COREDO > Opening a Bank Account in Turkey

Opening a Bank Account in Turkey

Opening a Bank Account in Turkey with COREDO

Turkey is a dynamically developing economy at the crossroads of Europe and Asia, attracting foreign entrepreneurs and investors with its advantageous geographical position, diversified financial sector, and policies aimed at attracting foreign capital. The banking sector accounts for over 80% of the country’s financial system and is known for its favourable approach to non-residents. COREDO has been providing professional assistance with opening bank accounts in Turkey since 2016, ensuring comprehensive support for clients at every stage.

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Cost of the service
from 700 EUR

Types of Bank Accounts

The following main types of bank accounts are available in Turkey:

A corporate bank account (Kurumsal Hesap)

is intended for legal entities and is used for conducting commercial activities, making payments to counterparties, and managing working capital. Accounts are opened in Turkish liras (TRY), euros (EUR), US dollars (USD), and other currencies, with the option of connecting online banking and the SWIFT international transfer system.

A payment institution account (Payment Institution Account)

is an alternative to a traditional bank account and is opened at licensed payment organisations. This type of account is suitable for companies that need quick access to settlement services without undergoing lengthy bank compliance procedures.

A personal bank account (Bireysel Hesap)

is opened for individuals and is used for receiving income, making payments, and managing personal finances. Turkish banks provide a full range of services for private clients, including debit cards, online banking, and international transfers.

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 assistance with obtaining a Turkish tax number is provided if one is not yet available.

01

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.

02

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.

03

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.

04

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.

COREDO Service Fees

Legal Entities

Stage	Cost
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Opening deposit	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Cost
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The cost depends on the type of account being opened (bank or payment institution). The deposit is credited to the client’s account and remains at their disposal after account activation.

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 preparation, apostille, translation, and verification of all required documents in accordance with the standards of Turkish banks. Communication with the bank is handled by the COREDO team, minimising the likelihood of delays due to incomplete documentation or incorrect formatting. Assistance with obtaining a Turkish tax number eliminates 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.

Contact us

Our Experts

Pavel Kos

Head of Legal at COREDO. He specialises in corporate services, bank accounts, and legal support for clients in European and international jurisdictions.

Daniil Saprykin

Head of Customer Success at COREDO. He ensures operational coordination of the account opening process and liaison with banking institutions.

Frequently Asked Questions

Can a non-resident of Turkey open a bank account?

Yes, non-residents can open both corporate and personal bank accounts in Turkey. To do so, a complete set of documents must be submitted, including apostilled corporate documents (for legal entities) and a valid passport. Turkish banks conduct standard KYC procedures for all clients. A residence permit is not a mandatory requirement when the process is handled with professional support.

What are the timelines for opening a bank account in Turkey?

The standard verification and account opening timeline is 14 to 28 business days. Actual timelines depend on the complexity of the corporate structure, completeness of documents, and internal procedures of the specific bank. Preliminary screening at the first stage helps optimise timelines through accurate bank selection.

In which currency can a bank account be opened?

Turkish banks offer accounts in Turkish liras (TRY), euros (EUR), US dollars (USD), and other currencies. Multi-currency accounts are available for both legal entities and individuals, which is convenient for international settlements.

Is personal presence required to open an account?

Most Turkish banks require the personal presence of a company representative or individual when opening an account. COREDO arranges the visit and accompanies the client at the bank branch, ensuring that all necessary documentation is prepared in advance.

Which documents need to be translated into Turkish?

All documents issued outside Turkey must be translated into Turkish by a sworn translator (yeminli tercüman). In addition, documents must be notarised and apostilled or ratified by a Turkish consulate in the country of issuance.

Submit Application

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.