Opening a bank account in Turkey can sometimes be a complex process, especially for foreigners. To ensure this process goes smoothly, there are specific requirements and procedures. These rules, established by the Central Bank of Turkey, typically require a passport, residence permit, and documentation of an address in Turkey. However, these rules can vary depending on the applicant’s nationality and the bank’s internal procedures.
Recently, there have been some difficulties in opening bank accounts, especially for Russian citizens.
Most banks in Turkey have imposed restrictions on opening company accounts for Russian citizens. This situation is largely dependent on international financial regulations and the status of diplomatic relations between the two countries.
International money laundering
For instance, even if some banks agree to open a bank account for Russian citizens, they have stipulated that transactions in dollars are prohibited in these accounts. This is usually a consequence of laws related to international money laundering and financing of terrorism. Therefore, researching which bank is most suitable for your situation is crucial.
After you have opened your bank account, there are potential difficulties you may encounter during transactions such as transferring money abroad. Some countries and currencies may be restricted, and banks often request additional documents for such transactions. Commercial documents such as invoices are generally required to prove the legality of the transactions.
Moreover, banks often demand various costs during the account opening process. These costs can include account opening fees, annual account management fees, ATM usage fees, and other transaction fees. These costs vary from bank to bank, so conducting research to find the most suitable option is important.
In conclusion, there can be difficulties in opening a bank account in Turkey, but these can be overcome with the assistance of an experienced consultancy firm.
Our company offers services to open both personal and company bank accounts through our partner banks within just 2 working days.Our consultancy team simplifies the potential difficulties encountered during the account opening process by providing you with the best service.
For a seamless banking account opening experience, you can reach out to our consultancy service.
