Banking in Turkey
Turkey has a modern banking sector with extensive digital services. Opening an account as a foreigner is relatively simple compared to many European countries.
Opening a Bank Account
Required Documents:
- Passport (valid for 6+ months)
- Turkish Tax Identification Number (vergi numarası)
- Proof of address (utility bill, lease - some banks flexible)
- Mobile phone number
Tax ID Number:
- Free and takes 5-10 minutes
- Apply online at ivd.gib.gov.tr or at any tax office
- Only need your passport
- Required for all financial transactions in Turkey
Best Banks for Foreigners
| Bank | Pros | Notes |
|---|---|---|
| İşbank | Largest network, "Turkish bank for foreigners" program | English mobile app |
| Akbank | Expat relationship managers, multi-currency accounts | Good for businesses |
| Garanti BBVA | Strong digital banking, international transfers | Spanish parent company |
| DenizBank | Non-resident accounts available, $2,500 deposit | Good for property buyers |
| VakıfBank | Dedicated expat banking service | Government-owned |
Account Types
Turkish Lira Account
- Standard current/savings accounts
- Low or no minimum balance
- Debit card (bankamatik kartı) included
Foreign Currency Accounts
- USD, EUR, GBP accounts common
- Protect against lira volatility
- Easy conversion between currencies
- Some accounts earn interest
Digital Banking
Turkish banks have excellent mobile apps:
- Bill payments (utilities, phone, taxes)
- Instant transfers (EFT/FAST system)
- Currency exchange
- Investment products
- English language options available
International Transfers
Receiving money:
- SWIFT transfers to Turkish bank accounts
- Wise and Revolut offer Turkish lira IBANs
- Western Union and MoneyGram available
Sending money:
- Bank transfers can be expensive ($30-50 fees)
- Wise, Remitly, and similar services offer better rates
- Currency controls: documentation may be required for large transfers
Cryptocurrency
- Crypto payments banned for goods/services since 2021
- Holding and trading still legal
- Local exchanges: BTCTurk, Paribu
- International exchanges accessible
Credit and Loans
Building credit as a foreigner:
- Start with secured credit cards
- Some banks offer credit cards after 6-12 months
- Home loans possible but require higher down payments (30-40%)
Pro Tips
- •Get your Tax ID (vergi numarası) first - it only takes 5 minutes online
- •Open both TRY and USD/EUR accounts to hedge against lira volatility
- •İşbank's foreigner program has English-speaking staff at certain branches
- •Use Wise or Revolut for international transfers - much cheaper than bank SWIFT
- •Keep your foreign debit/credit cards as backup - Turkish cards may not work abroad
Have questions about banking in Turkey?