How to Open a Bank Account in Turkey

Do you know where is Turkey? Starting a new life in a new country will require many things. One of the important things is to prepare a new bank account for daily financial transactions. Similarly, if you want to move to Turkey. It is a nice country to start a new job or business. However, you will need to know how to open a bank account in Turkey.

Read Also: How to Send Money to Turkey?

Since you need a local bank account to help you to conduct various financial transactions every day. To help you with this issue, the following are some guidance on opening a bank account in Turkey.

Why You Have to Open a Bank Account in Turkey

There are many reasons why someone needs a new bank account once he moves to a new country. Similarly, when deciding to move to Turkey. It is necessary to open a bank account in this country due to some reasons as mention in the following.

• A bank account in Turkey will help you to easily withdraw any money. So that you wouldn’t face any issues related to a high charge or high currency rate compare with withdrawing money through an ATM card from another bank outside the country.

See Video How To Easily Send Money Overseas

• The new local bank account will also benefit you to receive your payroll. Since most companies in Turkey will cooperate with the local bank rather than with a foreign bank.

• Through the new account, you will also be able to conduct various financial transactions such as payments, money transfers, and many more.

Steps to Open a Bank Account in Turkey

The first thing to prepare before open a bank account in Turkey is the required documentations. Usually to open a bank account will need certain document such as passport and VISA. Additionally, a working permit and proof of residence also needed. Therefore, make sure that these documents are complete. You can also prepared the tax number in case needed by the bank.

Once all documentation above is provided, the next thing to perform is visiting the bank. So that you can start to apply for a new bank account. To open a bank account in Turkey, specifically follow the below process step by step.

• Spare your time in the morning and then visit the bank office early in the morning. Coming to the bank in the early morning will help you to get the service as soon as possible. Therefore, if you want to open a bank account in Italy, make sure to have some hours in the morning to do this activity. Otherwise, most banks usually will close their office shortly after lunchtime.

• Once you get into the bank, meet the customer service to request opening a bank account. So that you will be given a suitable form to fill in. After receiving the form, then you have to fill the form according to your documentation. Make sure you write everything exactly the same with your documentation. Such as your complete name, address, contact number, etc. So that it can ease the bank officer to validate your data and process your new account.

• After finish filling out the form, you can give all the needed documentation for validation. Wait until your data is validated and the bank officer will process the account.

• If your account is successfully made, then the bank officer will offer you a bank book and debit card. Put some amount of money to activate the debit card. Whenever you finish activating the card, then your new bank account is ready to use anytime.

Various Fees Applicable in Banking

To perform financial activities in any bank, usually, you will need to pay some charges. The difference between using a local bank or not is that the number of fees and the charges can be less. Therefore, it is one of the reasons why many foreigners decide to get a new bank account. With a local bank account, the common fee and charges apply will be as follow:

• Transaction fees, which will be applied in case you need to perform any payment through the bank.
• Withdrawal fees, but most of the local banks will charges for free withdrawal fee if you manage to withdraw money through its ATM. In case you withdraw money via ATM from another bank, then you will get charges.
• Interest fees, which are applied in case of the payment of any loan or credit card.
• Transfer fees, which are usually applied if you do a money transfer to another bank. If transferring money to a similar bank, this is normally free.
• Account handling fees, are the monthly charges for the administration of your account.

Through the information provided above, now you will be ready to open your new bank account with a local bank in Turkey. So that in the future, you will be free to perform any financial transaction in this country. Either to receive your new payroll from your new company or to receive payment from your business customer, everything can have done through your local bank account. So that no more worry of any needs on financial activities in the country.

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