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Banks in Turkey are licensed and supervised by the Banking Regulation and Supervision Agency (BDDK) under Banking Law No. 5411. Its list of authorised institutions shows 67 banks in October 2026: 35 deposit banks, 10 participation banks, 21 development and investment banks and one bank held by the deposit insurance fund. Turkish law lets a foreign national own and manage a limited şirket with no resident manager; the practical question is how the company gets through the bank’s door.
Several Turkish banks now open company accounts without a branch visit, but those routes are built around Turkish identity documents. Kuveyt Türk says so plainly: companies whose partners are foreign nationals, or whose address is abroad, open their accounts at its branches, because its video onboarding needs the new chip Turkish identity card and an applicant with sole signing authority. ING Türkiye’s remote route for a limited company relies on the new chip identity card of the person who can represent the company alone, read by NFC on a phone. Garanti BBVA’s mobile route requires every partner to be a natural person and partners holding 25% or more to be its individual customers already; for a joint stock company, the uploaded share ledger or attendance list must show every partner’s Turkish identity number.
| Bank | Remote company route | What keeps a foreign-owned company offline |
|---|---|---|
| Kuveyt Türk | Video call with the new chip ID card; sole signing authority | Foreign-national partners or a foreign address: branch only |
| Garanti BBVA | Mobile app, video identity check, the company’s tax number | Any corporate partner; owners of 25% or more must already be its customers |
| ING Türkiye | Mobile app, new chip ID card read by NFC | No chip ID card for the person with sole power of representation |
Garanti BBVA’s onboarding starts from the company’s tax identification number, and each foreign shareholder needs a Turkish tax number of their own. The partners of a limited şirket are public through the Trade Registry Gazette and MERSIS, so a bank can compare the people in front of it with the register. Beneficial ownership is reported separately: under General Communiqué No. 529 on the Tax Procedure Law, the company declares any natural person holding more than 25% of the shares to the Revenue Administration through the Internet Tax Office. That filing is confidential and goes to the tax administration, not to MASAK. The bank identifies the beneficial owners itself, and its file needs to agree with both records.
The Savings Deposit Insurance Fund (TMSF) insures deposits at the Turkish branches of banks up to TRY 1,200,000 per person per bank for 2026, in lira, foreign currency or precious metals. Its Turkish FAQ confirms that commercial deposits are covered, everything except the deposits of official institutions, credit institutions and financial institutions, so a trading Ltd. Şti. is insured. The limit is raised every January in line with the revaluation rate; it was TRY 950,000 in 2025. Deposits of a bank’s own controlling shareholders and managers, accounts at offshore banking institutions and branches of Turkish banks abroad are not covered. The TMSF’s English pages still show an older limit and mention only private individuals, so rely on the Turkish version.
A Turkish company account runs in lira, with foreign-currency accounts alongside: Garanti BBVA’s business foreign-currency current account covers US dollars, euros, sterling, yen, Swiss francs and more than ten other currencies. Turkey is outside the SEPA area, so euro payments to and from Europe go by SWIFT. Fintech accounts do not fill the gap: Wise does not list Turkey among places where money can be held, Airwallex does not accept companies registered in Turkey, Revolut Business needs a UK, EEA or US company, and Mercury opens accounts only for companies formed in the United States.
If a Turkish company you buy already holds an account, the account belongs to the company and carries on, but the bank reviews the incoming partners, managers and signatories and may keep the account, look for more documents or close it; each new foreign partner also needs a Turkish tax number. Where a foreign holding company becomes the partner, Garanti BBVA’s digital route no longer applies, and the bank traces ownership through the holding company to the individuals behind it.
We can set up a new Turkish company or supply a ready-made company in Turkey, and prepare the documents a branch will ask for. If a bank where we have a working contact fits the company, we can make an introduction, though only the bank can approve the account. See our Turkey company hub and shelf companies with bank accounts for the wider picture.
Yes. Turkish law lets a foreign national own and manage a limited şirket, and foreign ownership changes the route rather than the answer: Kuveyt Türk opens accounts for companies with foreign-national partners only at its branches, and the remote routes of ING Türkiye and Garanti BBVA depend on Turkish chip identity cards or on every partner being an existing individual customer.
Yes, in two senses. The company is identified by its own tax identification number, which is the first thing Garanti BBVA’s onboarding asks for, and each foreign shareholder needs a Turkish tax number as part of forming or buying the company. Obtain both before approaching a bank, together with the trade registry record that names the current partners.
Yes. The TMSF insures deposits at the Turkish branches of banks up to TRY 1,200,000 per person per bank for 2026, and its Turkish FAQ states that commercial deposits are covered, excluding only those of official institutions, credit institutions and financial institutions. A Ltd. Şti. counts as one insured person at each bank, and the limit rises each January.
Not as a Turkish company. Mercury opens accounts only for companies formed and registered in the United States, Revolut Business needs a company registered in the UK, the EEA or the US, Airwallex does not list Turkey as an eligible registration country, and Turkey is not on Wise’s list of places where an account can hold money.