Don't be foolish! When you go to a different country and plan to stay there for a long period of time, you need to set up your own bank account. Just because online baking has become common nowadays, that doesn't mean you can rely solely on digital platforms. They might be good for transferring money and whatnot but not necessarily for storing your savings. Here in Turkey, you'll need to open your own account in order to properly take care of all your money. But how do you do it? Here's what you need to know!
Who Gets To Open A Bank Account Here?
First thing's first, who's allowed to open his/her own local bank account in the first place? Is it similar to the country's tax system
where it’s only legal residents have to pay? Not necessarily! In Turkey. even non-residents can open their own local bank accounts. You don't need any sort of certification for banks, especially international ones that operate in Turkey, to allow you to set up an account with them. All you need are a few required documents, an opening deposit, and you're good to go. But don't think that this means that Turkey's banking system is lax. It's not!
Opening A Local Account As A Non-Resident
As already mentioned, even if you're not a legal resident of Turkey, you can still set up your own local bank account. However, don't think that this is an easy process. On the contrary, opening an account in a local Turkish bank is much more difficult for non-residents. That's because most banks in the country require a residency permit and/or proof of address as part of the documents they need to show. Only when you have a huge deposit ready will you be allowed to push through with your application. Many banks are open to such when it's a substantial amount.
Required Documents You Need
So, you already know that a residency permit and/or proof of address are part of the list of documents most Turkish banks require you to show. But what are the others? There is, of course, your valid passport, tax ID, and proof of signature form. As long as you have all of these, you're good to go! For the valid passport, make sure that the document you show will remain valid for a long period of time from the moment you set up your account. As for your Tax ID, you can simply get it from Turkey’s Finance and Tax Office
Turkey's Best Banks for Foreginers
Of course, before anything else, you'll need to have chosen the local bank you want to set up your account with, right? But which one would you choose? Isbank
, the largest in the country, is arguably your best option. It's an international institution that also operates in other countries such as the UK and China. This bank also typically works with foreigners, earning the monicker. 'The Turkish bank for foreigners.' But you can also say that about Garanti Bankası
too. It’s the second-largest bank in Turkey, known for operating in English, both with its website and phone service.
Common Banking Fees in Turkey
Once you've set up your bank account, know that you'll face numerous banking fees along the way. For one thing, when you use an ATM machine from another bank for your transaction, that comes with its own fee that will automatically be deducted from your account. Various banks also impose monthly maintenance fees, ensuring that you're using your account regularly. At the same time, they also have account closing fees for when you decide to close your account. And, of course, when transferring money, especially to other countries, expect to pay large fees. How much these fees vary from bank to bank.
You'll benefit a lot from setting up your own local bank account in Turkey. Don't simply rely on online platforms and the like when it comes to storing your money. This country has a straightforward process to set up your account and many great banks to choose from!
Having your own bank account in Turkey makes it easier for you to keep many things here, including your luxury home