Opening a Bank Account

Opening a Bank Account

When most of the foreigners come to Turkey, they prefer us for real estate buying and selling. When you decide to buy or rent a property, you will need a bank account in Turkey to be able to pay for it. Normally, although opening an account is an easy process, communication problems caused by foreign languages ​​can make your job a little more difficult. Therefore, the support of the professional and experienced team of SakoLife Real Estate will be with you.

During the account opening process, you need a document showing your passport (most banks require a notarized passport translation), your tax ID number, and your address. The address can be proved by the domicile or invoice issued in your name. This utility bill may even be from your country. Your name and home address must be clearly visible on the invoice.

Opening a bank account can be a daunting and arduous task. But with the help of technology and the internet, opening a bank account can be much easier. Banks are increasingly adopting new technologies to make banking easier and more available to their customers. Banks offer free and easy-to-open accounts with almost no conditions or fees to begin with. The better your relations with banks in Turkey, the better the bank knows you and provides you convenience. To achieve this, you can keep some money in your account. If you actively carry out transactions, you are considered an important customer for the bank.

Some of the benefits of having a bank account are:

  • You can transfer in any way you need, inside or outside the country.
  • You can place an automatic payment order for your regular payments.
  • You can make all your payments with your debit card without having to carry cash.
  • When you invest in Turkish lira, banks provide high returns on maintaining the value of your money.

Q: What are the documents required when opening a bank account?
A: Required documents:

  • Identity
  • Address information
  • contact number

Q: Are there any costs to open a bank account?
A: You do not need to pay any fees to open an account in any bank.

Q: How long does it take to open a bank account?
A: After providing the bank with your identity and contact information, the “customer information form”, “banking services contract” and “basic banking product form” are filled and signed. With the fulfillment of these transactions, it takes less than 1 hour for your bank account to become active from the moment you go to the bank.

Q: What is the SWIFT code?
A: SWIFT is the abbreviation for Society forWorldwideInterbank Financial Telecommunication. Each bank has its own swift code. Each swift code is a unique bank account registration ID, and if you want to transfer money abroad, the swift code is required to identify the recipient’s bank account internationally.

Q: What is the IBAN number?
A: The IBAN number consists of the account holder’s swift code and the bank account number. You need an IBAN number for money transfer.

Q: What information will I need if I want to transfer money internationally?
A: The required information is as follows:

  • Recipient’s full name
  • Buyer’s full address
  • Bank and branch name
  • The bank address where the buyer is registered to the account
  • Recipient’s IBAN number
  • The swift code of the receiving bank

Q: When I deposit money into my account, can I withdraw my money within the same day?
A: Of course, your money doesn’t have to stay in the account for a while. However, if you want to withdraw more than 50,000 TL, it is very important that you notify the bank the day before.

Q: Is there a difference in security between private banks and state banks?
A: No, all banks are under government guarantee.


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