After the openness of the economy in full swing in various fields in Turkey’s tourism or investment, to name but a few countries in the Middle East after the outbreak of fire and wars in few of them, Turkey has seen the influx of Arab share capital significantly, whether personal or corporate, and the influx of Arab citizens bringing the fruits of their work and their ages to invest in Turkey.
After arriving at the airport and after asking about residence, the next question comes: "I want to open an account at the bank, can I do that, and what are the best banks that would allow me to open a bank account?"
The answer: Yes, where citizens of foreign nationalities who are not Turks are entitled to open a bank account in Turkey, especially in the absence of a policy of keeping you in Turkey, whether the account is to be opened is a personal or commercial account.
The most prominent of these banks in terms of facilities, useful services and assistance to the Arab citizen is Bank Kuwait Turk, which is characterized by the support of subscribers in Arabic, English and Turkish.
Followed by Ziraat Bank, AL Baraka Bank - Finance Türk.
The methods of opening a personal bank account is summarized as follows:
1- You should be informed of your place of residence and detailed address (this can be done by the resident in the same place of residence).
2- Going to the tax office personally, accompanied by a passport and getting a special tax number for foreigners and your registration there, knowing that all branches of the Department is mandated to conduct free of charge and operates within a 30 minutes’ maximum, unless there is congestion.
3- After obtaining the tax number you have received from the Tax Department, you can now go to any bank you choose, open an account, make transfers and trade on the stock exchange. In short, you can make all transactions and banking services.
Especially that you can open an account in Turkish lira, dollar or euro.
It is important to note that there is no need to be present in Turkey. You can make all transactions from outside the country on the Internet, but some banks may need a Turkish mobile number to send a text message to verify ownership.
The steps of opening a commercial account (companies and factories) are:
1- One of the empowered employees of the company should go and sign to open an account different from the personal bank account.
2- To go with the required translated papers to the tax department and obtaining a commercial tax number for the company, there is no need to indicate the activities of the company or one of its representatives in Turkey or anything else just informing the company’s detailed address is enough.
3- Finally to go to the bank with the tax number and the required translated papers.
All papers and confirmations related to the company shall be requested by the bank, including (the agreement, the main contract of the company and the registration number of the commercial or industrial registration and the establishment information translated and certified by notary or consulate if necessary).
Companies can open many accounts and deal with them and do orders online through electronic banking services. There is no limit of opening a bank account in Turkey, if one or more doesn’t matter.