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VakıfBank

Bank account opening

A VakıfBank account: personal account, cards and terms for companies

VakıfBank is a state-owned Turkish bank with a network of 974 branches. For non-residents it opens mainly personal accounts and cards; companies too, but with a demanding review. The account is in lira, dollars or euros.

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3 currencies
An account in lira, dollars or euros
Visa · Mastercard
Cards on a personal account; a company account means a demanding review
974 branches
Across Turkey, plus 6 abroad — as of the end of 2025
since 1954
A state-owned bank: 73.26% of shares are held by the Türkiye Wealth Fund

Other banks in Turkey

Türkiye Emlak Katılım BankasıİşbankZiraat Bankası
All banks in Turkey

In short

VakıfBank is a Turkish state-owned bank with 974 branches. For non-residents it opens mainly personal accounts and cards, Visa and Mastercard; companies can open accounts too, but with a demanding review. Accounts are in lira, dollars or euros.

Checked 18 October 2026 · Elizaveta Germash

VakıfBank — a bank for a personal account and cards, not the main route for a company

For non-residents, VakıfBank opens mainly personal accounts and cards in lira, dollars and euros. It accepts companies too, but its review is more demanding — so for a UAE company we usually start with Emlak Katılım.

  • Three currencies

    TRY, USD and EUR. No dirhams or yuan on the account — if you need them, we look at Emlak Katılım.

  • A conventional bank

    VakıfBank is not a participation bank: the group’s Islamic business sits in a separate bank, Vakıf Katılım.

  • Harder for companies

    A company account is possible, but compliance is demanding. Before applying, we check the activity, owners and payment countries against the bank’s requirements.

  • Tax number in advance

    A foreigner needs a Turkish tax number for the account. It is issued on the basis of a passport and parents’ details — including online, on the Turkish tax administration’s website.

Expert tip

We agree the opening format — by power of attorney or with a visit — with the bank for your profile before applying. That way, if a trip is needed, it isn’t spent gathering missing papers.
Elizaveta GermashElizaveta GermashLawyer · Bank accounts

Bank profile

VakıfBank: what the bank offers non-residents and where the limits are

VakıfBank

VakıfBank

Türkiye Vakıflar Bankası · state-owned bank · since 1954

  • Personal accounts
  • TRY · USD · EUR
  • Visa · Mastercard
  • Companies — demanding review
Open to
Mainly individuals — personal accounts and cards; companies — with a demanding review
Currencies
TRY, USD, EUR
Cards
Visa and Mastercard
Opening
By power of attorney or with a visit — agreed with the bank before applying
Model
Conventional bank; the group’s participation bank is a separate entity, Vakıf Katılım
Tax number
A Turkish one is required — based on passport and parents’ details

Account terms — based on our experience as of October 2026; history, owners and network — the bank’s 2025 integrated annual report, checked on 18 October 2026. Fees — per the bank’s fee schedule; we quote them for your package before applying. The bank decides whether to open the account.

Who it suits

Who it suits — and when to choose something else

A good fit if

  1. 01You need a personal account in Turkey with a Visa or Mastercard card.
  2. 02Lira, dollars and euros are enough — you don’t need other currencies on the account.
  3. 03You want a large state-owned bank with branches across the country.
  4. 04Your company is ready for an in-depth review: activity, owners and payments are backed by documents.

Consider something else if

  1. 01You need a UAE company account without extra stages, or dirhams and yuan on the account.Emlak Katılım
  2. 02You need an interest-free bank: the group’s Islamic business is a separate bank, Vakıf Katılım.
  3. 03Your business operates in Turkey itself — it’s easier to open the account for a Turkish company.Turkey

Comparison

VakıfBank or Emlak Katılım — what each offers

Terms — based on our experience as of October 2026; Emlak Katılım fees — per the bank’s table of 16 February 2026. The bank decides whether to open the account.

Open to

Mainly individuals

companies — with a demanding review

Currencies

TRY, USD, EUR

Opening format

Agreed with the bank

power of attorney or a visit

Benefits

What you get

An honest answer on fit

We compare your task with what VakıfBank offers non-residents. If another bank is simpler for a company, we tell you before the documents are collected.

Format agreed in advance

We check with the bank whether it will accept a power of attorney or needs a visit, and which document list it expects — before you plan a trip.

Tax number without delays

We collect passport details, parents’ names, place of birth and address — everything asked for the Turkish tax number.

Documents to Turkish rules

For a UAE company — UAE Ministry of Foreign Affairs, Turkish consulate, sworn translation and notary in the right order.

