It is possible for foreign individuals and companies to open bank accounts in Turkey. Opening a bank account in Turkey provides convenience, speed and efficiency in financial transactions. In particular, companies that will operate in Turkey will need to have a corporate and official bank account. There are two different distinctions regarding the opening of bank accounts by foreigners. The first is the opening of bank accounts by foreign natural persons and the second is the opening of bank accounts by foreign companies (legal entities). Opening a bank account for foreign natural persons and opening a bank account for a foreign company are subject to different procedures.

The procedures, information and documents required for these two situations are explained below.

1.Opening a Bank Account for Foreign Natural Persons;
The documents and process requested by banks when opening an account on behalf of foreign real persons are as follows.
First, the relevant foreigner must have a notification or residence address,
You need a foreign identification number or tax identification number,
If the person has a residence permit, it is possible to use the foreigner identification number on the residence permit card.
If the foreigner does not have a foreigner identification number, an application must be made to the tax office with a passport and a tax number must be obtained as a result of the application,
In addition to the residence address and tax number, a passport must be present at the time of application.
In practice, some banks may also ask for a telephone number or an invoice in the name of the foreigner in Turkey. If you are going to apply to a bank with such a request, such a number must be obtained.

When the foreigner opens a bank account in Turkey, he/she can access this account at any time and obtain a more economical opportunity in terms of money transfer. The foreigner can shop in Turkey with this bank account card. This card can also be used for online shopping.

2. Opening a Bank Account in Turkey by Foreign Companies;
The procedure to be followed for foreign companies to open a bank account in Turkey is different and more difficult. Unlike personal bank accounts, a corporate bank account in the name of the company can be opened by the manager authorized to sign by the company. The documents and process required by banks for opening a bank account for companies with foreign partners are as follows;

The company must have a tax number,
The Foreign Company must have a notification address in Turkey,
Other documents required are the company’s articles of association, chamber of commerce registration, establishment and activity documents and official documents related to the company.

The company official will open an account at the bank with the documents listed above. It should be noted that the passport must be with the person during the application.

Note: The procedure for opening a bank account for foreign companies in Turkey and the required documents may vary from bank to bank.

As Vertax, we assist foreign real and legal persons in bank account opening procedures.