Transfers

How to transfer money in Turkey or abroad

There are several methods of transferring money within Turkey or to an overseas account, though some are simpler than others.

In most cases you will want to send money via bank transfer. This is especially convenient if you opened a foreign currency account (in your home currency) and have a bank account in your home country. Turkish banks tend to process these transactions in under a week. Obviously, you can use the same methods to send money between Turkish banks. You will need to provide the following information:

  • 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 have to answer questions regarding the money´s origin and destination. These questions are asked as part of an ongoing campaign to stem the flow of funds to terrorists. The more transfers you make, the easier the process becomes, as the bank will gain confidence in your legitimacy.

Wire transfers

If you don´t have a bank account, you can use services like Western Union  and Moneygram  to transfer funds to their branch offices in Turkey or branches of certain Turkish banks (check their respective websites for details).

Both Western Union and Moneygram work the same way: for a fee the service transfers funds to a designated receiver.

These services are fast and convenient. Be aware, however, that they are also used for advanced fee and 419 fraud. Under no circumstances should you ever send funds through either Western Union or Moneygram to anyone that you do not know personally. Follow this simple rule, and all of your transactions will be perfectly safe.

Foreign exchange brokers

These are essentially freelance agents that specialize in transferring money abroad. They are used only for transfers to or from another country. Foreign exchange brokers sometimes offer better currency exchange rates than banks, and they will frequently be able to provide you with high-quality advice on limiting taxes and fees.

You will find foreign exchange brokers in most Turkish cities, though they are considerably less common in towns and non-existent in most rural areas.

Further reading

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