How to open a bank account in Turkey? In order to facilitate their tasks and benefit from the various banking services available in Turkish banks, the general residents resort to opening a bank account in Turkey, which comes in parallel with the qualitative leaps that Turkey has witnessed recently, which included several vital sectors in the country, after which the Turkish economy entered a new sphere of activity to become An attractive investment pole, not only at the level of the region but also at the level of the world as well.
The importance of opening a bank account in Turkey
Not long ago, owning and dealing with bank accounts was a luxury of the velvet class in the society of businessmen and wealthy people only.
Today, this is no longer the case, but owning a bank account in Turkey has become one of the necessary requirements to meet the requirements of modern life.
Whether you are a student, employee, or tourist, opening a bank account in Turkey brings you the following benefits:
- Pay the due fees (study installments – purchases – rent).
- Pay all kinds of bills (water – gas – electricity – internet).
- Transfer money easily within the country and abroad.
- Giving access to the world of online shopping through credit cards.
- Exchanging operations between currency denominations with reasonable margins compared to exchange shops.
- Banks’ adoption of smart device applications, makes all the previous operations possible where you are, and without the need, for you to personally visit the bank.
What are the types of bank accounts in Turkey?
Types of bank accounts in Turkey are as follows:
- It is an account that does not have a term, is characterized by being able to deposit and withdraw funds at any time, and does not result in any profits.
- Through the current account, several banking services can be implemented, such as:
- Money transfer.
- Checkbook transactions.
- Pay off loans and credit cards.
- Payment of donations, fees, and rent.
- Paying bills, taxes, insurance premiums, and social security.
- Trading in securities and Sukuk.
- Transfer between foreign currencies and precious metals.
- Paying periodic installments (deferred transfer of funds) such as buying real estate in installments in Turkey and paying the value of the installment monthly to the account of the construction company.
- Automated payment orders (transfer an amount or pay an invoice automatically every month, for example, and this process is done automatically and scheduled without the need for the intervention of the account holder).
- It is a type of account that allows the distribution of returns – within the scope of the profit and loss partnership – between the account holder and the bank that operates according to the participatory system.
- Funds raised from participating accounts are used to finance the trade, industrial, and service sectors in line with the principles of interest-free Islamic banking.
- The most important point in this system is that the rate of return is not determined at the beginning but at the end of the term.
Current gold account
It is a type of account with no fixed term, and it provides an opportunity to evaluate savings in the form of gold, and some banks provide an evaluation of savings according to the price of other metals.