Foreigners Opening Bank Accounts in Turkey
Opening a bank account is not only a need but also the basis of many transactions for foreigners who want to live, invest, study, or work in Turkey.
For transactions such as rent, salary, investment, foreign exchange transactions, bill payments, or real estate purchases, opening an account at a Turkish bank is often mandatory.
So can foreigners open bank accounts in Turkey? Yes, Turkish legislation allows this. However, in practice, banks may request different documents depending on the person’s residence status, nationality, address declaration, or tax number.
In this guide, we explain all aspects, including the legal framework, practical differences, documents, online processes, tax compliance, and frequently asked questions.

Legal Basis and General Framework
There is no provision preventing foreign natural persons from opening bank accounts in Turkey.
This process is carried out within the framework of the Banking Law, BRSA (BDDK) regulations and MASAK obligations.
Relevant Legislation:
• Law No. 5411 on Banking
• Law No. 5549 on the Prevention of Laundering Proceeds of Crime
• MASAK Customer Identification (KYC) Regulation
• International Tax Compliance Standards: FATCA (for U.S. citizens) and CRS (for OECD countries)
Banks are obliged under this legislation to verify the applicant foreigner’s identity, address, source of funds, and purpose of the transaction. Foreign natural persons have the right to benefit from the banking system in Turkey; there is no specific legal prohibition against foreigners. However, in practice, banks may treat citizens of certain countries differently, either by requesting additional documents or by not allowing account opening at all. Some basic requirements (such as a tax number, service address for notifications) may not be explicitly regulated in legal texts but are widely requested in banking practice. It is possible to open a bank account without a residence permit, but banks may request stricter documentation in such cases. Some banks may request a deposit (security) from those who wish to open an account without a foreign ID number.
Therefore, opening a bank account is not only a financial process but also a legal one.

Who Can Open a Bank Account in Turkey?

1. Foreigners with a residence permit:
   o Persons residing in Turkey who have a Foreign ID Number (YKN) can open an account easily.
2. Foreigners without a residence permit:
   o It is possible to open an account with only a passport and a potential tax identification number (VKN).
   o However, some banks may request additional documents (e.g., an overseas address bill, employment contract, or reference letter).
3. Foreign companies (legal entities):
   o Accounts can be opened on behalf of companies or partnerships that will conduct commercial activities in Turkey.
   o For this, trade registry documents, signature circulars, articles of association, authorization documents, and apostilled translations are required.

Required Documents
Below you can find the documents and conditions most commonly requested by banks for foreigners who want to open a bank account in Turkey. (Each bank may request different conditions; it is important to consult the bank before applying.)
Document Explanation
Valid passport Mandatory for identity verification.
Potential Tax Identification Number (VKN) Obtained from the relevant State institution.
Foreign ID Number (YKN) Given to those who obtain a residence permit in Turkey; facilitates account opening.
Address Document (utility bill, lease agreement) It is mandatory to show a notification address.
Turkish mobile phone number Required for SMS verification and mobile banking activation.
Income or employment document (in some cases) Requested especially for high-balance accounts.
Photograph / Residence document Varies by bank policy. Some banks may request a biometric photo (white background)
Service Address / Address Document Residence address is shown with documents such as a bill or lease agreement.
Additional documents / bank-specific requests Some banks may request additional documents such as proof of income, employment contract, student certificate, or previous bank statements.
Deposit / security (in some cases) Some banks may require a security deposit, especially if there is no foreign ID number.
Note: Documents may need to be translated into Turkish, notarized, or legalized by the consulate.

Application Process

1. Obtaining a Tax Number:
2. Bank Selection and Branch Application:
   o You go to the bank branch with the documents. It should be remembered that not every bank and branch opens bank accounts for foreigners. Preparing the person’s file, getting it accepted by the bank, and if approval is given, going to the bank branch to open the account prevents loss of time.
   o The bank performs identity and address verification in the KYC (Know Your Customer) process.
3. Approval of Documents and Signing the Agreement:
   o After the bank reviews the required documents and completes customer profiling, the account is opened.
4. Account Activation:
   o The account becomes active within 1–3 business days; IBAN and bank card are issued.
5. Mobile / Online Banking Access:
   o The mobile app and internet banking are activated with SMS confirmation.

