Many international investors believe that opening a bank account in a foreign country requires permanent residency or a second passport. However, this is a total misconception. Turkey, acting as a bridge between Asia and Europe, is one of the few countries whose banking system, under specific conditions and with legal expertise, allows foreign nationals to open complete and legal accounts using only an international passport.
At Zersan Global, relying on years of experience and direct relationships with bank branch management, we have smoothed this complex path for you, and you can become the owner of your international account in less than one day. In the following, we will examine all technical details, costs, and banking differences with full transparency.
Is it truly possible to open a bank account in Turkey without residency?
The first and most important question that occupies people's minds is the legality of this process. Yes, according to the banking laws of the Republic of Turkey, foreign nationals have the right to open an account by providing a valid passport and a tax number. The Turkish legislator has not made "residency" or holding a Kimlik card a mandatory requirement for opening an account.
Will we be rejected if we visit the bank personally? Although the law allows it, banks (especially following the tightening of international sanctions and FATF regulations) have compliance departments that assess client risks. Regular bank employees usually give a negative answer to non-resident foreign applicants to avoid administrative troubles. Our services make sense exactly at this point. We introduce you to branches where prior arrangements have been made with the branch management, and your file is opened as a verified client.
Advantages of Opening an International Bank Account in Turkey
Having a bank account in Turkey is not just for storing money; it is a powerful tool for interacting with the world:
- Multi-currency Accounts: Within a single application, you will simultaneously have Lira, Dollar, Euro, and even Pound accounts.
- Receiving Physical Visa and MasterCard: Unlike virtual and temporary gift cards, you receive a physical card in your own name which is valid for 3 to 5 years.
- Opening an Account with SWIFT: Your account has a dedicated IBAN, which allows receiving remittances from most countries in the world, except those on blacklisted countries.
- Attractive Deposit Interest: Given Turkey's economic conditions, banks pay very high interest rates on Lira deposits.
- Online Management: With Turkey's advanced mobile banking, you can manage your account from anywhere in the world.
Authorized Turkish Banks for Opening Accounts for Foreigners
Dozens of state and private banks operate in Turkey, but not all of them are suitable for non-residents. Famous private banks like "Garanti BBVA" or "Is Bank," due to having American and European shareholders, have very strict regulations and practically do not open accounts for non-residents. Currently, the best options are the following two powerful state-owned banks:
1. Ziraat Bank
Ziraat Bank is the largest and oldest state-owned bank in Turkey. You can see a branch or ATM of this bank on almost every street in Turkey.
- Advantages: Extremely user-friendly mobile app with an English interface, low transaction fees, and an extensive ATM network.
- Card Type: Usually, Ziraat debit cards are "Troy" or Visa/Master. (In fact, the Troy system is domestic to Turkey, and we strive to obtain cards connected to the global network for you).
- Limitation: Ziraat Bank is sometimes strict about opening new dollar accounts and may have lower daily transaction limits compared to Vakif Bank.
2. Vakif Bank
Vakif Bank is the second-largest state bank, providing more modern services to foreigners and has had an even better approach toward international clients in recent years.
- Advantages: Instant card issuance at the moment of opening the account, stronger chipsets for use in European and American POS devices, and the possibility of opening foreign currency accounts (USD/EUR) without hassle.
- Cost: This bank usually charges an amount as "Account Opening Insurance," which is paid once.
- Transaction Limit: Usually, the money transfer limit in Vakif Bank is higher than Ziraat.
Difference between Debit Card and Credit Card; Which one is more suitable for you?
Knowing this difference is vital for making the right choice of service.
A) Debit Card
This is the card that 95% of international clients receive and covers all daily needs.
- Function: It is connected to your account balance. This means if you have $1000 in your account, you can shop up to that same $1000.
- Usage: Shopping from Amazon, Alibaba, Netflix, Spotify, booking hotels, buying flight tickets, and withdrawing cash from ATMs worldwide.
- Required Documents: Only passport and tax code.
B) Credit Card
This card functions similarly to a "loan." The bank gives you credit to spend and you settle it the next month.
- Why is it difficult for foreigners to get a credit card? Because you do not have a job, insurance history, and residency in Turkey, the bank has no guarantee for the repayment of its money.
- Conditions for Receiving: To receive this card, you must usually block (deposit) an amount equivalent to 110% of the requested credit amount in the bank.
- Main Difference: The most important difference is their usability for car rentals and hotel reservations that require blocking a guarantee amount.
- Disadvantages: Blocking your money in the bank and high annual fees. If you do not need to rent a car in Europe, a debit card is sufficient for you.
