For expats living in Turkey, understanding the local banking system and managing finances effectively are essential aspects of maintaining a comfortable and organized life in the country. Opening a local bank account not only simplifies the management of one's financial affairs but also allows for more efficient navigation of daily transactions. It aids in making payments for rent, utilities, and other bills, streamlines international money transfers, and provides access to convenient online and mobile banking services.

In this comprehensive guide, we aim to assist expats in understanding the process of opening a bank account in Turkey, from determining eligibility to selecting the right bank and completing the application process.

Join us as we unravel the complexities of the Turkish banking system, providing expats with the resources, confidence, and support they need to open a bank account and manage their finances effectively in Turkey.

Why Open a Bank Account in Turkey

There are numerous advantages to opening a local bank account for expats living in Turkey. Some of the primary benefits include:

  1. Ease of Managing Finances: A local bank account allows expats to manage their finances more efficiently, making it simpler to handle daily transactions, receive salary payments, and set up standing orders for rent or utility bills.
  2. Access to Online Banking Services: Most Turkish banks offer online banking services which expats can use to manage their money conveniently. These services typically allow customers to view account balances, transfer funds, and pay bills with just a few clicks.
  3. Facilitating Payments: Having a local bank account simplifies the process of making payments for various expenses, such as rent, utilities, and other bills, which often require a domestic bank account when paying via direct debit or bank transfer.

Eligibility Requirements for Expats

Before proceeding to open a bank account in Turkey, expats must ensure they meet specific eligibility criteria. The main factors determining eligibility include:

  1. Visa Status: Expats must hold a valid visa permitting them in Turkey legally. This can include a long-term tourist visa, a work visa, or a residence visa.
  2. Residency: Expats should obtain a residence permit (ikamet tezkeresi) by registering with the local population directorate in their area within 30 days of arriving in Turkey.
  3. Documentation: Expats must possess all required documents to open a bank account, such as a valid passport, residence permit, and proof of address.

Required Documents

To ensure a seamless application process, expats should gather the following documents before visiting their chosen bank:

  1. Valid Passport: A current passport is required as proof of identification. Remember to bring both the original and photocopies of the passport's main pages.
  2. Residence Permit: Expats must have a valid Turkish residence permit, demonstrating their legal status in the country.
  3. Proof of Address: Some banks may request proof of address when opening an account. This can include a lease agreement, utility bill, foreign drivers license, or letter from the expat's employer confirming their residential address.
  4. Tax Identification Number: Expats opening a bank account in Turkey are typically required to obtain a tax identification number (vergi numarası) from the local tax office (vergi dairesi).
There are certain banks that do not require a residence permit. If you need any assistance, feel free to reach out to us.

Choosing the Right Bank

When selecting a bank in Turkey, expats should carefully consider factors such as the bank's reputation, range of services and accounts offered, accessibility, and customer service. Some popular banks among expats in Turkey include:

  1. Türkiye İş Bankası (İş Bank): Established in 1924, İş Bank is one of Turkey's oldest and largest banks, boasting a wide range of financial products, numerous branches, and an extensive ATM network.
  2. Akbank: Known for its innovative banking services, Akbank offers a variety of accounts and services tailored to expats, with a focus on online and mobile banking solutions.
  3. Garanti Bank: Owned by the Spanish BBVA Group, Garanti Bank provides a broad range of banking services and products, including accounts catering specifically to foreign residents.
  4. Yapı Kredi: A merger between Koçbank and Yapı Kredi in 2005 resulted in one of Turkey's largest private banks, offering comprehensive services, including personal and commercial banking.

Common Types of Bank Accounts

Expats can choose from several types of bank accounts offered by Turkish banks, each catering to different needs. The most common account types include:

  1. Savings Account (Vadeli Hesap): Typically bearing interest, savings accounts enable expats to save their money and earn returns. Terms and conditions may vary between banks and accounts, so it's essential to research and compare options.
  2. Checking Account (Vadesiz Hesap): Suitable for daily transactions, checking accounts allow customers to deposit and withdraw funds, pay bills, and issue cheques without restrictions.
  3. Foreign Currency Account (Yabancı Para Hesabı): A foreign currency account allows expats to deposit, manage, and withdraw funds in various currencies, reducing the impact of exchange rate fluctuations.

Applying for a Bank Account

To open a bank account in Turkey, expats must follow these steps:

  1. Compile the necessary documents, ensuring all originals and photocopies are up-to-date and accurate.
  2. Research and select a suitable bank, considering factors such as reputation, product range, and customer service.
  3. Visit the chosen bank in person, bringing all required documents.
  4. Complete the account opening process, providing all necessary information and signing relevant agreements.


Navigating the Turkish banking system and opening a local bank account is an integral aspect of maintaining an organized financial life as an expat in Turkey. By understanding eligibility requirements, gathering essential documents, and selecting the right bank and account type, expats can efficiently manage their funds and enjoy a seamless banking experience. Ikamet is here to guide expats through the process, ensuring a successful transition into Turkish financial life and facilitating a prosperous and enjoyable expatriate experience. And, if you’re looking for immigration services and more for your move to Turkey, do reach out to us today!