Opening a Bank Account Remotely (Online)
In Turkey, some private banks can also open accounts for foreigners via video call under the “Remote Customer Acquisition” regulation.
However, this is only possible for persons who have a Foreign ID Number.
• During the video call, the passport, YKN card, and facial verification are performed.
• After the application, the agreement is completed with an electronic signature or mobile approval.
Note: At present, it is not possible for persons without a residence permit to open a bank account remotely. A physical branch application is required.

Opening an Account with a Power of Attorney to be Given to a Lawyer
In some cases, it is possible for a foreigner to open a bank account by giving a power of attorney to a lawyer without personally coming to Turkey.
However:
• The power of attorney must explicitly include the authority to “open and manage a bank account.”
• A power of attorney issued abroad must be apostilled or approved by the Turkish consulate.
• Documents must be translated into Turkish and notarized.
• It is important that the power of attorney states detailed matters such as which banks and branches it covers.

Tax and International Compliance (FATCA / CRS)
• U.S. citizens (FATCA):
Under the FATCA agreement between the U.S. and Turkey, banks are obliged to report the account information of U.S. citizens to the U.S. tax authority (IRS).
• OECD countries (CRS):
Within the scope of the Common Reporting Standard (CRS), Turkey transmits certain account information to other countries as well.
• Therefore, the bank may request that a tax residency (self-certification) form be filled in during the application.
Providing false information on tax compliance may lead to the account being closed or blocked.

Foreign Currency, Crypto and Investment Accounts
Foreigners can open both TRY accounts and foreign currency accounts (USD, EUR, GBP).
In addition, some banks offer investment and time deposit options.
However, each bank has a different policy regarding cryptocurrency transfers — some banks do not allow these transactions.
Advice: If you plan to make crypto or international money transfers, choose a bank experienced in this field.

Bank Accounts in Real Estate and Citizenship Processes
• For Turkish Citizenship by Investment, a deposit of at least USD 500,000 must be held in a Turkish bank for three years.
• Accounts opened for this purpose are subject to the Foreign Exchange Purchase Certificate and Central Bank approval procedures.

Common Difficulties
• Some banks may refuse to open accounts for citizens of certain countries (for example, Iran, Russia).
• Applicants without a YKN or address document may be required to provide a deposit.
• Inconsistencies in address declarations, missing documents, or incorrect tax numbers may delay the process.
• Accounts may be frozen by MASAK in case of suspicious transactions.

Practical Challenges & Important Considerations
• Country-Based Differences
Some banks may refuse to open accounts or request additional security procedures for citizens of certain countries. Especially citizens of countries such as Iran and Russia may face difficulties in practice.
• Lack of a Foreign ID Number
Foreigners who have obtained a residence permit in Turkey receive a Foreign ID Number (YKN). However, for those who do not yet have it, the process of opening a bank account may be more complicated. Some banks may require a security deposit.
• Address Document and Notification Address
A notification address (domestic or an address in Turkey) is among the bank’s main requirements. This can take the form of a lease contract, utility bill, or declaration. Some banks are more meticulous about address documents.
• Various Account Types & Foreign Currency Accounts
Foreigners can open Turkish Lira (TRY) accounts, and many banks also offer the possibility of opening accounts in foreign currencies (USD, EUR, etc.).
In addition, there may be special time deposit products for foreigners (for example, time deposits indexed to foreign exchange returns).
• Suspicious situations
Accounts may be frozen under MASAK in case of suspicious transactions.

Example Banks & Application Differences
• Ziraat Bank
According to some sources, it allows foreigners without a residence permit to open accounts subject to certain deposits.
• Garanti BBVA, İş Bank, VakıfBank, AKBank, Halkbank, Yapı Kredi
These banks are among the major ones that offer account opening services to foreigners. However, each bank applies different documentation requirements and evaluation procedures.
• VakıfBank
In the information note for visiting researchers of Istanbul Technical University (ITU), it is stated that some VakıfBank branches allow banking transactions without a Foreign ID Number.
• Special Case – Russian, Iranian, Ukrainian Citizens
Due to sanctions or risk assessments, some banks do not carry out transactions for citizens of these countries.

Frequently Asked Questions (FAQ) — Opening Bank Accounts for Foreigners in Turkey

1- Can foreigners open bank accounts in Turkey?
Yes. Both foreigners with and without a residence permit can legally open bank accounts in Turkey. However, banks may request different documents depending on the applicant’s nationality, residence, and income status.

