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Home » Money Transfer Guides for Countries the World Over » Sending Money to Turkey is Easy

Sending Money to Turkey is Easy

Send Money to Turkey graphical illustration by iCompareFXA number of people from Turkey who live in other countries send money back home for different reasons. Money enters the country through other quarters as well. For instance, someone might want to pay for a vacation in Turkey in advance, and someone else might want to pay for a purchase made online. No matter why you wish to send money to Turkey, using the services of a dependable service provider is important.

Transfer Money to Turkey

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  •    User Rating 
    TrustPilot or Feefo User Ratings
  •    Transfer Type
  •    Coupon

  •    Fee
  •    Speed
  •    Regular Payments
  •    Mobile App
  •    Min Transfer Amount

OFX

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  • 9.1/10
  • Online
    Phone
    One off transfers Regular transfers
  • Two Transfers Fee Free
    First 2 Transactions Free
  • Redeem Coupon
  • USD$0
    £0
    CAD$15
    AUD$15
    €10
  • 1 - 3 Days
  • Their website is also responsive so it auto-scales to your screen size.
  • $250 / £100 / €250
Visit Website

WorldRemit

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  • 9.4/10
  • Online Only
    One off transfers Phone assistance available
  • First 3 Transfers Fee Free.
    Your first overseas transfer Fee Free! Learn more
  • Redeem Coupon
  • $3 - 4
    For example. Sending €10,000
    from Australia would incur
    €50 fee + 4-5% exchange
    rate fee on top of market rates.
  • 1 - 3 Days
  • Regular payments to PayPal registered merchants is possible.
    Regular payments to family or friends PayPal accounts is not currently possible.
  • Their website is responsive so it auto-scales to your screen size.
  • €/£/$1
Visit Website

TransferWise

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  • 9.3/10
  • Online Only
    One off transfers Regular transfers
  • Visit Website
  • ~0.5%
    Min and Max Fees apply.. Learn More
  • 1 - 2 Days
  • £1 / $1
    Min and Max Fees apply.. Learn More
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XE.com

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  • 9.1/10
  • Online Only
    One off transfers Phone assistance available
  • NO FEES
  • Visit Website
  • NO FEES
    XE.com transaction fees are contained within the exchange rate offered.
  • 1 - 2 Days
  • Regular payments to PayPal registered merchants is possible.
    Regular payments to family or friends PayPal accounts is not currently possible.
  • Their website is responsive so it auto-scales to your screen size.
  • €/£/$1
Visit Website

When looking for a service provider to carry out a money transfer to Turkey, it is crucial that you pay attention to your individual requirements. Make a selection only after considering factors that might have an effect on your transfer.

  • How do I compare companies?
  • How to send money to Turkey?
  • Case study
  • Cash pickup locations
  • Tips for picking up cash
  • Information required for sending money
  • Regulations
  • Pros and cons of relocating to Turkey
  • Next steps
  • International money transfer offers

Currency Corridors & Swift Codes

Currency Symbol and Swift Codes

The Turkish lira (TRY) is the official currency of Turkey as well as the Turkish Republic of Northern Cyprus. One lira is divided into 100 kurus. The value of the lira deteriorated considerably from 2015 to 2018, dropping to 4.5 USD/TRY by May 2018.

If you wish to transfer money to a Turkish bank account, you will need the bank’s SWIFT code. Here are SWIFT codes of some prominent banks in Turkey.

BankBranchSwift Code
Ziraat BankIstanbulTCZBTR2AIST
Turkiye is BankasiIstanbulISBKTRISXXX
Turkiye Garanti BankasiIstanbulTGASTRI1XXX
AkbankIstanbulAKBKTRIS004

Popular Currency Corridors

A considerable amount of money flows in and out of Turkey at regular intervals. In 2016, more than U.S. $1.18 billion was sent as remittances to Turkey from other countries. In the same year, over U.S. $4.34 billion made its way out of Turkey as remittances.

The corresponding tables show you how much money flowed across Turkey’s popular currency corridors in 2016. The numbers are in U.S. dollars.

Incoming

CountryCurrency PairAmount
GermanyEUR-TRY$571,000,000
FranceEUR-TRY$99,000,000
NetherlandsEUR-TRY$78,000,000
AustriaEUR-TRY$61,000,000
United StatesUSD-TRY$42,000,000
Saudi ArabiaSAR-TRY$39,000,000

Outgoing

CountryCurrency PairAmount
GermanyTRY-EUR$1,622,000,000
BulgariaTRY-BGN$813,000,000
FranceTRY-EUR$291,000,000
SerbiaTRY-RSD$253,000,000
BelgiumTRY-EUR$240,000,000
SyriaTRY-SYP$234,000,000

How Do I Compare Companies When Sending Money to Turkey?

When narrowing down on a company to carry out a money transfer to Turkey, you need to compare your alternatives based on different factors.

  • Cost effectiveness. An easy way to find the most cost effective way to send money to Turkey is to look at how much money will reach the recipient at the end of the transfer. This way, you do not have to worry about the fees you need to pay or the exchange rate you get.
  • Turnaround time. If you plan to transfer money to a Turkish bank account, the process might take up to five working days. This depends on the company you select, your country of residence, and the receiving bank. To transfer money to Turkey in haste, consider turning to a company that has cash pickup centers in the country. Most such transfers tend to process almost immediately.
  • Modes of payment. You may pay for your money transfer to Turkey using your bank account no matter which company you select. While not all let you pay using debit and credit cards, some even accept payments through methods such Google Pay, Apple Pay, ACH, Interac, POLi, SOFORT, iDEAL, CHAPS, and BACS.
  • Customer support. You may get local phone support depending on the company you select. Most companies provide online support via email or chat, or both. To find out what previous customers have to say about companies you shortlist, turn to review-based platforms such as Trustpilot and Feefo.

