8.Will I need to open a Turkish bank account?
The Turkish law states that any transaction exceeding 8000 Turkish Lira must be transferred through a Turkish bank account or the Turkish postal services. Completing payments in these ways allow official records to be kept and followed for any legal and tax reasons. These records are beneficial in the event of any dispute between buyer and seller that may arise.
Any currency authorised by the Central Bank of Turkey can be used with a Turkish bank account including Sterling, Euro, U.S Dollar and naturally, Turkish Lira according to type of account opened.
Some purchasers prefer to make their purchases using Turkish Lira in order to avoid complications with tax to due to changing conversion rates.
Opening a Turkish bank account is simply a matter of submitting a passport copy and Turkish tax number to the branch of your choice.
Accounts can be set up in any currency authorised by the Central Bank and there are choices of current accounts or interest accounts much like the banks in Europe.
Also available through the bank are the following options:
• Trading stocks and bonds• Mutual funds and entities• Foreign currency trading
If opening a joint account with access for fund withdrawal for two or more parties (such as an appointed agent), make sure the other parties have permission to withdraw funds from the account without extra action needed from the main account holder.
Turkish banking laws strictly state that no party except the account holders have the right to access funds or information (with exception of the Courts of Turkey in legal matters) unless:
• They provide a legal power of attorney document and official photo ID• They are joint account holders where they specifically have the right to withdraw funds
An account can be opened from overseas if the Turkish bank has a branch in your country or your appointed agent provides the applicable power of attorney documents to open one in Turkey on your behalf.