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Get to know the bank transactions during purchasing a property

Posted by admin on September 11, 2022
Real Estate News
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The Turkish market today is witnessing an increase in the arrivals count and those interested in the Turkish real estate market, therefore, it is necessary to secure a safe place for the investors’ funds to ensure that they are not transferred when travelling between countries, as well as an increase of foreign arrivals with investment intents in various sectors, therefore, it’s important to have bank accounts that makes all the transactions and the necessary documents to do a transaction inside or outside Turkey easier for investors. Opening a bank account in Turkey has become an important matter especially for foreigners, whether to Buying a property in Turkey, or reside there, and the reason is due to the recent digital development in Turkey.

Types of bank accounts in Turkey:

Opening a bank account in Turkey has become a must-have to meet the requirements of modern life, where the person interested in real estate investment process in Turkey resorts to open a bank account to make his tasks easer, protect his funds and to take advantage of Turkish bank’s various services, we’ll explain you the most important types of bank accounts:

  1. Checking accounts: Through this account, the client has the right to use the funds as it suits them, most important points of this account:
  • These accounts do not have specific time limit.
  • The bank does not have the right to use, dispose of or save the client's funds.
  • The client is not entitled to take a percentage of the money that has been deposited.
  • The client is entitled to make donations, pay fees and bills, do money transfers, and execute many bank transactions.
  • Pay frequent installments: like buying real estate in installments in Turkey.
  1. Participation accounts: considered one of the favorite accounts to many people, where a certain percentage of the money in the account is earned, and among the most important points in this account are:
  • Funds is being deposited by the client for a certain period of time through a contract with the bank.
  • The account is shared between the account holder and the bank.
  • Earnings are distributed within a profit or loss sharing principle.
  • The client does not have the right to withdraw the funds until the expiry of the contract term.
  • Many Islamic banks determine profits depending on business earnings.
  1. Gold and crypto currency account: This account is popular with investors and capital owners, among the most important points of this account:
  • These accounts do not have specific time limit.
  • These accounts are used to save and invest through gold.
  • Gold can be bought or sold at any time at the daily gold price.
  • Client can withdraw gold and currencies as raw material.

What is a credit card?

These cards are issued by finance departments and also banks, as they offer the holder the ability to get cash, this type of cards can be used in both cash or installment purchases, among its most important features:

  • It offers protection against theft of loss.
  • It guarantees the rights of the card holder like ensuring the financial capacity of the credit card holder.
  • Knowing the value of the bank account that linked to the card.
  • Can be used in multiple places such as commercial shops, restaurants, and internet purchases.

 

Documents required to open a bank account in Turkey:

  • Passport
  • Tax number through the tax department office
  • Residence verification document (like a utility bill)
  • Turkish residence permit number (TC)

What are the benefits of opening a bank account Turkey ?

  1. All types of funds transaction.
  2. Paying utility bills such as electricity, water, or gas.
  3. The ability to make purchases on the internet.
  4. Making money exchange through the bank app.
  5. Paying official taxes.

Most important steps to open a bank account in Turkey:

  1. Providing residence verification document.
  2. Going to the Tax Department with the passport to extract a tax number for foreigners for free.
  3. Visiting any bank of your choice and opening an account for Turkish lire, Euro, or USD.
  4. Non-residents can open a bank account in Turkey, but some banks require a Turkish phone number to send a verification SMS.

 

What are the best banks in Turkey?

In light of attracting capital to Turkey through many diverse investment methods such as real estate investment by purchasing a property in Turkey or investing by depositing 400,000 euros in exchange for Turkish Citizenship Law, Turkish banks are competing to win the satisfaction of money owners and investors through the distinguished services they provide Let's get to know the best Turkish banks:

  1. Ziraat Bank: considered one of the biggest and oldest banks in Turkey, as its history goes back to the beginning of the 19th century, and considered one of the most important government banks in Turkey, it features many distinctive services such as: paying all types of bills and fees directly, and it has more than 1540 branches in Turkey, in addition to branches outside Turkey such as: KSA, Greece, and Baghdad.
  2. İş Bank: This bank comes directly after Ziraat Bank, as it has 1183 branches in Turkey, one of the most important advantages of this bank is obtaining loans at a very low rate.
  3. Kuveyt Turk Bank: This bank is popular among Arabs as its services are available in Arabic language, it was established in 1989 and it has more than 350 branches between Turkey and Kuwait.
  4. Vakif Bank: It’s a government bank established in 1953, and it offers its services mostly for all types of commercial firms and for individuals as well.
  5. Finans Bank: Considered one of the best banks for money transfers in Turkey, and it has more than 500 branches in Turkey, and it ranks fifth among Turkey's private banks.
  6. Al Baraka Bank: Established in 1984 in Istanbul, it’s an Islamic bank, offering investment services for local and foreign customers easily.

 

Steps to open a bank account with Europ Homes Real Estate

  • Europ Homes Real Estate offers opening a bank account service to its clients, starting with extracting the tax number from the Tax Department, then confirming the residence address at the Personal Status Department, then you will be escorted to the bank to complete the required documents, then our real estate agent will help preparing all the legal documents and translation from Turkish to Arabic language.
  • Opening a bank account in Turkey is one of our free services in case Buying a property in Turkey, through our company.
  • Finally, you must have a bank account one of the Turkish banks, as it’s no longer confined to owners of capital and investors, but rather has become a priority in the world in general and not only in Turkey.

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