How to Transfer Money to Turkey?

Depending on the service provider you select, you may begin the process of sending money to Turkey in different ways.

  • Online. While your bank might let you send money to Turkey using its online system, you might be better off turning to a specialist overseas money transfer company.
  • Over the phone. Some of the top companies let you send money to Turkey over the phone. You can even get access to a dedicated currency broker depending on the company you select.
  • In-person. Walking into the local branch of your bank might be one way of sending money to Turkey in person. However, consider comparing its cost effective and speed with companies that have offices or agent locations in your vicinity.

Case Study

Mustafa had moved from Turkey to Germany as a student. He found a suitable job after he completed his studies so he continued living in Germany. Once he started making enough money, he decided to start sending some to his parents, who still lived in Turkey. He turned to a popular German bank for the first few transfers, after which he compared it with a leading money transfer company. The corresponding table shows you what he found.

BankMoney Transfer Service
Exchange rateEUR 1 = TRY 5.4482EUR 1 = TRY 5.6211
Transfer feeEUR 20EUR 0
Amount received for EUR 2,000TRY 10,787.44TRY 11,242.20
Transfer time2 to 5 days1 to 3 days
Transfer optionsBank accountBank account
Difference ofTRY 454.76

Mustafa found good reason to switch from the bank to the money transfer company. In doing so, his parents ended up getting a little extra money each time, and it got to them sooner. Besides, the company also gave Mustafa the option of scheduling his transfers.

Cash Pickup Locations in Turkey

You may turn to popular overseas money transfer companies such as Western Union, MoneyGram, Ria, or WorldRemit if you want to send money to a cash pickup center in Turkey.

Western Union in Turkey
Istanbul, Atilim Seyahat, Kemalpasa Mah 18 Sekbanlar Sok Sekban, Apt No 16 B, IstanbulHotel Bulvar Palas, Ataturk Bulvari No 36, Istanbul
Ankara Cabak Finans, Drmehmet Ali Altin C Akdere M, AnkaraKunduz Iletisim Haci Bayram Mah Anafartalar Caddesi, No 3 64 Altindag, Ankara
MoneyGram in Turkey
Istanbul Kuveyt Turk Bank - Kavacik, Fatih Sultan Mehmet Cad Otakci Citimazi No 1 Ak Is Merkezi, IstanbulKuveyt Turk Bank, Ankara Cd N 21 Efe Ismerk Sigli Kurtkoy, Istanbul
Ankara Gonder-Al Guzey Iletisim Hamamonu Talatpasa Bulvari 134 B Altindag, Samanpazari, AnkaraMustafa Ismail Acar, Hanimeli Sok. 14/D, Korkutreis Mah, Ankara

Safety Tips for Picking Up Cash in Turkey

Remittances sent to Turkey in 2016
Remittances sent from other countries to Turkey in 2016

Petty crimes such as bag snatching and pickpocketing take place around major tourist destinations in Istanbul. When picking up a large amount of cash, consider taking someone you trust along. Try not to carry too much cash and do not show signs of affluence.

Do not accept food or drinks from strangers and do not leave your drink unattended. Do not accept lifts from strangers and always use registered yellow taxis.

What Information Do I Need to Transfer Money to Turkey?

The information you need to carry out a money transfer to Turkey depends on the transfer method you select.

  • Bank account. To transfer money to a Turkish bank account, you will need the recipient’s name, an account number, an IBAN, the receiving bank’s name, and the receiving bank’s SWIFT code.
  • Cash pickup center. You will need the recipient’s complete name as well as the location of the cash pickup center from where the recipient plans to collect the money. The recipient may get the money by presenting a reference number and an acceptable form of photo ID.

Regulations When Transferring Money To and From Turkey

There is no limit to how much foreign currency you may bring into Turkey. However, any amount over €10,000 or TRY 25,000 being taken into or out of the country needs to be declared to the relevant authorities. Foreign investors may freely convert and repatriate profits generated in Turkish lira.

According to a recent amendment made by the Central Bank of the Republic of Turkey to the Decree No. 32 on the Protection of the Value of Turkish Currency, individuals from Turkey cannot borrow in foreign currency, whether from foreign financial institutions or Turkish banks.

Pros and Cons of Relocating to Turkey

Pros

  • The laidback Mediterranean lifestyle
  • The Mediterranean diet
  • Low cost of living
  • Major transport hub
  • Lots to see

Cons

  • Political instability
  • Very hot summers
  • Bureaucracy still exists
  • Turkish language is not easy to learn

Next Steps

Sending money to Turkey can be simple, cost effective, and quick, provided you take some time to compare your alternatives. Look for ongoing promotional offers as they may lead to added savings.

International Money Transfer Offers

  • WORLDFIRST

  • 747 Feefo Reviews



  • WorldFirst top money transfer provider
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    Global multi-currency accounts
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  • OFFER: Guaranteed low 0.5% exchange rate margin
 
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  • WORLDREMIT

  • 29,961 Reviews



  • Leading global money transfer provider
    Personal remittance
    Business fund transfers
    Cash pick up availableTransfer money instantly to Mobile Money accounts
    Truly global money transfer provider
  • Visit Website
  • OFFER: First 3 Transfers FEE FREE!
    Click Redeem Offer button below to see how to easily apply the three free transfers promo code.
 
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  • CURRENCYFAIR

  • 2,467 Reviews


  • CurrencyFair Peer-to-Peer Marketplace
    Personal remittance
    Business fund transfers
    Auto-recurring transactions
    Online Only
  • Visit Website
  • OFFER: 10 Free Transfers!
 
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Send Money to Turkey Updates

  • 22nd September 2019: Provider comparison table updated to be more appropriate for the visitor geographic.
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