Obtaining an exchange license in Turkey

Obtaining a license to operate a currency exchange office in Turkey is a crucial step for entrepreneurs aiming to legally engage in foreign exchange operations. This official authorization not only legitimizes the business in the eyes of Turkish regulatory authorities, but also provides a solid foundation for long-term financial activities. Whether you're launching a new exchange office or seeking to expand an existing investment portfolio, the license opens the door to a wide range of opportunities in the dynamic Turkish financial market.

The relevance of such a license is especially pronounced in areas with high tourist traffic, large metropolitan centers, and regions near national borders, where the demand for currency exchange services remains consistently high.

Types of Exchange Office Licenses and Benefits of Exchange license in Turkey

In Turkey, there are two types of licenses for currency exchange offices:

Group A Exchange Office License holders are authorized to perform the following activities:

Import, export, and trade in precious metals and gemstones (subject to stock exchange membership);
Buy, sell, and exchange foreign currencies;
Act as representatives of electronic money issuers and payment institutions;
Conduct foreign currency transactions without amount restrictions for debit cards and up to USD 10,000 for prepaid cards.
Additionally, Group A license holders are permitted to engage in all activities allowed for Group B license holders, as well as other activities approved by the Ministry.

Group B Exchange Office License holders are authorized to:

Buy and sell foreign currency in the form of banknotes and coins;
Exchange foreign banknotes for different denominations or other types of currency;
Purchase foreign currency checks under the regulations set by the Central Bank;
Buy and sell national precious ornaments, commemorative gold, and unprocessed standard gold bars weighing up to one kilogram;
Conduct foreign currency transactions and conversions through banks, exchange offices, and customer transfers processed by banks.

Requirements for Exchange license in Turkey

Must not be bankrupt or undergoing bankruptcy proceedings;
Must have no criminal record;
Within five years before the application date, must not have been partners in an exchange office whose license was revoked;
Founders and companies where they hold at least a 10% stake must not have outstanding tax debts;
Must demonstrate financial stability, integrity, and a strong business reputation.

Application Process of the Turkey Exchange license

Submit all required documents to the Ministry of Finance to obtain an initial permit to establish an exchange office.
After receiving the establishment permit, wait for the issuance of the operational license before starting business activities. If an exchange office begins operations before obtaining the license, the Ministry will revoke its establishment permit.
Within 90 days of obtaining the establishment permit, complete the company formation process and submit an application for the operational license.
Upon fulfilling all requirements, the Ministry will issue the operational license.
Once licensed, exchange offices must notify the Ministry within 90 days of commencing operations.

Required Documentation for Exchange license in Turkey

Documents for establishing an exchange office

Documents for an operational license

Draft Articles of Association;
Proof of founders’ solvency and absence of bankruptcy;
Written statements confirming that within the last five years, founders have not been partners in an exchange office whose license was revoked;
Documentation proving that founders and any companies in which they hold a 10% or greater share have no outstanding tax liabilities.

A copy of the official bulletin of the Turkish Trade Registry publishing the Articles of Association;
A bank certificate confirming payment of the registered capital;
A receipt for the state fee payment;
Proof of payment for the exchange office’s operational application fee;
Documents confirming the installation of a video surveillance system;
A resolution by the Board of Directors appointing internal control personnel.

If you need further details on opening a currency exchange business in Turkey or have already decided to establish one, the legal experts at Law&Trust are ready to provide comprehensive support throughout the entire process.

FAQ

Who regulates the issuance of currency exchange licenses in Turkey?

The main regulator is the Central Bank of Turkey (TCMB – Türkiye Cumhuriyet Merkez Bankası). It sets the licensing rules for exchange offices (döviz bürosu), conducts inspections, approves applications, and monitors compliance with limits and reporting requirements.

Can a foreigner open an exchange office in Turkey?

Yes, but there are certain restrictions. To open an exchange office, a resident director, a residence permit, and a tax number are required.

What are the penalties for illegal currency exchange in Turkey?

Engaging in unauthorized currency exchange activities in Turkey may result in fines, business closure, and, in rare cases, criminal liability.

Our specialists at Law&Trust will assist you in legally obtaining a currency exchange license.

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