The banking sector plays a dominant role in the financial system of Turkey, as it does in many countries. Currently, there are approximately 50 banks operating in the Republic of Turkey. Of these, only 3 are state-owned: Ziraat Bank, Vakıfbank, and Halkbank. With a history of over 100 years, Ziraat Bank is the oldest bank in Turkey, and it has over 7,000 branches nationwide.

The majority of private banks are foreign owned with foreign capital, and their banking assets constitute 86% of the gross national product in Turkey.

Popular Turkish Banks for Foreigners 

Prominent financial institutions known for their extensive services and international recognition include:

If you need to open an account, don’t hesitate to choose from this list or contact us for advice.

Payment for Real Estate Purchases through Banks in Turkey 

Almost all financial transactions in Turkey are conducted through banks, including real estate transactions, which are exclusively carried out via bank payments. In Turkey, you cannot purchase an apartment with cash. It is necessary to open an account at a local bank, convert your existing currency into Turkish Lira, and deposit it into your account. You can easily make payments through transfers from your account for your purchase transactions.

How to Open a Bank Account in Turkey 

To open a bank account in Turkey, you must visit a bank branch in person. Opening a Turkish Bank Account through an online application is unfortunately not possible.However, it’s worth noting that employees at most of the mentioned banks typically speak English, making it easy to finalize an application if you are eligible and have the necessary documents.

Documents Required to Open a Bank Account in Turkey 

You will need the following documents:

  1. Turkish Tax Identification Number
  2. International passport / a document confirming your residence permit
  3. Receipts for bills issued in your name. This document serves as a confirmation of your official registration in your home country.
  4. Turkish SIM card to link to your bank account

Steps to Open a Bank Account in Turkey 

  1. Choose the bank that suits you best.
  2. Visit the branch and meet with a bank representative.
  3. The bank will check whether your personal data is on any sanction lists.
  4. If there are no issues with your data, sign the account opening agreement and open your account.
  5. Opening an account may be denied if it is determined that you violated the conditions of your visa-free stay, have unpaid fines, or face criminal charges.

Important Note: Bring a phone with a Turkish SIM card for SMS verification when opening an account.

Banking Hours in Turkey 

Bank working hours are between 8:30 AM and 5:30 PM on weekdays. Banks are closed on Saturdays and Sundays. The first half of the day is generally the best time to visit a branch. If you come an hour before closing, be cautious as there can sometimes be long queues.

Opening a Bank Account Without a Residence Permit 

Even without a residence permit, you can open a bank account in Turkey. The “Turkish Citizenship through Investment” program, which involves depositing $500,000 in a Turkish bank, is popular among foreign investors. The main condition of this program is that the deposited amount must remain in the bank account for the following three years. However, you can regularly withdraw the deposit’s interest.

Conditions may vary, albeit slightly, even among different branches of the same bank in different regions. Some banks specifically cater to foreigners with working visas. You will be asked about the purpose of opening an account, and you may need to provide justification for your intention.

If you plan to purchase property in Turkey, presenting a contract or invoice from the real estate developer/owner will facilitate the account-opening process.


Mobile Applications of Turkish Banks

Almost every bank in Turkey has a mobile application. All of them support multiple languages, including English. After opening an account, you can easily make payments, both online and offline for your bills, or instant payments using QR codes through your mobile application.

Instant Account Opening and Payment Convenience: Antalya Development is Your Assistant

Just like in any country, banks in Turkey strive to offer you the best financing options. The steps to establish capital and credit history are the same as in any other country worldwide.

Antalya Development provides instant solutions for opening bank accounts and handling related paperwork for real estate purchases. The Republic of Turkey actively encourages investment in its economy, and we would be delighted to assist you in all matters related to your applications for Turkish citizenship through investment or residence permits for purchasing an apartment.