Dollar accounts may be needed to receive payments in dollars from abroad or domestically, to transfer money and to keep savings in foreign currency. For this reason, foreign currency accounts are very useful for individuals and businesses that conduct a significant portion of their financial transactions in dollars.
However, opening a dollar account can sometimes be difficult and inconvenient. Traditional banks in some countries take a long time to open foreign currency accounts. Moreover, opening and using a foreign currency account can be costly.
In this post, we will examine how to open a dollar account in Turkey, things to consider and alternatives such as Wise to open a dollar account.
Advantages of Opening a Dollar Account in Turkey
The most important reason why it is advantageous for dollar holders to open a dollar account is to ensure that the money is stored safely and without losing too much value.
Physical and online banks obtain the necessary permits from the countries in which they operate and protect your money against risks. So there is no risk of your money being stolen or lost.
There are also two key elements that make having a dollar account advantageous for businesses:
- They can deposit USD into their accounts by obtaining USD at the real exchange rate and thus avoid having to convert their Turkish lira into USD at the bank’s exchange rate for each transaction and thus pay high currency conversion fees.
The main currency of international payment organizations such as Stripe, Payoneer, PayPal and international marketplaces such as Amazon, Etsy, Shopify is the dollar. With a dollar account, they can receive payments from these organizations directly in dollars. This means paying much lower costs compared to getting paid in Turkish lira from the same organizations. You can read our PayPal alternatives article to receive payments from abroad.
How to Open a Dollar Bank Account in Turkey?
Opening a dollar bank account used to be done only by visiting physical bank branches. Today, however, it can usually be done online via internet banking or mobile banking.
To do this, people who want to open a dollar account in traditional banks must already be a customer of that bank and have access to the mobile banking application. Otherwise, it is not possible to open a dollar account without visiting the bank branch and submitting the necessary documents.
Requirements for Opening a USD Bank Account in Turkey
Banks in Turkey generally require the following documents from their customers when opening a dollar account:
A document proving your identity; ID card, passport or driver’s license
A document proving the address of residence; water bill, electricity bill, statement, etc.
Current telephone number
With the submission of this information and documents and the signing of the contract offered by the bank, the dollar account opening can be completed.
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