Banking System of Turkey
Types of Bank Accounts
The following main types of bank accounts are available in Turkey:
Requirements for Clients
Opening a bank account in Turkey is subject to the requirements of Law No. 5549 on anti-money laundering and MASAK regulations. Banks are required to perform customer due diligence (CDD) before establishing business relationships and throughout their duration.
For legal entities, banks verify the corporate structure, details of founders and directors, information about beneficial owners, source of funds, and the nature of planned operations. An important requirement is having a Turkish tax identification number (Vergi Kimlik Numarası), which must be obtained before submitting an account opening application. For foreign companies without a registered representative office in Turkey, banks may impose additional documentation requirements.
For individuals, a valid passport and proof of address are required. Non-residents have the opportunity to open a bank account provided they submit a complete set of documents and complete KYC (Know Your Customer) procedures. Some banks may request a residence permit when opening an account in Turkish liras; however, with professional intermediary support, this requirement is generally not mandatory.
Turkish banks pay particular attention to the transparency of the client’s financial activities. Questions about the source of funds, business structure, and planned transaction volumes are a standard part of the verification process.
Account Opening Process and Timelines
The process of opening a bank account in Turkey through COREDO includes the following stages:
Client Analysis (preliminary screening).
COREDO specialists analyse the client’s profile, identify suitable banks and account types, and assess the likelihood of approval. At this stage, initial information about the company or individual is collected and verified, and the need to obtain a Turkish tax number is checked if one is not yet available.
Document preparation.
A complete set of documents is prepared in accordance with the requirements of the selected bank. All foreign documents undergo notarisation, apostille (or ratification by a Turkish consulate), and translation into Turkish by a sworn translator.
Application submission and bank liaison.
COREDO submits the documents to the bank and ensures communication between the client and bank specialists at all stages of the application review. If necessary, a visit by the client’s representative to the bank branch is arranged.
Verification and account opening.
The bank reviews the submitted documents and conducts KYC procedures. Upon successful verification, the account is opened and account details are provided to the client.
Standard verification and account opening timelines at Turkish banks range from 14 to 28 business days, depending on the requirements of the specific bank, the complexity of the corporate structure, and the completeness of the submitted documentation.
Required Documents
To open a corporate bank account in Turkey, the following documents are generally required: articles of association and memorandum of association (with apostille and notarised translation into Turkish), certificate of company registration, notarised copies of passports of directors and beneficial owners, proof of residential address of directors and beneficial owners (bank statement or utility bill, no older than three months), Turkish tax identification number (Vergi Kimlik Numarası) for the company and its representatives, signature circular (imza sirküleri) and company seal, as well as a description of business activities and planned operations.
To open a personal bank account, an individual will need: a valid passport, Turkish tax identification number, proof of residential address, and information about income sources.
All documents issued outside Turkey must be notarised and apostilled (or ratified by a Turkish consulate) and translated into Turkish by a sworn translator. The specific list of documents may vary depending on the requirements of the selected bank and the client’s profile. COREDO specialists provide a detailed list of documents after the preliminary analysis at the first stage of cooperation.
Advantages of Working with COREDO
COREDO has been operating in the legal and consulting services market since 2016. The company is headquartered in Prague and provides services in European Union jurisdictions and beyond, including Turkey. Working with COREDO when opening a bank account in Turkey offers a number of significant advantages.
Professional analysis of the client’s profile enables the identification of the most suitable banking institutions and account types before the application is submitted. Comprehensive document support includes help with preparing and verifying all required documents in accordance with the standards of Turkish banks, with advice on apostille and translation. Communication with the bank is handled by the COREDO team, minimising the likelihood of delays due to incomplete documentation or incorrect formatting. Advice on obtaining a Turkish tax number helps with one of the most common challenges for foreign clients. The client receives personalised expert support throughout the entire process — from the initial consultation to receiving account details.
Our Experts
The COREDO team has been operating since 2016 and supports companies and individuals in opening bank accounts.
Frequently Asked Questions
If you are planning to open a bank account in Turkey — for a company or for personal purposes — COREDO specialists are ready to provide professional assistance at every stage of the process.