Stages of Opening a Bank Account in Turkey (Step-by-Step)
At Zersan Global, we have designed the process to take the minimum of your time. The whole process usually takes between 3 to 5 business hours:
- Consultation and Appointment: Before your trip, you contact our experts to check your documents and book a bank appointment.
- Entry to Turkey: The physical presence of the account holder at the branch is mandatory.
- Obtaining a Tax Number (Vergi Numarası): We take you to the tax office or obtain the tax code online. This code is merely an identification ID and creates no tax obligation for you.
- Buying a Turkish SIM Card: Having a Turkish SIM card like Turkcell, Vodafone, or Turk Telekom is mandatory for receiving OTP codes.
- Attendance at the Bank Branch: Along with an expert fluent in Turkish and aware of banking laws, you visit the branch and are directed to the VIP section or the relevant counter without waiting in line.
- Signing Contracts: Bank contracts which are in Turkish are explained to you by the expert.
- Receiving the Card and Activation: The Visa or MasterCard is issued and delivered instantly, and mobile banking is also installed and activated on your phone.
- Initial Deposit: Your account is active, and you can deposit the dollars or liras you have with you.
Costs of Opening a Bank Account in Turkey: Minimum Deposit and Financial Conditions
Financial transparency is our first principle. Account opening costs in Turkey are divided into two parts:
1. Costs inside the Bank
- Deposit (Blocking Money): Many branches ask foreigners to block an amount for a period of 1 to 3 months to open an account. Through our negotiations, we have made it possible in some branches to open an account without blocking money or with the minimum deposit amount.
- Account Opening Insurance: Vakif Bank usually deducts an amount around 2000 to 3000 Liras as insurance cost, which is non-refundable.
- Maintenance Fee: Some accounts deduct a six-month fee for account maintenance, which is a negligible amount.
2. Service Fee
This fee is received for coordination, expert accompaniment, obtaining the tax code, and guaranteeing the account opening. For price information and details, you can contact our experts.
Tax and Interest of Bank Accounts in Turkey
One of the attractions of Turkish banks is the interest on Lira deposits.
- Interest Rate: Currently, according to the latest circulars of the Central Bank of Turkey, the interest on short-term Lira deposits (32 days) is between 40% to 55% annually. This interest is deposited into your account monthly.
- Condition: Interest only belongs to term deposit accounts (Deposit Account), not current accounts.
- Important Note: Interest on foreign currency accounts is very negligible and close to zero.
- Tax on Interest: The Turkish government usually deducts between 5% to 15% of the interest amount as tax from the interest the bank pays you. However, your principal money in the account is not subject to tax.
Cashing out Foreign Currency Income through a Turkish Bank Account
Connecting the account to global services: Your account has a 16-digit card number (PAN) and an IBAN number.
- PayPal: You can connect your debit card to PayPal. Although PayPal is filtered in Turkey, Turkish cards are accepted by PayPal.
- Amazon & Shopify: For those who are sellers on Amazon or do dropshipping, these accounts are the best option for receiving income.
- Google AdSense / YouTube: YouTubers can deposit their incomes directly into these accounts via SWIFT.
Why should you trust Zersan Global?
- Real Accompaniment: Our expert is by your side from the moment of entering the bank until the moment of testing the card in the ATM.
- No Intermediaries: We are not brokers; we are directly connected with the Turkish banking body.
- Technical Support: If your mobile banking password is blocked or your phone is changed, we provide the necessary guidance for account recovery.
- Quality Guarantee: We only open accounts for you in reputable state banks (Ziraat and Vakif).
Frequently Asked Questions
Is opening an account via power of attorney and remotely possible? The short answer: Yes, but we strongly do not recommend it. Opening an account via power of attorney has high security risks. The Central Bank of Turkey is sensitive to accounts where the owner is not present in the country and may block the account after a while and ask you to visit in person. For the security of your own capital, have a one-day trip to Turkey.
Is a corporate account better than a personal account? A corporate account has its advantages like higher transaction limits, but its costs are very high. To have a corporate account, you must register a company in Turkey, hire an accountant, and pay monthly taxes and insurance even if you have no activity. For 99% of users, a personal account is sufficient and more cost-effective.
How much money should stay in the account for opening? If the branch asks for a deposit, after the blocking period ends, you can withdraw all your money. However, it is recommended to always keep a small amount, for example, 1000 Lira, in the account to cover potential fees so the account does not become inactive.
Is my account information given to other countries? No. The Turkish banking system is completely independent and acts based on client privacy laws. So far, there has been no report of exchanging information of small personal accounts with other countries.
What is the difference between MasterCard and Visa Card? For the end-user, they have no specific difference. Both are accepted worldwide. The type of card you receive depends on the stock of raw cards in the branch on that day.