2- I don’t have a residence permit; can I still open a bank account?
Yes, it is possible. With a passport and a potential tax identification number (VKN), accounts are opened at some bank branches. However, some banks may also require an address document or a security deposit.

3- What documents are required to open a bank account in Turkey?
Generally, the following documents are requested:
• Valid passport,
• Tax identification number,
• Address document (lease agreement or utility bill),
• Turkish phone number,
• In some cases, income or employment document.
Documents may need to be translated into Turkish and notarized.

4- How long does it take to open a bank account in Turkey?
If the documents are complete, the account is usually opened within 1 to 3 business days.
If you can apply online, this period can be completed within a few hours.

5- Which banks open accounts for foreigners?
Banks that frequently open accounts for foreigners are:
• Ziraat Bank (especially for students),
• Garanti BBVA,
• İş Bank,
• VakıfBank,
• Yapı Kredi,
• Akbank,
• Halkbank.
Each bank’s document requirements may vary.

6- Is it possible to open a bank account online (remotely)?
Yes, but only for those who have a Foreign ID Number (YKN).
In this case, the bank performs identity verification via video call.
Foreigners without a residence permit must go to a branch.

7- Are identification documents other than a passport accepted?
No. A passport is mandatory to open a bank account in Turkey.
A foreign ID card or residence card can be used as an additional document, but it does not replace the passport.

8- Is a tax number mandatory to open a bank account in Turkey?
Yes. Without a “potential tax identification number,” most banks will not process the application.

9- I don’t have an address in Turkey; what should I do?
An address declaration is mandatory.
However, you can submit a bill or official document showing your overseas residential address.
Some banks also accept a temporary accommodation certificate in Turkey.

10- Is it mandatory to deposit money when opening a bank account?
No. Some banks may ask you to deposit a small amount (for example, 1000 TL) at the first opening, but this is not a legal requirement.

11- Can I open an account if I don’t have a Foreign ID Number (YKN)?
Yes. Foreigners without a residence permit can open an account with a passport and tax number.
However, some banks may not activate online banking without a YKN.

12 - Can my company open a bank account in Turkey?
Yes. Foreign companies can open bank accounts in Turkey.
Required documents:
• Company articles of association,
• Trade registry record,
• Signature circular,
• Authorization document,
• Apostille and notarization,
• Turkish translations.
• Attorney’s power of attorney

13- Is it possible to open a bank account by power of attorney?
Yes, it is possible.
However, the power of attorney must explicitly include the authorities “to open a bank account, manage it, deposit money.”
In addition, the power of attorney must be apostilled or approved at the Turkish consulate.

14- After opening the account, can I send money abroad?
Yes, international transfers can be made via the SWIFT system.
However, for large amounts, banks may request documents proving the source of funds in accordance with MASAK (Financial Crimes Investigation Board).

15 - Is it possible for foreigners to open foreign currency accounts in Turkey?
Yes. Accounts can be opened in foreign currencies such as USD, EUR, GBP.
Foreigners can have both time deposit and demand deposit foreign currency accounts.

16- Can bank accounts be used for cryptocurrency transfers?
Yes, but not every bank allows it.
Some banks may restrict money transfers to cryptocurrency exchanges.
Clarify this issue with your bank before opening an account.

17- How do foreign students open a bank account in Turkey?
The process is easier for students.
With a passport, student certificate, address document, and tax number, they can open accounts at Ziraat Bank, VakıfBank, or Halkbank branches.

18- What are FATCA or CRS? Do they affect me?
If you are a U.S. citizen, FATCA applies; for other country citizens, CRS applies.
These agreements require banks to report account information to the relevant countries’ tax authorities.
Therefore, you may be asked to fill out a “tax residency self-certification” during the application.

19- What are the most common problems encountered when opening a bank account in Turkey?
• Non-acceptance of the address document,
• Lack of YKN,
• Mismatch of information on the passport,
• Restrictions specific to citizens of certain countries (e.g., Iran, Russia),
• Temporary blocking transactions arising from MASAK.

20- Is a bank account required for Turkish citizenship or investment programs?
Yes.
For citizenship, a deposit of at least USD 500,000 must be opened at a Turkish bank and kept for 3 years.
Opening a bank account is mandatory for this process.

21- Which bank is the safest for foreigners in Turkey?
All licensed banks are under the supervision of the BRSA..