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Send Money to Turkey

How to send money to Turkey using a money transfer service or foreign exchange broker to a Turkish bank account. 

Send Money to Turkey

Transferring money to Turkey

When transferring money overseas to Turkey either regularly or once in a blue moon for a significant purchase, there are several measures you can take to ensure you get a great rate, service and ensure you are transferring money to Turkey safely.  

Ways to send money to Turkey

  • Bank Transfer – You can elect to transfer your money directly to Turkey from your GB Pound sterling account in Britain. Typically, the exchange rate to transfer money to Turkey will be less competitive than a foreign exchange broker’s exchange rate. You may have to visit your local bank branch to transfer a significant amount. When sending money to Turkey via a bank transfer, you will also incur a transfer fee or charge of around £10-30.  
  • Debit Card – If paying for goods online or via a retailer, you may have the ability to pay using a debit card but are unlikely to be offered a great exchange rate when sending money to Turkey using a debit card. You may also incur an administration charge. Those looking to transfer money to Turkey to purchase a second home or pay a legal bill for an overseas property purchase might be obliged to send money to Turkey via bank transfer, meaning they will need to transfer via their bank or preferably a foreign exchange provider. In many cases, a foreign exchange specialist will accept a debit card as payment, allowing you to enjoy the convenience, avoid a transfer fee and benefit from a better exchange rate.  
  • Credit Card – Ideal for renting holiday accommodation or rental property in Turkey to get financial recourse and guarantee from your card provider. Not the most competitive in terms of the exchange rate offered, but sometimes air miles or bonus points can be more of an attraction.  
  • Swift/SEPA – Swift payments are relevant to money transfers outside the EU. Therefore, within the EU, not applicable when sending money to Turkey is the SEPA payments system. For this reason, currency transfer to Turkey can take a few days longer than EU member states and the United States.  

Required Bank Details to Transfer Money 

Identification – To send money via bank transfer, you will need 1-2 forms of a photo ID and need to have your bank card in your possession when visiting the branch. If you can send money to Turkey via your online bank account, you might need a card reader, logins, etc.  

If using a foreign exchange provider, all of your documents will be stored when you opened the account. They will ask you a few simple questions to validate the account via phone. Their online systems are very similar to those of a bank, just with better online exchange rates pricing.  

IBAN – The IBAN will start with TR and be followed by 24 characters. You’ll also need the name of the individual or business you are sending the money to credit a beneficiary. 

Time Needed to Transfer Money to Turkey 

  • Typical time – For a foreign exchange specialist to receive, convert your currency to Turkish Lira and transfer your money to a Turkish account or beneficiary, you should allow between 2-3 working days. Occasionally the beneficiary bank makes take a while to process and allocate funds. If using a retail bank, you should allow for 1-2 days more as there processing is typically slower.  
  • Same-day transfer – If your foreign exchange provider is already in possession of your funds, a next day transfer is possible but unlikely. However, it is always worth allowing for 2-3 days to avoid disappointment as the Lira is an exotic currency and doesn’t benefit from the SEPA payments network. A same-day transfer to Turkey is unheard of.  

Cost of Making a Money Transfer Turkey 

  • Transfer Fees – A bank will typically charge between £10 -40 to transfer your money to Turkey. The vast majority of foreign exchange specialists won’t charge a fee. None featured on our site charge.  
  • Commission – Commission rates charged by banks vary from bank to bank but are invariably uncompetitive when compared against those from a specialist provider. A broker will typically be able to save between 1-4% when sending money to Turkey.  
  • Exchange Rate – Banks will typically work from a ‘day exchange rate’ set when the branch opens. To cover and market fluctuations with the Turkish Lira, a very healthy margin will be added to cover any daytime volatility. On the other hand, foreign exchange providers work from Turkish lira rates, allowing you to benefit from positive movements and seek guidance if the rate works against you.  

Fees to Receive Money in Turkey

Turkey isn’t part of the SEPA payments service. Therefore, if you are sending money from a European country, you may incur an intermediary fee which ranges between $5-20, which will be shown in Lira.

Limits on money transfers to Turkey

You shouldn’t be limited on how much currency you can transfer to Turkey, providing you or the company can validate the Turkish Lira cash transfer. If your currency broker authorises the money transfer, there is no set constraint on just how much you can trade.  

Usually, if a transfer surpasses ₤ 500,000+ or local currency amount, your foreign money broker can ask for a copy of a bank statement to verify your capability to satisfy the TRY money transfer, they might furthermore request information to understand the reason for the transfer (e.g. Turkish house acquisition). 

Transfer deposit to open a Turkish bank account

A Bank, financial institution, or money broker will be more than happy to aid with moving funds to deposit a brand-new Turkish bank account. The organisation will require documentation, as well as your Turkish account information, is to hand. Your financial institution or broker can assist with your financial institution deposit transfer and send your cash to Turkey.  

