Banking and Money Transfers in Türkiye

Foreigners, including holders of mainland China, Hong Kong, Macau, Taiwan, Singapore and Malaysia passports, can open a personal bank account in Türkiye with a valid passport, a Turkish tax number and a verifiable address, signed in person; whether a residence permit is also required is each bank's own policy. When money from abroad pays for property, the bank's foreign-currency purchase certificate (DAB) becomes part of the land registry file, and mainland residents must work within SAFE's USD 50,000 annual quota, which cannot be used to buy property abroad.

Key facts

Opening a personal bank account as a foreigner

What you need

Most banks ask for the original passport, a Turkish tax number, proof of address (a rental contract, title deed, utility bill or residence permit) and a Turkish mobile number for SMS verification. You sign in person; only some banks accept a power of attorney. Our document checklist covers the details.

The tax number

Foreigners without a Turkish ID number get a free "potential" tax number (potansiyel vergi kimlik numarası) through the Revenue Administration's (GİB) online application for foreigners or at a tax office (vergi dairesi) with a passport. Once you hold a residence permit, the 11-digit foreigner ID number beginning with 99 is generally used instead. A tax number alone does not make you a Turkish tax resident.

Is a residence permit needed?

No single national rule requires one for a basic account. Policies vary by bank and even by branch: some open non-resident accounts on a passport and tax number, others ask for a residence permit, a title deed or a clearer reason for the account, and non-resident accounts may have fewer online features.

Choosing a bank

Türkiye has state-owned banks, large private banks, foreign-owned banks and participation (interest-free) banks, all licensed and supervised by the Banking Regulation and Supervision Agency (BDDK). Compare them on your actual needs (foreign-currency transfers, English online banking, cards). Two banks owned by Chinese groups appear on the BDDK's list of licensed banks: Bank of China Turkey A.Ş. and ICBC Turkey Bank A.Ş. Their networks are far smaller than the large domestic banks', so ask directly which personal services they offer.

Foreign-currency accounts

Turkish banks offer accounts in lira and major currencies such as US dollars and euros, some also in renminbi. Incoming transfers can stay in the original currency or be converted at the bank's rate on the day; fees, interest and the withholding tax on interest change often. When the bank buys foreign currency from you, it issues a DAB (döviz alım belgesi); when it sells you foreign currency, for example to send sale proceeds abroad later, the record is a DSB (döviz satım belgesi). Keep both as the paper trail for any later property, citizenship or tax question.

Sending money from mainland China

SAFE gives each mainland resident an annual facilitation quota of USD 50,000 equivalent per calendar year for buying foreign exchange. The purpose must be declared, and SAFE's rules bar these purchases from capital-account uses not yet opened, including buying property abroad, securities investment and certain life insurance products. Current-account payments above the quota, such as tuition, need documents proving the transaction is genuine, and splitting purchases across relatives or friends is treated as a violation.

A Turkish property purchase or investment funded from the mainland therefore needs a separate compliant route (for companies, outbound direct investment filings), planned with qualified PRC advisers before money moves. See our guide to transferring funds from China to Türkiye.

For trade, the CBRT and the People's Bank of China renewed their currency swap on 13 June 2025 (up to CNY 35 billion or TRY 189 billion, for three years) and signed a memorandum on RMB clearing arrangements in Türkiye.

Sending money from Hong Kong, Singapore, Malaysia and elsewhere

Hong Kong and Singapore impose no exchange controls on outward remittances; the practical limits are your bank's know-your-customer (KYC) checks, transfer limits and correspondent-bank questions. Under Malaysia's Foreign Exchange Policy, a resident with no domestic ringgit borrowing may invest any amount in foreign-currency assets abroad, while one with such borrowing is limited to RM1 million equivalent per calendar year from converted ringgit and certain other sources, unless an exception applies. Rules in Macau and Taiwan differ, so check with the remitting bank. Whatever the origin, the sender name should match the account holder and the purpose should be stated clearly.

Paying for property or citizenship: DAB records and the Secure Payment System

Under the land registry's Circular 2022/1, applied since 24 January 2022, a foreign buyer generally sells the foreign-currency price to a Turkish bank (which sells it on to the Central Bank) and presents the bank's DAB to the land registry; the lira amount on the DAB is declared as the sale price. For citizenship by investment, every conversion must be documented this way: the property route needs a valuation of at least USD 400,000, the deposit route USD 500,000 sold to a Turkish bank and kept for three years, and citizenship files also need the buyer-to-seller bank transfer receipt.

From 1 December 2026, the Ministry of Trade's Secure Payment System is scheduled to become mandatory for property prices paid in cash, by transfer or by EFT, so that title and money change hands at the same time. The start date has been postponed before, so confirm it at the time of your transaction. Our real estate service plans the DAB and payment sequence with the bank before contracts are signed.

Everyday banking: IBAN, FAST and cards

• IBAN: 26 characters: TR, two check digits, a five-digit bank code, one reserve digit and a 16-digit account number. Senders abroad also need the bank's SWIFT/BIC code.
• FAST: the CBRT's instant payment system, live since January 2021, moves lira between Turkish accounts in seconds, 24 hours a day. Since 26 August 2026 the limit is TRY 300,000 per transaction; larger amounts go by EFT. Payments can also be addressed by phone number or email.
• Cards: Visa and Mastercard are widely accepted and contactless payment is common. If you rely on a UnionPay card, check acceptance with your issuer before travelling and carry a Visa or Mastercard as backup.

Anti-money-laundering: what banks expect

Turkish banks apply customer due diligence rules overseen by MASAK, the Financial Crimes Investigation Board, so expect questions about who you are, why you need the account and where the money comes from. Prepare evidence before sending funds: salary or tax statements, a sale contract, dividend resolutions or business accounts, translated where needed by an independent sworn translator. Transfers that do not match the stated purpose can be held for review, and for company accounts banks also review the parent's ownership and ultimate beneficial owners.

Frequently asked questions

Can I open a Turkish bank account without a residence permit?

Often yes, but it depends on the bank. Many banks open non-resident accounts with a passport, tax number and address proof, while others require a residence permit or title deed.

Can I use my USD 50,000 annual quota to buy property in Türkiye?

No. SAFE's rules bar individual foreign-exchange purchases from being used for overseas property or securities, so a purchase needs a separate compliant funding route.

What is a DAB and when do I need one?

A DAB is the certificate a Turkish bank issues when it buys foreign currency from you. Foreign buyers generally present it to the land registry, and every conversion in a citizenship-by-investment file must be documented with one.

Do Chinese banks operate in Türkiye?

Yes. Bank of China Turkey A.Ş. and ICBC Turkey Bank A.Ş. are on the BDDK's list of licensed banks, though their networks are small, so confirm their personal-banking services directly.

How quickly can I move lira inside Türkiye?

Within seconds through FAST, at any hour, for up to TRY 300,000 per transaction since 26 August 2026.