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 the exchange rates on offer by a foreign exchange broker and 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 foreign exchange broker. In many cases a foreign exchange broker 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. Within the EU and therefore not applicable when sending money to Turkey is the SEPA payments system. It’s for this reason that currency transfer to Turkey can take a few days longer than EU member states and the United States

Required Bank Details

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 and logins etc.

If using foreign exchange broker all of your documents etc will be stored when you opened the account, and they will just 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 taken to send money to Turkey take?

  • Typical time – For a foreign exchange broker 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 broker 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 to Transfer Money to Turkey

  • Transfer Fees – A bank will typically charge anywhere between £10 -40 to transfer your money to Turkey. The vast majority of foreign exchange brokers 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’ which will be 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. Foreign exchange brokers, on the other hand, work from Turkish lira rates allowing you to benefit from positive movements and seek guidance if the rate works against you.

Fees for Receiving Money in Turkey

Turkey isn’t part of SEPA payments service and 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 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 then assist with your financial institution deposit transfer and also send your cash to Turkey.

Turkish banks will generally expect you to deposit funds in your account rapidly the typical 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 as a result of the TRY volatile movements.

Safely Send Money to Turkey

  • FCA– Always validate your UK foreign exchange broker is financial conduct authority (FCA) authorised. A UK fx broker ought to 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 broker will have no capacity to provide assurances or guarantees, their segregated client accounts must be managed by tier 1 banking organisations. All client funds are held within these ringfenced accounts as well and set aside from their financial capital, if something was to happen 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 the transfers of respectable clients and businesses. 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 make use of 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 to call them back to assure 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 broker will certainly be happy to manage payments to cover your Turkish account and look after any kind of sort of continual cash transfers to Turkey.
  • Loan – If you have been provided money from a friend or member of the family in Turkey 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 taking into 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 oversea 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 Turkish Lira.

Foreign Exchange Brokers

Considering the services of a credible foreign exchange broker is the best way of guaranteeing to save money when sending money abroad. Savings between 1-4% are feasible which will be 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 brokers in many ways when they need to transfer money to Turkey.

  • Regulation – always ensure the foreign exchange broker 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 email. An established foreign exchange broker 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 Canada

Specialists such as Moneycorp and Rational FX have vast experience in advising and assisting clients all over the globe 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 brokers offer a consistent service. All clients receive a personal account manager with a direct email address and phone number to enable easy contact and customer service if required.
  • Safety And Security – All top foreign exchange brokers will hold client funds in segregated accounts. All transactions are conducted following the FCA regulations and guidelines, we strongly advise to check 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 broker will process your transfer to Turkey with no transfer fees and 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 provided with 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 automatically day or night.
  • Option contract – as with the forward contract but also 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 and Newbridge FX offer tailored services to cater to their clients’ needs and work tirelessly to limit their clients’ FX risk.
  • Midsize brokerages such as Rational FX operate both corporate and private client operations with a focus being on key markets such as France and Spain.
  • Large multi Geographic operations such as Moneycorp operate in multiple jurisdictions and have many local offices to best serve their global clientele.

Banks in Turkey

  • 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 status as a worldwide bank. 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 interests 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.

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 be sought 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


Is There Any Limit On How Much Money I Can Send To Turkey?

No, providing you or your company can justify the payment and it is approved by the foreign exchange broker you are using, there is no limit to how much TRY you can trade. Typically if a transfer exceeds £500,000+ your foreign exchange broker 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 AllTurkish 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 broker will offer a number of supplementary currency services not available in retail banks or on 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 being devalued by agreeing a ‘worse 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, currency is purchased automatically allowing you to purchase TRY at a desired rate.
  • Option contract – as with the forward contract but also having 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 broker will typically work on a zero fee basis. Their rates are also significantly better on exotic currencies such as TRY.

How To Send Bank Deposits To Turkey?

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


Often attracted by great value and beautiful coast side settings Turkey has become a major hotspot for those looking to purchase a home overseas. The cost of living remains modest when compared to other locations in Europe and roughly half of that in the US. Property tax and rates are also modest meaning the upkeep of your property in turkey won’t break the bank.

A great variation of properties can be sourced in key Turkish cities and by sea with beautiful apartments available for under £100,000. Popular towns and cities including Istanbul, Izmir and Antalya.

Turkish Property Buying Process Streamlined

Recent changes in Turkish law mean that it is a lot easier for foreigners to purchase freehold property in turkey. The only clause is that Turkish citizens must have the ability to buy in the prospective purchaser’s country of origin.

Therefore, once you’ve found your dream home in Turkey and finance is in place the process will be a lot less daunting than many anticipate.

Tips And Process When Buying A Property In Turkey

  1. Know exactly what your budget is -the Turkish lira can be an extremely volatile currency and we advise speaking to a foreign exchange broker before making an offer or transferring money to Turkey. Remember you will also have legal costs and taxes to think of when buying your new property.
  2. Sourcing finance for a Turkish property – in 2007 Turkish banks became a lot more willing to finance property purchase in Turkey for foreign nationals. Turkish banks typically expect foreign buyers to hold a 45-60 % deposit in order to receive financing for their home.
  3. Sign your TAPU – Once a price is agreed and the financial elements of your purchase are in place you will need to sign the purchase agreement (TAPU). If you are unable to sign the TAPU in person a local solicitor can sign on your behalf.
  4. Get your DASK insurance – When completing your TAPU and taking ownership of your property in Turkey you will have to prove DASK or earthquake insurance has been purchased. This is compulsory and will delay your completion if not purchased, it costs roughly 300 TRL.

Associated Costs When Buying A Property In Turkey

Whilst the majority of your budget will go on your new property’s cost, there are other associated costs when purchasing in Turkey. Experts therefore advise on budgeting for an additional 8-9% of the property value when calculating the cost of your property purchase offer. We also advise consulting with your foreign exchange broker when you transfer money to Turkey as you may wish to fix a rate for the whole project before completion.

  • Turkish legal expert – whilst employing an approved Turkish solicitor might slow the purchase down slightly the insight and knowledge can prove invaluable. They will look out for your best interests and steer you away from potential headache properties.
  • Hiring translators – translators can either be sourced locally or in country of origin. They will typically charge by hour but may work from a set tariff. Your notary will also be able to provide you with a list of registered translators.
  • Estate agency/ realtor fees – these are typically around 3% of the property value
  • Deed transfer tax – the cost of deed transfer is around 4%of the property value
  • Notary fees – estimated at roughly £300

A foreign exchange broker can also help with small transfers to Turkey for legal and translation payments.

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