Offshore Bank Account Formation – Turkey
Banking System in Turkey
The banking system forms a major part in Turkish economy and Turkish financial system. Turkish economy is a dynamic economy. Banks in Turkey carry out most of the financial transactions and money activities and all activities in capital market.
The maximum number of State owned banks in Turkey are established to finance a particular industry, such as Agriculture. The private banks in Turkey generally have close relations with mega industrial groups and industrial holdings.
Banking in Turkey started with money changers and the Galata bankers, as back as in year 1800. Representatives of many of the foreign banks came to Istanbul, when the Empire of Turkey asked for financial help from them and these foreign banks offered help at a very high rate of interest. The Empire establishes Ottoman Bank in the year 1856, with its head office at London. This Ottoman Bank served as the Central Bank in Turkey till the year 1930.
The real Central Bank in Turkey was founded in the year 1930. This Central bank in Turkey has the regular responsibilities of a national Central bank. It issues bank notes for protection of the currency and regulates the credit and the banking system in Turkey.
The Central Bank in Turkey also finances the budget deficits of the Turkish government. Central Bank also provides loans to public and private banks in Turkey. But currently, the Central Bank has increased its supervisory work and has reduced lending money, since 1983.
Currently, there are about fifty foreign banks operating in Turkey after the present government has provided liberalisation in banking conditions. It is 47 banks to be exact with 10,985 branches in Turkey. The current Turkish government is adopting a series of reforms to promote development of financial market in Turkey. The interest rates and rates in foreign exchange has been liberalised in Turkey. The government permitted new entrants in banking sector in Turkey and encouraged foreign banks to operate in Turkey.
All banks at Turkey are subjected to Banks Act and provisions of other laws related to banks.
Turkey has many free trade zones that facilitate import/export, banking, infrastructure and finance. Banks in Turkey have various facilities provided by the government. You do not need physical presence to open an offshore account. Turkey has financial agreements with many countries which makes it easier for individuals from those countries to open their bank account. Turkey lies at the center of Europe and Asia and hence they are an important geographical region where import and export happens.
Banks Available at Turkey
This bank does not require any physical presence or minimum balance to open an account. It provides online transaction free of cost however there is only a small set up fees. Very basic paperwork is required in order to set up your account. Wire transfers are costlier, outgoing transfers are USD 40 and incoming transfers are from USD 20 to USD 150. Maintenance fee is USD 30 annually.
They provide service in English and Turkey. Apart from bank account opening they are into financial services, loans, debit/credit cards and online transactions. They have a very stable banking system and provide exclusive services for the SME’s and individuals. They provide total security for the bank accounts and 24x7 online banking. The services provided are excellent and the transaction fees are lower than other regional banks.
Documents Required For Opening Bank Account
Banking Benefits in Turkey
- No physical presence required
- 24x7 online banking
- Economic stability
- Less transportation costs
- Full confidentiality
- Very less documents required
- 2 weeks to open a bank account
Why form an offshore bank account with DNS?
We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.