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How to transfer money in Turkey or abroad from Turkey? This is no trouble since various methods help foreigners or ex-pats transfer their money securely in Turkey or to other countries from Turkey. There are numerous ways to transfer money in Turkey or to an account outside of Turkey, which are easier than others.
How to Transfer Money in Turkey or Abroad?
Some methods are easier and simpler, while some hold a little complex procedure for those new to the money transfer concept within and out of Turkey.
Different Ways to Transfer Money in Turkey or Abroad
Bank transfers, wire transfers (we can also say online money transfer), and foreign exchange brokers are some of the best money transfer methods. Let’s have a look at all of them to get understand their concept in a better way.
Related Article: How to Open a Bank Account in Turkey as a Foreigner?
In the vast majority of instances, you’ll wish to send funds through a bank transfer. This is extremely useful if you have a foreign currency account (in your home currency) in Turkey and a bank account in your home country. These transactions are usually completed in under a week by Turkish banks. To transmit money between Turkish banks, you may utilize the same techniques. The following information will be required of you:
● name of the bank receiving the money,
● account number and account holder,
● the swift code of the receiving bank,
● the IBAN number of the receiving bank,
You may also be asked questions about the origin and destination of the money. These inquiries are part of a larger effort to halt the flow of cash to terrorists. The easier the procedure grows as the bank gains trust in your validity as you make more transfers.
Related Article: Opening Hours of Banks in Turkey.
Bank Transfers
This method works when you have a foreign currency account strictly in the currency of your nation, and you must have a bank account in your nation. The money transfer can easily be done within these accounts, and Turkish banks perform the transactions within a week.
If you want to transfer money from your Turkish account to another Turkish bank, it’s also easily possible. For this, you have to share some details or answer questions as per the norms of money transfer for foreigners.
Wire Transfers
No worries if you have not created any bank account in Turkey. Various online money transfer platforms enable you to transfer money from Turkey to another country and vice-versa in a highly secured way. You need to pay a small fee to use the available payment methods. Many of these platforms provide a one-day transfer service and even can also transfer money instantly.
WesternUnion and Moneygram are considered as the best alternative to transfer money in Turkey and abroad. Even many Turkish banks have branches of these platforms for fund transfers. No doubt, both are fast and convenient, but they charge some fee for the money transfer process. Both Western Union and Moneygram operate similarly: they charge a fee to send money to a selected recipient. Check their respective websites for details.
TransferWise is another highly popular online money transfer platform that enables you to transfer any amount of money from the US to various countries, including Turkey, within a day or instantly.
These services are quick and easy to use. However, you should be aware that they can also be utilized for an advanced fee and 419 fraud. Under no circumstances should you send money to someone you don’t know using Western Union or Moneygram. If you follow simple guidelines, you can be assured that all of your transactions will be completely secure.
Related Article: The Best Way to Exchange Currency in Turkey.
Foreign Exchange Brokers
They are the agents who specialize in transferring funds in Turkey or to other countries from Turkey. Many times, foreign exchange brokers provide high currency exchange rates as compared to banks. You can find these brokers in several Turkish cities, but very few exist in rural areas.
Remember that when there are different payment methods, the transfer delivery time also varies based on which transfer method you use.
These are essentially independent contractors who specialize in international money transfers. They’re solely utilized to get from one nation to another. Foreign exchange brokers are often able to give you better currency conversion rates than banks, as well as high-quality advice on minimizing taxes and fees. Foreign exchange brokers may be found in most Turkish cities. However, they are far less popular in villages and almost non-existent in most rural regions.
An experienced law firm in Turkey can handle all of your legal affairs if you need assistance. Feel free to contact us for more information.
References & Sources
- Landed, J. (2014, April 6). Transfers. Just Landed. <https://www.justlanded.com/english/Turkey/Turkey-Guide/Money/Transfers>
This article was published on 02.12.2020 and last edited on 04.08.2021. Images used in this article have been taken from free image-sharing services on the internet. Also, in this article, which is called; “How to Transfer Money in Turkey or Abroad?” information freely shared on the internet was used, and necessary references were given in the article. We make every effort to offer accurate and current information. However, please do let us know if you find any errors in this article.
