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Many international investors choose Turkey when purchasing property. One of the first practical steps is opening an account with a Turkish bank. The process is relatively straightforward, although the language barrier can present an unexpected obstacle.
Banking services in Turkey
Support with every aspect of the transaction
With Mercury Group, you will not have to face bureaucracy alone. We support you at every stage:
- Assistance with opening a bank account
- Money transfers and document preparation
- Handling all organisational matters
There are 54 banks operating in Turkey, 34 of which are commercial banks.
Almost half of all deposits are held in foreign currencies, helping to protect savings from inflation.
Interest rates on lira deposits can reach 40–50% per annum, although actual returns depend on exchange-rate fluctuations.
Key features of the Turkish banking system
Multi-currency accounts and cards
Accounts can be opened in several currencies, and multi-currency cards allow you to select the currency used for payments and transfers.Opening hours
Most branches are open Monday to Friday from 9:00 am to 5:00 pm, usually with a lunch break from 12:30 pm to 1:30 pm.In-person visits
Many matters can only be resolved in person. Even where a bank has a mobile app and online chat, some transactions require a branch visit.Branch-specific rules
Each branch has its own rules: some serve foreign nationals, while others do not. Document requirements also vary.Customer support
Customer support is rarely available through apps or messaging services. Most enquiries have to be handled by phone.Mobile apps
Major banks offer mobile apps in Turkish and English for transfers, bill payments, opening deposit accounts and monitoring spending.Online banking
Online banking is usually activated after registering in person at a branch, and additional restrictions may apply to foreign nationals.The FAST system
The FAST instant payment system enables 24/7 interbank transfers using a phone number, email address or QR code.Requirements for foreign nationals
Some banks serve foreign nationals without a residence permit. A passport and Turkish tax number may be sufficient at one bank, while another may require additional documents.Examples of properties we offer our clients
Standard documents required to open an account
- Vergi Numarası — a Turkish tax identification number
- Passport
- Ikamet (residence permit)
- Adres Kayıt — registered residential address; in some cases, a utility bill bearing your name and this address (Fatura) is sufficient
What to consider when choosing a bank
- Interest rates on loans, mortgages and deposits
- Availability of staff who speak your language, or at least English
- The quality and convenience of mobile banking
- Correspondent relationships between the Turkish bank and banks in your home country
- Fees for account services, cash withdrawals, transfers and currency conversion
Virtually all Turkish banks are considered reliable, providing a high level of protection for your funds.Mercury Group provides a complete range of pre- and post-sale services: professional, timely document preparation; assistance with opening a bank account; transferring money from abroad; obtaining a DAB foreign-exchange purchase certificate; and arranging payments for property purchases.
Our specialists handle every step quickly and professionally.