Johnmango

I travel to Turkey once every 1-2 years, and would like to open a bank account (savings account) there.

Does anyone know if there is restrictions on foreigners opening a savings account in Turkey? I searched the web for information and couldn't find any.

My goal is to open a fixed-term savings there so that I can avoid the constant fluction of the currency exchange and also have some money growing in Turkey.

Thanks

otherchelebi

If i remember correctly, you are going to need photocopies of your passport, and a local permanent address which is not a hotel. It can be the office address of a company you deal with (without the name of the company)

I recommend that you go to the large Garanti Bank branch near the Marmara Hotel at Taksim square, which has at least four highly qualified customer reps in large cubicles who should be able to communicate with you in English. The one i deal with is the third or fourth from the right and very pleasant, but i do not remember her name.

Johnmango

Thanks. The problem is getting a Turkish address. If all my bank statements will go to that address you certainly do not want to use the address of someone you do not trust.

otherchelebi

Your bank statements will not be sent by mail unless you request it. Otherwise, you will receive them by e-mail and you can do everything by internet.

Dudisimo

You also need to have a Tax Number, which you have to obtain from a Tax Office. The bank staff should be able to tell you where the nearest office is - it's a pretty easy process and you don't need an address to obtain one.

I'd agree with OC's recommendation of Garanti Bank, their internet service works well (in English) and they'll deal with you over the phone in English too.

Johnmango

Thank you. I was also warned that the Turkish lira is not very stable so if you put $1000 in lira in the bank the currency may depreciate and you get $900 worth a year later. Of course if you only spend it in Turkey then it doesn't matter.