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how to do bank transactions in Turkey?

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Seoul, Seoul, South...
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how to do bank transactions in Turkey?

Hello,

I will stay in Turkey for more than a year.

I want to open a bank account here with interests. I found out it's called vadeli hesap.

But as I heard, I have to pay tax or membership fee per year.

Is it true? and how many they give for saving interest?

Also, which bank do I pay the least membership fee and tax at?

Istanbul
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1. Re: how to do bank transactions in Turkey?

Hyewon4turkey, You need a foreigners taxi number that you can easily get to open a bank account.This number is called "yabanci vergi numarasi" and you can get from the nearest tax office. I have never heard of any membership fees. You can directly open an account. If you want to have a savings account, yes it is called "vadeli hesap". 15% of the interest you earn on the deposit at that account is witheld as tax to the government. This witholding is called "stopaj" in Turkish. This is true for every bank. Say you depost 1000 TL at 10% yearly and withdraw it at the end of the year (early withdrawals before time due have penalties), then you make 100 TL on your deposit, but the bank witholds 15 TL as stopaj, and pays you only 85 TL interest. So the effective rate of interest is 8.5 %. Of course you have to ask other details to your banker.

good luck,

enigma...

Istanbul, Turkey
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2. Re: how to do bank transactions in Turkey?

Hyewon4turkey,

There is no membership fee but there is "hesap işletim ücreti" (meaning account management fee) and this fee changes from zero to a couple of hundred liras depending on which bank you will be working with. According to Turkish laws, if you earn money in Turkey-in your case it is interests-, you have to pay your taxes. The "stopaj" is basically a type of income tax deducted from your receivables to be paid to the tax office.

hope this helps,

Borus

Edited: 05 February 2014, 09:44
Seoul, Seoul, South...
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3. Re: how to do bank transactions in Turkey?

Thank you, enigma and Borus,

I went to Turkey is Bankasi last week and the banker told me I have to put 500 TL at least from the beginning.

And I thought it was ok but I don't understand the meaning of 500 TL.

Do I have at least 500 TL in my bank account always?

Does this mean that my bank balance should be always over 500 TL?

Also, I don't understand the meaning of withdrawal the money before the "time due".

Does vadeli hesap have time due? Then, until the "time due", am I not supposed to withdraw any money from my bank account?

Thank you!!!

Istanbul
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for Istanbul
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4. Re: how to do bank transactions in Turkey?

Hyewon4turkey, Vadeli Hesap means savings account. You can have 30 days, 60 days, 180 days, etc. savings accounts. You can not withdraw money from a savings account before the the due date if you want to keep the interest rates as originaly quoted. In other words there will be penalties for that from the interest you earn.

Just open a regular account. You can not also add money to these accounts later, but just open new accounts instead.

The minimum balance at Is Bank is then 500 TL. They do not want you to start an account with less than that amount because it is not worth for them to process your account. Different banks have different minimums. Some may be none. So just open a regular account with minimum 500 TL and you can withdraw money later and add new money to it. This kind of account will not earn big interest but would be very flexible.

enigma...

Seoul, Seoul, South...
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5. Re: how to do bank transactions in Turkey?

Thank you for your detailed answer. It was very helpful!!!

6. Re: how to do bank transactions in Turkey?

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