefit from all standard banking services such as paying bills, transferring funds, receiving bank cards, obtaining financial statements, etc.
Also, other services and cards provided by banks for international accounts will not differ much from regular accounts, with the difference that they have more currency exchange capabilities and international facilities. Finally, an international account allows you to manage your financial affairs in a transparent and secure manner and engage in international commercial and investment activities.
Best Banks in Turkey for Iranians
Due to international sanctions, Iranians do not have free access to commercial accounts and may not be able to open accounts in every bank in the world. This limitation can make daily life difficult for Iranians. However, opening an international account in Turkey can be a suitable option to connect to the outside world. Turkey, as a progressive country and a close neighbor to Iran, is a good option for Iranians seeking a free life.
Some Turkish banks have made it possible for Iranians to open currency and international accounts in Turkey by obtaining a Turkish tax ID and preparing the necessary documents. Ziraat Bank, İş Bank, VakıfBank, and Aral Gam Bank (Note: “Aral Gam Bank” name appears as in the source text) are among the banks that have facilitated this process for non-resident Iranians. However, opening an international account in Turkey requires more steps and attention to detail. If you wish to experience having an international account and make free payments in dollars and lira, you can take the necessary steps by visiting the mentioned banks and consulting with financial experts.
Required documents for opening an account at Ziraat Bank of Turkey include:
1. Turkish Tax ID or (TNN): You can obtain this code in Turkey or get help from Atlloo experts to obtain it.
2. Passport: You need to have your passport, and its translation and authentication will be done by the Atlloo team.
3. Power of Attorney: By drafting a notarized power of attorney and sending it to the Atlloo office, the translation and authentication stages will be done by our team.
4. SIM card: You can use SIM cards from Turkey or other foreign SIM cards, provided you can receive Ziraat Bank’s SMS messages.
5. Deposit amount: Equivalent to 22,000 Lira or 1,000 Euros. Atlloo obtains a two-week grace period from the bank for its customers to deposit money, but note that withdrawing this amount from the account is not allowed for about 3 to 4 months.
Cost of opening an account in Turkey:
– Debit card: Pay 3,000 Lira after opening the account and receiving the debit card {1,000 Lira opening fee + receive the card immediately}
– Credit card: Pay 5,000 Lira if you need to get a credit card {11,000 Lira must be blocked + receive the card after one week}
⚠️ Important Note: For your peace of mind, you will pay the fee after opening the account, either in cash or through your own opened Turkish bank account.
Also, if you wish, you can ask our representative on the day of account opening to have your name printed on the debit card. We usually recommend that you use your card for 2-3 days and then request a named card. It takes 1 to 3 days to receive a card with your name, and this service is free of charge.
Be sure to note that opening an account without residency in Turkey is not an illegal act. This is done through legal procedures by us and is completely different from many similar services that are scams or illegal actions. The payment terms after opening the account are in place to assure you of the legality and non-fraudulence of this process for you.
Important tips for opening an account in Turkey:
1 – The possibility of misuse in the power of attorney process (non-in-person) for account opening is not applicable to our case, and your personal presence in Turkey for one day is mandatory.
2 – Your account will be opened at Ziraat Bank of Turkey.
3- It is possible to hold money in Lira, Euro, and Pound in your account.
4- Your account receives an annual interest rate of 18% for Lira and 5% for Euros and Pounds.
5- Your mobile banking will be activated at the branch after opening the account.
6 – You can use your account at all ATMs in Turkey and POS machines.
7 – We can guide you on purchasing a Turkish mobile line.
8 – It is possible to use your account in other countries where Ziraat Bank has branches.
9 – Documents such as Turkish tax ID and a valid address confirmed by us and the bank have been resolved.
10- You do not need to speak Turkish or English; our representative will be with you, and all communication will be done through them.
11- Ziraat Bank is a reputable international bank, and its branches are located in many countries.
12 – The closure of Iranians’ accounts in Turkey only occurs if their Turkish account is used illegally.
Also, after opening the account, we provide you with complete guidance and necessary assistance to benefit from your banking services.
Conditions for obtaining a credit card in Turkey:
Upon initial account opening in Turkey, the card you receive is a debit card, which you can personalize with your name. However, if you wish to obtain a credit card, you must block an amount of 11,000 Lira in your account and receive a credit limit of 10,000 Lira in return on your credit card. To use this card, you must settle your credit account from your bank account through mobile banking each month. Also, whenever you feel you do not need a credit account, you can unblock your amount and close your credit account. These conditions are in place for your convenience and assurance when using a credit card in Turkey.
Difference between credit card and debit card:
A debit card is directly linked to your bank account and uses the amount available in your bank account, while a credit card uses a credit limit assigned to you and usually does not require blocking money in advance. In other words, a debit card draws from your direct account balance, while a credit card uses the credit granted to you by the bank. When physically using cards in other countries, credit cards are mostly used, which allows you to use the credit you have available for foreign travel. These documents are completely arranged and processed for you by the Atlloo team to enable you to open an account at Ziraat Bank of Turkey.
