Turkey — Banking: Best Banks

Key facts

• Major Turkish banks are subject to regulation by the Banking Regulation and Supervision Agency (BDDK)

Steps

1. Opening a Bank Account — To open a bank account in Turkey, a foreigner typically needs to provide a valid passport, proof of address, and proof of income. Additional documentation may be required depending on the bank and individual circumstances.
2. Choosing a Bank — Choosing the best bank in Turkey for a relocating individual will depend on personal preferences and financial needs. Some banks may offer more English-language services or more favorable exchange rates for foreign transactions.

Costs

• Opening Fee: No opening fee, but some branches may require a deposit to be held for 1-3 months.

Timelines

• Account Opening: typically 1-3 business days, but may vary by bank

Required documents

• Valid passport
• Proof of address
• Proof of income

Common mistakes

• Not researching the bank's fees and requirements before opening an account
• Not understanding the account's terms and conditions