The basic rule
Foreign nationals with a residence permit, work permit or citizenship in Turkey can open an account at any Turkish bank. You will already have a bank account from the property purchase process – you can continue with that account or choose a different bank.
58a. Which bank?
You can work with any bank in Turkey. However, it is recommended to keep the majority of your money in state banks – they are the most reliable option in terms of government backing and extensive branch networks.
STATE BANKS (PUBLIC BANKS) IN TURKEY:
- Ziraat Bankası – largest branch network, centre of government-backed projects
- Halkbank – focused on SMEs and tradespeople, also provides retail banking
- VakıfBank – retail and corporate, strong digital infrastructure
- Türk Eximbank – focused on export financing
- İller Bankası – focused on local authorities
- Türkiye Kalkınma Bankası – focused on investment and development
PRIVATE BANKS IN TURKEY (SELECTED):
- Garanti BBVA
- İş Bankası
- Yapı Kredi
- Akbank
- DenizBank
- TEB (Turkish Economy Bank)
- Şekerbank
- QNB Finansbank
- Odeabank
- Alternatif Bank
FOREIGN-CAPITAL BANKS IN TURKEY (SELECTED):
- HSBC Turkey
- Citibank Turkey
- ING Bank Turkey
- Rabobank Turkey
- JPMorgan Chase Bank
- Société Générale
Full and current list: Banking Regulation and Supervision Agency (BDDK): bddk.org.tr
58b. Be smart about currency – beware of tl
You can open a Euro or Dollar account in Turkey. It is strongly recommended to keep your money in Euro or Dollar wherever possible.
The Turkish Lira loses value very quickly against inflation. Money held in TL erodes rapidly. Keep enough TL for daily expenses – keep your savings in foreign currency.
58c. Documents required to open an account
- Passport (mandatory)
- Tax number
- Residence permit, work permit or citizenship document
- Address in Turkey
A bank account will already have been opened during the property purchase process. Those who wish to can continue using the same account.
58d. Foreign currency account
Euro, Dollar or TL – you can open whichever type of account you choose. It is also possible to open multiple foreign currency accounts at the same bank.
58e. Online banking
Turkish banks provide the same online banking service to foreign customers as to Turkish citizens. The mobile applications and internet banking of major banks are available in multiple languages including English.
58f. Money transfers
Both domestic and international money transfers can be made and received through official bank channels. Transactions are completely legal and secure.
IMPORTANT: Unusually large money transfers may be subject to investigation. For large transfers, inform your bank in advance and document the source of the transfer.
Official sources
- Banking Regulation and Supervision Agency (BDDK): bddk.org.tr
- Banks Association of Turkey (TBB): tbb.org.tr
- Ziraat Bankası: ziraatbank.com.tr
- Halkbank: halkbank.com.tr
- VakıfBank: vakifbank.com.tr
| Requirement | Detail |
|---|---|
| Passport | Required for account opening |
| Tax number | Required |
| Residence permit | Not always required – varies by bank |
| Daily transfer limit | Typically 5,000-50,000 TL without additional verification |
| Foreign currency account | Available at most banks |
| Recommended banks | Garanti BBVA, Akbank, Isbank for English service |
EXPERT ADVICE:
Sources: Bankacilik Duzenleme ve Denetleme Kurumu (BDDK) – https://www.bddk.org.tr | T.C. Hazine ve Maliye Bakanligi – https://www.hmb.gov.tr
P.S. If you are here legally, living normally, and your money comes from legitimate sources, opening a bank account in Turkey is straightforward and there are no limits on how much you can hold or transfer. The process is not complicated. The restrictions people worry about apply to irregular situations not to someone living and transacting normally. Keep your documentation clean and the banking system works with you, not against you.