Turkish banks will generally expect you to deposit funds in your account rapidly; the typical deposit will vary from bank to bank. You will be charged a monthly fee of around ₤ 10; second homeowners normally decide to hold an international currency account when staying in Turkey due to the TRY volatile movements. 

Do Foreign Exchange Brokers Transfer Money to all Turkish Banks?  

If your Turkish bank is on the approved list and correctly regulated, there will be no limitations on sending money to it.   

Safely Transferring Money to Turkey  

 Foreign exchange specialists are extremely conscious of global payments fraud and will be diligent on your behalf. Foreign exchange providers will also run beneficiaries through their systems and flagging any suspicious payments.   

  • FCA – Always validate that your UK foreign exchange broker is financial conduct authority (FCA) authorised. A UK FX broker should never refrain from sharing their FCA registration number or an online link to the FCA’s register. They ought to additionally advertise information regarding their regulation policy on their website.  
  • Guarantees – Whilst even the most certified foreign exchange specialist will have no capacity to provide assurances or guarantees, tier 1 banking organisations must manage their segregated client accounts. All client funds are held within these ringfenced accounts as well and set aside from their financial capital. If something happened to the forex broker, this permits you to acquire the funds directly from the tier 1 financial institution.  
  • Protection – Reputable forex services comply with lengthy anti-money laundering protocol to guarantee they are only managing respectable clients and businesses’ transfers. This is extended when they trade TRY and move funds to Turkey to ensure standards remain high money exchange brokers could request added info on transfers whose beneficiaries look questionable. Money broker’s FX trading systems are digitally safeguarded. They also use high levels of internet encryption to avoid the possibility of their consumer’s information being acquired illegitimately.  
  • Fraud – Regardless of these preventative safeguards, illegitimate currency transfers can occur within the deliverable foreign exchange market. You can, nonetheless, take measures to reduce your chances of winding up being a transfer fraud casualty. Never send your password or safety logins over e-mail or be pressurised to make a money transfer by an fx broker. Guarantee interaction with your broker is from a suitable organisation e-mail address. If you are phoned unexpectedly by an unidentified member of the broker’s group or new currency account manager deal, call them back to ensure they are a team member of the currency exchange broker you trade with.  

Reasons to Send Money to Turkey

  • Bills – Your Turkish second house will have a recurring maintenance cost. These can include local state property tax, remodelling fees, or utility costs. A Foreign exchange specialist will certainly be happy to manage payments to cover your Turkish account and look after any kind of continual cash transfer to Turkey.  
  • Loan – If you have been provided money from a friend or member of the Turkey family, you could plan to clear the financial debt if Turkish lira prices jump your favour. Conversely, if you have a home mortgage on your Turkish property and the TRY rate remains in your favour, you might consider sending currency to Turkey to clear part of your TRY residential property home loan.  
  • Family – Birthday party events, as well as family events, are never far. Your foreign exchange brokerage account can be a superb means to send financial gifts to members of the family in Turkey.  
  • Property – When the TRY currency exchange rate moves in your favour, you could consider capitalising and refurbish your residence or make home improvements.  
  • Inheritance – Regretfully, plenty of people experience loved ones passing away overseas. You might require to repatriate inheritance proceeds to Turkey. A broker can sensitively take care of the process.  
  • Car – Once moved to Turkey, you may wish to lease or get a vehicle to commute or discover the rest of the country.  
  • Holiday – If renting a villa or apartment for a trip to Turkey, your fx broker will certainly offer a better TRY FX exchange rate than your financial institution or debit card.  
  • International Wholesalers – When obtaining overseas products or materials, you can use services offered by an FX broker to alleviate FX risks associated with acquiring items from providers that market in the Turkish Lira.  

Foreign Exchange Brokers

Considering the services of a credible foreign exchange provider is the best way to save money when sending money abroad. Savings between 1-4% are feasible, significant on regular transfers and Dutch property purchase money transfers. They can also provide you with several solutions to maximise the amount of currency you receive in Turkey. 

Finding a Reputable Foreign Exchange Broker

Clients can compare the offerings of transfer services and foreign exchange specialists in many ways when they need to transfer money to Turkey. 

