3 Advantages Why opening a Turkish bank account is better than cash

steps to open a Turkish bank account

In general, most residents and investors on Turkish lands resort to opening a Turkish bank account to take advantage of banking services in cash transactions, paying bills and taxes, facilitating transfers and selling and buying real estate in a safe and documented manner, especially after Turkey witnessed great qualitative leaps in The economy has made it an attractive center for investors, especially foreign real estate investors who want to obtain Turkish citizenship through investment. In this article, we will answer questions about how to open a Turkish bank account:

What is the importance of opening a Turkish bank account?

 importance of opening a Turkish bank account
  1. In the past, bank accounts were limited to the wealthy and businessmen, while nowadays it has become a necessary thing to facilitate daily life where anyone with a Turkish bank account can use it to pay bills, taxes, installments, make electronic purchases and transfer money without visiting Bank personally.
  2. It is also possible to take advantage of the credit cards granted by banks in Turkey to the person who has a Turkish bank account to pay in stores, restaurants and all centers that accept payment by credit cards, where you can keep your money in your Turkish bank account and get it whenever you want and Anywhere via your credit card without fear of it being stolen or lost.
  3. The banking application service that was made available on mobile phones made it easy to know the available balance in the Turkish bank account, review the transfers and obtain a bank statement with the transfer numbers and dates without the need to visit the bank.

How many types of Turkish bank account are there in Turkey?

The needs of depositors in Turkish banks vary according to the purpose of the deposit. As a result, there are types of bank accounts to suit all requirements. There are three main types of Turkish bank accounts:

1. Current account:

 It is an account that is not designated for profits and is not limited to a specific date and is characterized by its ability to withdraw and deposit at any time and is usually used to carry out financial transactions such as payment of installments, taxes, rental fees, insurance and online purchases.

 types of Turkish bank account

2. Participation account:

It is an account defined for a specific period. The profits and returns are distributed at the end of this period, and the rate of returns is not agreed upon until the end of the period agreed upon between the account holder and the bank according to the participatory system that works on the principle of distributing returns (profit and loss sharing) between the bank and the owner Bank account.

3. Gold Current Account:

It is an account that allows to keep drugs in the form of gold, and the account holder can sell or buy gold whenever he wants at its price at the time of sale or purchase, and there are some banks that provide the service in the form of other metals.

What are the documents and steps needed to open a Turkish bank account?

 steps needed to open a Turkish bank account

The procedures necessary to open a Turkish bank account are very easy, as a person wishing to open an account in a Turkish bank must first obtain a proof of residence document and visit the tax department with your valid passport and obtain your tax number as the process only takes a few Minutes and submit the documents to the bank you want to deal with in order to open the account with your own name and password and provide you with a credit card for your Turkish bank account.

What are the conditions for opening a Turkish bank account?

Opening a Turkish bank account does not require the completion of complicated conditions, as all that a person wishing to open the account must have is his possession of a valid passport, residence card, tax number and proof of residence.

conditions for opening a Turkish bank account

Can non-residents of Turkey open a Turkish bank account?

Some wonder if it is possible to open a Turkish bank account without residing in Turkey. A Turkish bank account can be opened for non-residents provided that they hold residency by doing special procedures online, but there are some conditions for banks with respect to non-resident accounts that differ according to the bank’s laws The identity, ownership and full explicit name of the customer are confirmed, and the transactions differ according to the value and type of the deposit.

What are the benefits of opening a Turkish bank account?

In general, opening a Turkish bank account greatly helps in facilitating daily life and carrying out financial transactions and transactions with ease and ease, and in particular, it is one of the most important steps that foreign investors must take in Turkey to ensure their right during purchase or leasing operations.

 benefits of opening a Turkish bank account

It is best to make money transfers through the bank to avoid fraud. In the event of any manipulation or fraud, the bank can be resorted to and issue an account statement for the transfer process and submit it to the relevant authorities in Turkey to file a lawsuit and recover the money from.

Read also: 8 facts about Real estate investments in Turkey, are they profitable or not?

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