Step-by-Step Guide to Open Bank Account in Turkey

In order to facilitate their functions and benefit from the various banking services available in Turkish banks, many residents are opening a bank account in Turkey, in parallel with Turkey's recent qualitative leap which has included several vital sectors in the country. The Turkish economy has entered a new sphere of efficiency to become an attractive investment attraction, not only in the region but also in the world as well.

Not so long ago, having bank accounts and dealing with them was a luxury business for the high class in society, only businessmen and wealthy people.

Today, this is no longer the case, but having a bank account became one of the necessities to meet the demands of modern life.

Whether you are a student, an employee or a tourist, opening a bank account in Turkey gives you the following advantages:

• Paying the fees due (study installments, purchase-rent)
• Paying all kind of bills (water, gas, electricity, internet)
• Transferring funds smoothly within and outside the country.
• Access to e-shopping through credit cards.
• Conducting an exchange between currency categories.
• Banks rely on smartphones applications, for conducting all processes possible where you are, without having to personally visit your bank.

 

A credit card is a card issued by financial institutions, specifically banks, and provides its owner to lend money, thus, these types of cards are often used in both sales and getting installment offers.

Credit cards have been able to achieve success in recent years, including:

• Provide protection and security from theft or loss
• Ensure the rights of their owners, such as ensuring the financial ability of the credit card holder.
• Knowing the bank account value associated with the card
• The possibility of use in many places such as restaurants, shops; which contributed to an increase in the volume of sales for them.

A non-term account, characterized by the ability to deposit and withdraw funds at any time, and does not result in any profits.

• Money transfer.
• Checkbook Transactions.
• Repayment of loans and credit cards.
• Payment of contributions, fees, and rent.
• Paying bills, taxes, insurance premiums and social security.
• Foreign currency transactions and precious metals.
• Transfer of deferred funds.
• Payment of periodic installments (transfer of deferred funds) such as buying real estate in installments in Turkey and paying of the installment amount per month to the account of the construction company.
• Forex trading orders and gold.
• Automated payment orders (automatic payment or bill payment every month, for example, and this process is automatically scheduled without the need for the intervention of the account holder).

Funds collected from participating accounts are used to finance trade, industry and services sectors in line with the principles of interest-free Islamic banking.

The most important point in this system is not to set the rate of return initially, but at the end of the term.

• This account can be used for saving.
• The possibility of buying or selling gold at any time.
• The minimum transaction is 0.01 grams.
• Retains gold stored by 995/1000 purity.
• A certificate to be in return for the saved gold (at the banks where real gold buying and selling is available, such as Kuwait Turk Bank).
• With the gold in the current gold account, you can issue gold checks and convert the gold through the Bank transfer.
• You can withdraw gold in grams from the branches of Kuvet Turk Bank, as an example.

Required Documents to Open Bank Account in Turkey

Steps To Open Bank Account in Turkey