Remote Banking in Turkey

Banking in Turkey: A Comprehensive Guide for Expats

If you are an expat living in Turkey, setting up a local bank account is essential for managing your finances efficiently. In this guide, we will provide you with detailed information on various aspects of banking in Turkey, such as which banks accept foreigners, KYC requirements, the availability of digital banking services like Wise and Revolut, ATM fees, multi-currency options, the account opening process, currency exchange tips, and tax residency clarification.

### Banks Accepting Foreigners Several banks in Turkey cater to expatriates and offer services in English to make banking more accessible for foreigners. Some of the popular banks that accept foreign customers include Garanti BBVA, İşbank, Akbank, and Yapi Kredi. These banks have branches in major cities and tourist areas, making it convenient for expats to access their services.

### KYC (Know Your Customer) Requirements When opening a bank account in Turkey, you will need to provide certain documents to comply with KYC regulations. Typically, banks require the following documents from expats: - Passport - Residence permit (Ikamet tezkeresi) - Proof of address (utility bill or rental agreement) - Tax identification number (Vergi Kimlik Numarası)

### Wise and Revolut Availability Wise (formerly TransferWise) and Revolut are popular digital banking services known for their low fees and competitive exchange rates. Both Wise and Revolut are available in Turkey, allowing expats to transfer money internationally and make payments in different currencies easily. You can use these services alongside your local bank account for seamless international transactions.

### ATM Fees ATM fees in Turkey can vary depending on the bank and the type of transaction. While some banks offer free withdrawals to their customers, others may charge a fee for using ATMs. It is advisable to check with your bank regarding ATM fees and look for ATMs that offer free withdrawals to avoid unnecessary charges.

### Multi-Currency Options Some Turkish banks offer multi-currency accounts that allow you to hold and transact in different currencies. This can be beneficial for expats who receive income in foreign currencies or frequently make international transfers. Check with your bank to see if they offer multi-currency account options and understand the fees associated with currency conversions.

### Opening Process To open a bank account in Turkey, you can visit a branch of your chosen bank with the required documents mentioned earlier. The bank staff will assist you in filling out the necessary forms and guide you through the account opening process. Once your account is active, you will receive a debit card and online banking access to manage your funds conveniently.

### Currency Exchange Tips When exchanging currency in Turkey, it is advisable to compare exchange rates offered by banks and exchange offices to get the best deal. Avoid exchanging money at airports or tourist areas, as they often charge higher fees. Additionally, consider using digital currency exchange platforms like Wise for competitive rates and lower fees for international transfers.

### Tax Residency Clarification Expats living in Turkey may have tax obligations based on their residency status. If you stay in Turkey for more than 183 days in a calendar year, you are considered a tax resident and are required to pay taxes on your worldwide income. It is essential to consult with a tax advisor or the Turkish tax authorities to understand your tax liabilities and ensure compliance with local tax laws.

In conclusion, setting up a bank account in Turkey as an expat is a straightforward process with the right documentation and information. Choose a bank that suits your needs, be aware of fees and exchange rates, and stay informed about your tax obligations to manage your finances effectively while living in Turkey. By following the guidelines outlined in this comprehensive banking guide, you can navigate the Turkish banking system with confidence and ease.