Issuing physical Visa and Mastercard
By opening a bank account in Turkey, you can receive a Visa or Mastercard on the same day. This card is international and can be used at all Visa and Mastercard accepting points worldwide. It should be noted that these cards are issued without a PIN and initial settings upon delivery, and you must visit the branch to activate them. You can also request to extend the validity of your card from 4 years to 8 years at the branch. Issuing Mastercard and Visa cards in Turkey takes approximately 10 days, but with coordination with the bank, for customers opening an international account, the card is issued and delivered on the same day.
A important point to consider is that these are debit cards, and credit cards are usually issued about a week after opening the account.
Standard Card: Usually has an annual fee, and some also have international transaction fees. A Standard card is typically available if a credit card is needed, but financial conditions and fees must be considered.
Gold Card: Offers the most features and facilities and usually has lower international transaction fees. A Gold card provides customers with more facilities than a Standard card and is suitable for individuals who need more features.
Platinum Card: Offers special features such as free travel, special insurance, and VIP services and usually has lower fees. A Platinum card is suitable for individuals who need special services and VIP facilities and usually has lower fees compared to Standard and Gold cards.
Note: To obtain a credit card, foreign individuals (non-Turkish) need to open an international account and deposit funds for a specified period before they can receive a credit card. However, in cooperation with Turkey Helper (Note: “Turkey Helper” is the name in the source text), customers can obtain a Platinum credit card from Ziraat Bank at the time of opening an international account. By opening a bank account in Turkey, you are able to make international purchases through your debit and credit cards. There are no specific limitations on purchases, unless the specific merchant applies specific rules. For online purchases, you can also use your debit card, but this depends on the merchant’s payment gateway, and experience shows that most accept debit cards, and some gateways only accept debit cards and not credit cards.
We guarantee that:
- You will open your international bank account quickly and without any worries.
- All your questions will be answered by our representative, from the beginning to the end of the account opening process.
- We can transfer money from Iran to your bank account in Turkey. It is possible to receive Rials and cryptocurrency in Iran and transfer Lira to your account or pay you cash in other currencies in Istanbul.
Opening a Bank Account in Turkey as a Natural Person:
A foreign natural person who has a work permit or residency in Turkey, with a valid foreign national identification number, can open a bank account without visiting the bank and without any limitations. Also, individuals who do not have work or residency in Turkey can also open a bank account. Before opening an account, carefully read the relevant forms. There may be fees such as monthly account maintenance, account closing, credit card fees, interbank transfer fees, and currency conversion fees.
Opening a Bank Account in Turkey as a Non-Resident:
Even non-residents can open a bank account in Turkey, but this process is slightly more difficult than for residents. Banks may allow you to open your account using foreign currency or Turkish Lira. Also, with a significant investment, you may be able to open a bank account without a residence permit.
Opening a Company Account in Turkey:
Company registration in Turkey is one way to open a company account. Accounts opened through company registration have all the features of a commercial account, such as the ability to define multiple signatories for the account and set withdrawal limits for individuals.
The steps for opening a bank account for companies and legal entities in Turkey are as follows:
1. Obtaining a tax ID: The first step is to submit the translation of the company documents and records to the Turkish tax office to obtain a tax ID. This tax ID is issued to you without bureaucracy, and you do not need to have an office or representation in Turkey. Only an address is needed for sending notifications.
2. Visiting the bank: After obtaining the tax ID, go to the bank with the translated documents. The documents include the company’s articles of association, commercial registration documents, establishment documents, activity documents, etc. Note that the translation of documents must be certified by the Turkish Consulate General.
3. Online account opening: Companies can open their company account online and conduct all their banking activities through the internet.
Finally, the responsible manager of the company who has signing authority is allowed to open the account, and the presence of all company members is not required. Upon completion of these steps, you can fully benefit from banking services in Turkey.
The steps for opening a bank account in Turkey for foreign citizens and foreign companies are as follows:
For foreign citizens:
1. Provide a valid passport.
2. Proof of your address.
3. Obtain a tax identification number from the tax office or a valid foreign national identification number.
4. Check other required documents on the desired bank’s website.
5. Visit the bank to open an account.
For foreign companies:
1. Prepare the company’s articles of association.
2. Fill out the bank account opening application form.
3. Proof of the company’s registered address.
4. Obtain the company’s tax identification number from the tax office.
5. An authorized manager visits the desired bank.
These steps for foreign individuals and companies may vary depending on the laws and regulations. Therefore, it is best to consult with the desired bank before starting the process and obtain the exact required documents from them.