Status in the client portal

What’s agreed with the bank, what’s at legalisation, what’s with the translator — all visible in the client portal.

Let’s discuss the details

VakıfBank or another Turkish bank?

Describe the task — a personal or company account, currencies and payment countries. We’ll tell you where the account will open with fewer stages.

Process

6 steps from the first conversation to the result

Every step is visible in the client portal: what’s happening now and whether we need anything from you.

Steps on your side: 2 of 6

We handle it · 2Needed from you · 2Bank · 1Authority · 1

  1. Personal or company account, currencies, payment countries, owners’ passports. We decide whether VakıfBank fits or another bank solves the task more easily.

Documents

What you’ll need

For an individual

  • Passport
  • Turkish tax number — based on passport, parents’ names, place of birth and address
  • Power of attorney for a representative — if the bank accepts opening without a visit
  • Information on the purpose of the account and expected transactions — at the bank’s request

For a company

  • Registration and constitutional documents — the bank provides the exact list
  • Register of shareholders and details of beneficial owners with stakes of 25% or more
  • For a UAE company — attestation by the UAE Ministry of Foreign Affairs and legalisation at the Turkish consulate
  • Sworn translation into Turkish with notarisation
  • Passports of the director, representatives and shareholders

Timing and budget

What makes up the budget

We quote VakıfBank’s fees for the account, transfers and cards before applying — for your package and channels. Document preparation can be costed upfront: UAE Ministry of Foreign Affairs, translation and notary — indicative as of October 2026.

  • Account servicing and transfersDepends onPer the bank’s fee schedule: depends on whether you are an individual or a company, on the package and the channel — branch or online banking. We confirm it before applying.WhenMonthly and per transaction
  • CardsDepends onIssue and servicing of Visa and Mastercard cards — per the bank’s fee schedule.WhenOn issue and per fee schedule
  • ConversionDepends onThe bank’s rate when exchanging between lira, dollars and euros.WhenPer transaction
  • Consular legalisationDepends onFor a UAE company: the UAE Ministry of Foreign Affairs charges AED 2,000 for each commercial document — the licence, articles of association, board resolution, power of attorney from the company. The Turkish consular fee follows the consulate’s tariff.WhenBefore applying
  • Sworn translation and notaryDepends onTranslation — 500–1,200 TRY for a short document, usually from English; notary — 1,000–3,000 TRY for a simple translated document, excluding VAT.WhenBefore applying
  • Our supportDepends onChoosing the bank and the opening format, documents, details for the tax number. We quote the cost after reviewing your task — as a separate line in the proposal.WhenAt the start of work

Getting it right

Common mistakes — and how to avoid them

Click a card to see how to do it right · 0 of 5 open

  1. 01 What people often do

    Going to VakıfBank for a UAE company account — “since it’s a large state-owned bank”.

  2. 02 What people often do

    Opening a dollar account and expecting to hold dirhams from UAE partners on it.

  3. 03 What people often do

    Travelling to Turkey without confirming the opening format.

  4. 04 What people often do

    Assuming VakıfBank is an Islamic bank because of its name.

  5. 05 What people often do

    Sending a large sum abroad without the supporting document ready.

FAQ

Expert answers

Elizaveta Germash — Bank accounts

It may, but the bank’s review for companies is demanding. In our experience, a UAE company is better off starting with Emlak Katılım: it opens accounts by power of attorney and works with dirhams and yuan. We consider VakıfBank if the task is a personal account and cards, or if you need this particular bank.

Elizaveta Germash · Bank accounts

Sources

  1. VakıfBank — VakıfBank in brief (2025 annual report)
  2. VakıfBank — history and ownership structure
  3. İşbank — transaction limits and hours (TCMB rule from USD 50,000)

Deadlines, amounts and rules are based on these sources as of the check date. Rules change: check with us before deciding.

Often goes with this

What else you may need

Bank Accounts

Emlak Katılım

The main route for a UAE company: an account by power of attorney, six currencies, published fees.

Bank Accounts

Ziraat Bankası

Also state-owned: no limits and a personal manager; opening requires a visit.

Company Registration

Turkey

Your own company in Turkey — if the business operates in the country: the account is opened for a Turkish legal entity.

Next step

VakıfBank — does it fit your task?

Tell us why you need the account, who the owner is and where payments will go. We’ll say whether VakıfBank fits or another Turkish bank solves the task more easily, and collect the documents.

Elizaveta GermashElizaveta GermashLawyer · Bank accounts
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