  • Regulation – always ensure the foreign exchange specialist you use is regulated. In Turkey, for example, brokers must be authorised by the FCA (financial conduct authority)  
  • Length of time in business – typically indicating knowledge of the market, number of clients they’ve helped, stability in the market. They are most likely to have helped many other clients transfer money to Turkey and dealt with many different scenarios.  
  • Transfer fee or no transfer fee – especially worth considering when the payments being transferred to Turkey are small. A transfer fee can typically outweigh the advantages of sending the money to Turkey via a bank or broker, even if the rate offered is competitive. All brokers promoted on Foreign Exchange Live work on a fee-free basis.  
  • Online transfer, telephone transfers or both – online Apps are great for small transfers to Turkey. Recourse can be slow if the money goes astray. Customer service, when dealing solely online, can vary. Much of this service is via a chat/text box or e-mail. An established foreign exchange provider will operate both an online and telephone dealing service. Meaning you speak directly to an account manager who will be assisted by a back-office team or customer service division.  

Find The Right Broker To Transfer Money To Turkey

Specialists such as Moneycorp and Rational FX have vast experience in advising and assisting clients worldwide and saving them thousands of pounds in the process.  

  • Customer Service – Banks are cumbersome and hard to contact from overseas. Transfer apps can be convenient for smaller payments but don’t offer prompt customer support if an issue arises. Foreign exchange providers offer a consistent service. All clients receive a personal account manager with a direct e-mail address and phone number to enable easy contact and customer service if required.  
  • Safety and Security – All top foreign exchange specialists will hold client funds in segregated accounts. All transactions are conducted following the FCA regulations and guidelines. We strongly advise checking with your broker on the exact details.  
  • No Expensive Fees or Charges – Depending on the bank, for each transaction, it could cost anywhere from £10 to £4o or local currency equivalent. A foreign exchange provider will process your transfer to Turkey with no transfer fees and a narrow margin (or spread).  
  • Better Exchange Rates – A bank will, as a rule, be making a spread of between 2-6%, whereas the rates on offer from leading providers will be around 1%. Once your trade is executed, you will be given a deal notification showing clearly the base currency amount and the number of Euros purchased.  

Foreign Exchange Contracts

A foreign exchange broker offers several supplementary services not available in banks or on many money transfer apps. These include:

  • Spot contracts – Arranging a transfer and agreeing on a rate, and sending the money to Turkey shortly after.  
  • Forward contracts – fix today’s exchange rate for payment up to 2 years in the future. Guaranteeing the cost of your purchase and avoiding foreign exchange volatility.  
  • Stop-loss – If your currency pair is trending lower, a stop-loss protects your currency from depreciating too much. The currency is traded automatically when it hits the agreed level.  
  • Firm order – target a rate superior to the current foreign exchange market rate. Once the desired exchange rate is reached, the currency is purchased day or night automatically.  
  • Option contract – as with the forward contract and having the ability to opt for a superior rate is the market rate improves. Typically for businesses rather than private clients.  
  • Regular international transfers – A payment plan to send money overseas regularly.  

Documents needed for a foreign exchange broker account

The application to open your foreign exchange account can be completed within minutes. The first step is to apply online, giving personal details and a brief overview of transfer needs. Once complete, you will typically need to supply the following to get your account approved  

  • A valid form of photo ID  
  • Recent utility bill or address proof (less than 3 months old) 

List of Foreign Exchange Brokers

  • Boutique brokerages such as Newbridge FX offer tailored services to cater to their clients’ needs and work tirelessly to limit their FX risk.  
  • Midsize brokerages such as Rational FX operate both corporate and private client operations, focusing on key markets such as France and Spain. 
  • Large multi-Geographic operations such as Moneycorp operate in multiple jurisdictions. They have many local offices to serve their global clientele best.  

Arranging a transfer to Turkey  

Once you have chosen which foreign exchange provider you wish to work with and the account is set up. You can make transfers either online or over the phone. It’s simply a case of agreeing to a Turkish Lira exchange rate with the FX provider. Once agreed, the Broker will provide you with segregated account details, pay the currency into it, and be converted at the agreed Lira rate. The broker will send the money to the Lira account of your choice.   

When trading online, the process will follow a similar process, but you’ll be prompted online rather than a physical person.   

Large Money Transfer to Turkey  

When making transfer money transfers to Turkey, the timing of your Lira transfer will be crucial. Both due to its volatility and the benefits of a well-managed transfer.   

On a transfer of £1000 to Lira, if the exchange rate moves by 3%, this represents a change of £30. If, however, you are transferring a larger amount to Turkey, for example, £100,000, a variation of 3% equates to a change of £3000 on how many lire you’ll receive.   

Instant Money Transfers to Turkey  

A handful of money service providers will be able to make instant money transfers to Turkey. The transfer fees taken by these companies are comparable to those charged by banks. The Turkish Lira exchange rates on offer are similar to those taken in airports and train stations.    

When should I use an Instant Money Transfer Service?  

Using an instant money transfer service to send money to Turkey should only be considered once all other options have been exhausted. If a relative or friend is without money and in financial trouble, instant money transfer services can quickly get money to them.  

