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Turkey has a liberal, sophisticated banking system and many international banks are well represented in the major metropolitan areas.

In order to open a bank account in Turkey you must first obtain a Tax number from the local Tax Office. You will need to present your passport and your local address when applying for your Tax number. It is advisable to have a photocopy of your passport and a photocopy of your Residence Permit in case you are asked for them. With your Tax number you may go to any bank and open an account. There is a nominal tax fee for establishing an account.

Turkish residents are permitted to possess foreign currency; to purchase foreign currency without limitation from banks, authorized institutions and private financial institutions; to transfer foreign currency abroad; and to open foreign currency deposit accounts at local banks.

Turkish residents may obtain foreign credit as operating credit in order to finance a business. They may also transfer capital abroad for commercial activities and investment purposes in foreign countries. The only restriction on capital transfers depends upon the amount transferred. Transfers that exceed certain limits are subject to approval from the Undersecreteriat of the Treasury or the Council of Ministers.