Withdrawal and transfer limits via mobile banking in Turkey
In Turkish banks, as in many countries, there are limitations and limits for various operations on bank accounts. These limitations and limits usually vary based on the type of operation, the money transfer platform, and specific conditions set for each bank. Below, we examine the limitations and limits of some common operations in Turkish banks:
1. Withdrawing funds from a bank account:
– Withdrawal from bank branches: Unlimited
– Withdrawal from account via EFT transfer: Up to 200,000 Lira per day without fees
– Withdrawal from ATMs in Turkey: Maximum 5,000 Lira without fees every 24 hours
2. Transferring money:
– Money transfer via EFT transfer: Unlimited limit
– Money transfer via SWIFT and Western Union: Unlimited limit with submission of transparent source documents for amounts over 100,000 USD
3. Receiving money:
– Receiving money from ATMs in Turkey: Maximum 5,000 Lira without fees every 24 hours
– Receiving money from foreign ATMs: Daily limit of 100,000 Lira
– Receiving money from Visa and Mastercard accepting points (POS): Daily limit of 100,000 Lira
4. Online shopping:
– Online shopping limit with bank card: 50,000 Lira every 24 hours
It should be noted that the mentioned amounts for limits and restrictions may vary depending on the conditions and regulations of each Turkish bank. It is best to check the relevant conditions and limits for your bank account with the respective bank or its website before performing any type of operation.
Bank Tax:
In 2024, according to Turkish banking laws, personal accounts are not subject to tax. Also, banks do not charge fees for maintaining accounts. However, for banking transactions, a fee is determined based on the amount. While no fee is deducted for online and in-person purchases. But the question that arises is why is it necessary to obtain a tax ID for opening personal accounts in Turkish banks? The answer to this question is very important from a tax perspective. Because if deposits are made in banks and individuals benefit from the interest earned from these deposits, the received interest is subject to tax, and tax must be deducted from it. This tax deduction from interest is done automatically by the bank. Generally, other deposits to the account (provided they are not commercial) are not included in taxes and are not subject to tax. This issue, as an important tax principle for individuals who have personal accounts in Turkish banks, should be taken into consideration.
Bank Account Support:
Bank account care and support in Turkey for Iranians depends on the chosen bank and the type of account. Some banks provide suitable services and support for foreign individuals, including Iranians. To open a bank account, identification documents such as proof of identity, residence permit, and passport are required. Also, a tax review and submission of other personal information are conducted. To register, visit the branch of the desired bank and consult with bank experts about the necessary steps. After opening a bank account, you will gain access to the Single Euro Payments Area (SEPA), which allows money transfers and receipts between different countries. Some banks may charge you fees for money transfers, so carefully check the fees and conditions before making transactions. Also, some Turkish banks offer online banking services without requiring physical presence at bank branches, which allows you to manage your account online and conduct financial transactions.
In this process, there may be specific limitations and tax certificates for Iranians. For more accurate and up-to-date information, it is recommended to contact the support centers and bank experts to get more complete information about the services and support provided by the banks.
Bank Interest:
In Turkish banks, by opening an account without requiring residency in Turkey, you can also receive very good bank interest in one day. In 2024, the bank interest rate for Lira deposits is set at 43%. Ziraat and Vakıf banks, due to their age and state ownership, are very reliable options for receiving monthly interest. Vakıf Bank’s interest is often higher than Ziraat, and its current annual rate is 46%. For Euro deposits, the annual interest rate for a one-month deposit is 1%.
Also, for Pound deposits, an interest rate of about half a percent has been determined. For example, by investing about one million Lira in Turkish banks, you can receive 38,000 Lira in monthly bank interest. In Turkey, similar to Iran, it is still possible to negotiate with the bank for higher interest rates for large deposit amounts.
To increase bank account security in Turkey, you can pay attention to the following points:
1. Choosing a strong and appropriate password that includes uppercase and lowercase letters, numbers, and special symbols.
2. Using security cards and two-factor authentication that increase the ability to access the bank account with two-step verification.
3. Tracking transactions and receiving notification SMS messages from the bank for every transaction conducted, in order to identify any unknown or unwanted transactions.
4. Using banks with modern security protocols and technologies such as data encryption, security filtering, and identification of cyber vulnerabilities.
5. Being aware of the security tips provided by the bank and following the recommended ways to protect your bank account, including keeping your password confidential and avoiding entering bank account information on insecure websites or applications.
Final Word:
A bank account in Turkey can be a useful financial solution for Iranians, but several important points should be considered when choosing a bank account. First, the accessibility of banks and their branches in Turkey is very important. Also, the currency of the bank account and the different fees charged by banks for services and transactions should be considered. On the other hand, banking facilities such as credit cards and other facilities can play an important role in choosing a bank account. By observing these points, you can choose the best bank account for yourself. It is better to consult with a financial advisor or accounting experts before choosing a bank account in Turkey to ensure that your choice is consistent with your needs and financial situation. With this approach, a bank account in Turkey can be considered an effective and suitable financial tool for Iranians.
