Opening an international bank account in Turkey 2022
According to the rules of the Central Bank of Turkey, “İş”, “Ziraat” and “Vakif” banks are allowed to open accounts for foreigners in this country, but the presence of a person is required to open an international.
Opening an account in “Ziraat” Bank of Turkey
Opening an account at the Turkish Ziraat Bank usually takes less than a day. And this bank in general is a very good option for depositing and doing banking activities.
Also, electronic banking services such as mobile banking and internet banking provided by this bank are very high quality and powerful. For interbank financial transfers, it is possible to use EFT remittances through Internet banking.
Through Internet Banking, you can manage your account, card settings, including changing passwords and activating online shopping.
Facilities such as opening long-term and short-term deposits and paying water and electricity bills and making bank transfers are among the capabilities of the mobile banking application. Buying and selling dollars and other currencies at the daily rate and like an exchange office is one of the practical features of this program.
It should be noted that for security reasons, the possibility of accessing the Internet bank or mobile banking application from outside of Turkey is blocked by default and if you need such ascess from abroad, you must ask for this activation from the branch helpdesk while opening your account.
Bank deposit anuually interest in 2022 will be 15% for Lira deposits, and 1% for Dollar. About half a percent annually is also set for Euro deposits.
By opening a bank account in Turkey, you will receive an international Visa or MasterCard that can be used all over the world.
Opening an account is completely free of charge, and you can open an account in Turkish banks even without being needed to deposit any amounts in. You will only pay for the card issuance fee if you apply for a physical Visa or MasterCard. .
All types of accounts in Turkish banks have an international IBAN number, which makes it possible to receive money in any amount and from any country.
Ziraat Bank offers both debit and credit cards to its customers. Credit cards are used for booking plane tickets, hotels and online shopping in general, while debit cards are used for daily purchases.
Opening dollar and euro accounts in Turkey
The dollar and euro accounts are created at the same time as the opening of the lira account. But for each, a separate account number and booklet are issued. The issued card is the same card and all your accounts are connected to it.
In April 2020, Ziraat Bank added Western Union services to its collection of internet banking services, and from now on, users can send and receive money with the help of Western Union infrastructure.
Corporate bank account in Turkey
In Turkey, commercial use of personal accounts is prohibited not only for foreigners but also for Turkish citizens. After registering a company in Turkey, you can open your company account in Turkish banks.
Corporate accounts do not have the limit of personal accounts and high account turnover is done through corporate accounts for doing business around the world. After opening an account, it is possible to receive money and remittances in any amount from Europe and other countries of the world in accordance with international laws of anti money laundering.
Taxes and fees on bank accounts in Turkey
According to banking laws in Turkey, no tax is accrued on the remaining funds in the accounts and no fee is charged for maintaining the accounts as well as online and in-person purchases. But banking transactions have a fee based on the amount transferred.
If you deposit an amount into your account and receive the annual interest on the deposit, 15% of the total amount of interest you receive will be deducted as income tax.
Bank account withdrawal-deposit limits in Turkey
There are restrictions on conducting banking transactions amounts through bank accounts in Turkey, depending the method of doing such transaction. The deposit limit to the Ziraat Bank’s accounts through EFT remittances is unlimited.
The deposit limit through SWIFT and WESTERN UNION to the Ziraat Bank’s accounts is unlimited, but for amounts over $ 100,000, proof of the source of the money and the reason for the deposit must be provided to the bank.
Money transfers from within the bank’s branches are unlimited, but through EFT remittances you can withdraw up to 100,000 lira per day. If you want to transfer more than this amount through EFT, you must inform your branch so that they can temporarily increase the withdrawal limit to the amount of your request.
To receive money through ATMs in Turkey, you can withdraw 5,000 lira every 24 hours without commission, more than that includes commission. Outside Turkey, you can withdraw up to $ 5,000 a day from ATMs accepting Visa and MasterCard.
For security reasons, the limit of online purchases with Zaraat Bank credit card by default is 5,000 lira every 24 hours, or the equivalent of this amount for each currency, which you can apply for increasing this limit at your bank’s branch.