Banks in Turkey

As a new resident or potential second homeowner finding a bank account in Turkey will be one of your first objectives. Leading Turkish banks include   

  • IS Bank – IS Bank calls itself the “Turkish financial institution for foreigners and ex-pats.” Their English web site promotes a separate “ex-pat financial” section. Their designated ex-pat banking branches offer a one-to-one solution with English speaking representatives.  
  • HSBC Turkey – One of the more prominent banks amongst ex-pats in Turkey, mostly due to its worldwide bank status. Nonetheless, overseas branches are not attached, so you can not go into a local branch in Turkey to ask about your account in England. They likewise have an English site, along with English speaking personnel in larger city branches.  
  • YapiKredi – Turkeys fourth largest private bank with 908 branches all over the country. It has a personal banking service online in English.  
  • Denizbank – The privately-owned Denizbank is specifically preferred by foreigners and ex-pats that have actually transferred money into interest-bearing savings accounts. They offer market-leading interest rates in Turkey. An English website, in addition to English speaking personnel in private branches, further boost their appeal.  

The assigned ex-pat banking section of Garanti focuses on offering all their services in English, including internet and telephone banking, ATM’s, as well as English-speaking personnel in selected branches like Fethiye, Didim, Alanya and also Istanbul. Garanti is also a Western Union associate.  

Can I Send Money from a Turkish Bank Account to the UK?  

Absolutely, request your broker’s Turkish Lira details, and you can arrange a transfer from your Turkish account to your broker’s account. Once the funds arrive, your broker can convert them to pounds and pay them into your UK account.   

Can I Send Money from a Turkish Bank Account to a US Bank Account?  

A foreign exchange provider can arrange a transfer from a Lira account to a US dollar account. All that’s needed is the US bank account you wish to transfer the USD to.  

Opening a bank account in Turkey

Whilst every bank account opening criteria may vary, these are the documents you will need to get your account open in Turkey.  

  • Valid passport or photo ID  
  • Turkish tax number which can you can seek from the tax office  
  • Completion of proof of signature form  

Turkish bank details  

  • Turkish IBAN consists of 26 characters  
  • 2 letter country code – TR  
  • 2-character check number – 33  
  • The banks 5-digit swift code – xxxxx  
  • 1-digit national check code – x  
  • 16-digit Turkish account number – 3846028569234568  
  • Sending Bank Deposits to Turkey  

A bank and foreign exchange specialist will help you deposit funds into your Turkish current account. Just ensure you have any documents required to hand in and your Turkish bank account details present, and they’ll both be able to help with your bank deposit transfer to Turkey.  

Sending Bank Deposits to Turkey 

Banks and foreign exchange specialists will be able to assist when you need to send bank deposits to Turkey. All you’ll need is the details of your Turkish bank account.  


Is There Any Limit on How Much Money I Can Send to Turkey?  

No, providing you or your company can justify the payment. It is approved by the foreign exchange specialist you are using. There is no limit to how much TRY you can trade. Typically, if a transfer exceeds £500,000+, your foreign exchange provider might request a copy of a recent bank statement showing proof of funds or a document explaining the reason for transfer (e.g., Turkish property purchase contract).  

Do Foreign Exchange Brokers Transfer Money to All Turkish Banks?  

Absolutely, providing your Turkish bank or your beneficiaries bank is fully regulated and approved. You will have no issue transferring money to Turkey.  

How Can a Foreign Exchange Broker Help You Manage GBP/TRY Exchange Rate Swings?  

A foreign exchange specialist will offer many supplementary currency services not available in retail banks or many money transfer applications. These could include

  • Forward contracts – fix today’s TRY exchange rate for payment up to 2 years in the future. Essentially guaranteeing the cost of your purchase in Turkey and eliminating TRY currency volatility impacting the transfer.  
  • Stop-loss – stopping foreign exchange loss if your local currency is devalued by agreeing to a ‘worst case scenario’ currency rate. Protecting your Turkish purchase from being unviable and expensive because of local currency depreciation.  
  • Firm order – allowing you to target a currency rate superior to the current currency market spot rate. Once the rate is met, the currency is purchased automatically, allowing you to purchase TRY at the desired rate.  
  • Option contract – as with the forward contract and the ability to opt for a superior TRY rate if the market spot rate improves. This fx contract is typically offered to companies rather than private individuals buying in Turkey.  

How fast will my money be transferred to Turkey?  

A broker will typically take 2-3 days to receive, exchange and send you TRY to Turkey. The process with a bank takes a few days more, typically 3-5 days, to send money to Turkey.  

How Much Does It Cost to Make an International Money Transfer to Turkey?  

A bank will charge between £10-30 per international transfer to Turkey. A foreign exchange provider will typically work on a zero-fee basis. Their rates are also significantly better on exotic currencies such as TRY. 

Frequently Asked Questions

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