In 2025, Turkey’s banking system is witnessing remarkable development in terms of digital services, financial security, and support for both local and foreign investors.

With the growing demand for real estate investment in Turkey and the Turkish citizenship-by-investment program, opening a bank account in Turkey has become an essential step for every investor or new resident.

1.  Overview of the Banking System in Turkey

The Turkish banking sector is among the most stable and diversified in the region, comprising over 50 banks, both local and international.

It operates under the supervision of the Banking Regulation and Supervision Agency (BDDK) and the Central Bank of the Republic of Turkey (TCMB).

Key features of the Turkish banking system include:

• Advanced digital infrastructure allowing all transactions to be conducted online with ease.
• Financial services available in both Turkish lira and foreign currencies.
• The ability for foreigners—residents or investors—to open accounts without Turkish citizenship.
• A deposit insurance system covering up to 650,000 TRY per account.

2. Types of Banks in Turkey

• Public Banks

Examples: Ziraat Bankası, VakıfBank, Halkbank — known for wide coverage and competitive interest rates.

• Private Local Banks

Examples: Garanti BBVA, Akbank, Yapı Kredi, İş Bankası — offering advanced digital banking and multi-currency accounts.

• Foreign Banks in Turkey

Examples: HSBC Turkey, ING Bank, QNB Finansbank — providing seamless international transactions and global services.

• Participation (Islamic) Banks

Examples: Kuveyt Türk, Albaraka Türk, Vakıf Katılım — operating under Islamic finance principles with interest-free systems.

3. Steps to Open a Bank Account in Turkey for Foreigners (2025)

To open a bank account in Turkey as a foreigner, follow these steps:

• Obtain a Turkish Tax Number (Vergi Numarası):

Easily issued at tax offices or online through the e-Devlet portal.

• Submit the required documents:

A valid passport

Proof of address in Turkey (rental contract or utility bill)

Turkish phone number (for mobile banking activation)

Turkish residence permit (required by some banks)

• Choose your account type:

Turkish lira account

USD or EUR account

Joint or savings/investment account

• Activate digital banking:

Most banks provide mobile applications that allow users to manage accounts, transfer funds, and pay bills online.

4. Benefits of Having a Bank Account in Turkey

• Simplifies property purchase and international money transfers.
• Enables easy payment of taxes and government fees.
• Access to debit and credit cards usable worldwide.
• Facilitates Turkish citizenship-by-investment procedures.
• Allows management of rental income and investment returns.

5. Key Tips When Choosing a Bank

• Select a bank that provides support in English or Arabic.
• Ensure the bank is connected to the SWIFT network for international transfers.
• Review the annual fees and digital service quality before applying.
• Keep detailed records of all transfers for legal and tax purposes.

6. The Most Preferred Banks for Foreigners in Turkey (2025)

• Ziraat Bankası

One of Turkey’s oldest and strongest state-owned banks, with branches nationwide.

It is trusted by foreign investors for real estate purchases and citizenship-related financial transactions.

• Garanti BBVA

Renowned for its advanced digital platform and English-friendly mobile app.

Garanti is a top choice for international clients seeking flexible and fast online banking.

• Kuveyt Türk

A leading Islamic (participation) bank offering interest-free services.

It’s highly popular among Arab investors due to Arabic-language support and easy account setup for foreigners.

• QNB Finansbank

Known for professional customer service and efficient international transfers.

It offers multi-currency accounts (TRY, USD, EUR) with a modern digital interface.

• İş Bankası

One of the largest private banks in Turkey, with an extensive branch network domestically and abroad.

It provides high-security and comprehensive banking solutions ideal for long-term investors.

7. The Connection Between Bank Accounts and Real Estate Investment

When purchasing property in Turkey, most developers and legal authorities require buyers to have a bank account under their name for transferring the property value.

Thus, opening a bank account is an essential step for:

• Proof of funds
• Official registration of property purchase in the Land Registry (Tapu)
• Meeting Turkish citizenship-by-investment requirements

Luxury Signature Bank Account Opening Service

Luxury Signature offers an exclusive banking assistance service for clients purchasing real estate in Turkey, in partnership with leading state and private banks.

This service simplifies the account-opening process for foreign investors, ensuring full compliance with Turkish regulations and the highest level of professionalism.

The service includes:

• Preparing all official documents in Arabic and English.
• Coordinating with the most suitable bank — whether Islamic or conventional.
• Providing legal accompaniment or sworn translation during the process.
• Completing account opening within one business day in most cases.
• Linking the bank account directly to property purchase or rental income management.

This service is available exclusively to Luxury Signature’s real estate clients as part of its comprehensive investment solutions.