Send money to Turkey and Pay Low Fees

turkey-landmarkNeed to send money to Turkey? Shop around for the most affordable options.

Boasting a fascinating mix of cultures and a history dating back thousands of years, Turkey is a popular travel destination for many Canadian travellers. Alongside high rates of immigration between Canada and Turkey, there is a need to send money between the two nations.

If you need to send money to Turkey, there are plenty of transfer options and methods to choose from. However, before you select one, it’s important that you compare your transfer options in order to get the best exchange rate, lowest transfer fees and ultimately the best deal for your dollar.

While many Canadian banks will allow transfers to Turkey since the Turkish lira is commonly traded, they tend to charge high fees and give poor exchange rates. On the other hand, specialist money transfer companies deal with transferring large sums of money around the world daily. These companies can give more competitive exchange rates, faster transfer speeds and charge lower transfer fees.

Read on to discover more about how to send money to Turkey.

Compare money transfer services in the table below

Rates last updated June 24th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
USD 150
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

Send money overseas in 45 currencies.
Exclusive: OFX (Ozforex) International Money Transfers
USD 150
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
WorldRemit International Money Transfers
CAD 0.51
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
Exclusive: World First International Money Transfers
CAD 250
1 day
Online, Phone
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.
TransferWise International Money Transfers
CAD 2.50
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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Banks versus money transfer companies

Many people head to their banks to send money overseas because they aren’t aware of the other options. As mentioned above, banks offer customers poor exchange rates for international transfers and usually charge high fees as well, so sending money overseas can be a significant blow to your bank balance.

There are several more affordable options available that can also guarantee safe and secure transfers. Online money transfer companies, like TransferWise and WorldRemit, specialize in moving large sums of money around the world. They offer much better exchange rates and lower fees on international transfers. These companies can often send the money overseas within one or two days, with some companies like Western Union or MoneyGram sending the money overseas within just minutes.

Case study: Mesut sends money to Turkey

When Mesut wants to send money to his brother in Istanbul, he approaches his Canadian bank to find out how much it will cost. Surprised by the high transfer fee he will have to pay, Mesut decides to see if a specialist transfer provider can offer him a better deal. You can see the results of his comparison in the table below.

As the table shows, Mesut can save CAD$13 in fees by using the money transfer company, and his brother will receive an extra 112.21 TRY, since the money transfer company offers a more competitive exchange rate too.

BankMoney transfer company
Exchange rate
CAD$1 = 2.8920 TRYCAD$1 = 3.0009 TRY
Tranfer Fee
CAD$25CAD$12
Transfer methodWire transferOnline transfer
Processing timeThree to five daysOne to two days
Amount received (in TRY)2,853.10 TRY2,965.31 TRY

How do I compare transfer companies when transferring and receiving money via Turkey?

  • Exchange rates. How do a company’s exchange rates compare to those offered by its competitors? Some companies will hide high fees inside a competitive exchange rate, so consider all of the details carefully. On the other hand, other companies may charge lower fees but give a less competitive exchange rate. Consider both fees and the exchange rate to see how much money your recipient stands to receive.
  • Fees. How much will you be charged to send the money overseas? If you need to send a large sum of money, consider finding a company that will waive the transfer fee. These amounts tend to be quite high, usually around the $5,000 or $10,000 mark.
  • Transfer methods. Can transfers only be placed online or by visiting a branch? Are there other options available, for example phone transfers or mobile app transfers?
  • Choice of options. Can you place a limit order or forward contract to secure a better exchange rate? Can you set up a recurring payment plan for added convenience?
  • Turnaround time. How long will it take from the time you pay for your transfer to the moment your money arrives in your recipient’s bank account or hand? Some companies can send funds within minutes while others take up to five business days.
  • Transfer limits. Does the company impose restrictive limits on the amount you can transfer, not only per transaction, but per day, week or month?
  • Pickup options. How will your recipient access the funds you send? Will the money be deposited into a bank account or can your recipient collect cash from a transfer company branch?
  • Customer service. Does the company offer phone, email and live chat support? Is there an online help centre that answers a variety of frequently asked questions?

How do I send money to Turkey from Canada?

  • Specialist money transfer providers. Companies like TransferWise, OFX, TorFX, FairFX, Currencies Direct and WorldRemit can send money overseas to Turkey. These services offer different exchange rates, transfer methods, pickup methods and transfer fees, so compare your options and choose the service that suits your needs.
  • Cash pickup transfer companies. MoneyGram and Western Union operate extensive global transfer networks. These companies can send the funds within minutes overseas, however the speedy convenience tends to come with a heftier transfer fee.
  • Bank transfers. Your bank can help you send money to Turkey, but may not offer the most affordable option.
  • PayPal transfers. Examine the fees and exchange rates offered by PayPal’s international money transfer service. Both you and your recipient will need PayPal accounts to send and receive money. Accounts can be setup online free of charge.
  • International cheques. You can get an international guaranteed cheque from your bank and mail it to Turkey. Also known as “snail mail”, this is the slowest way to send money overseas.

How do I receive money from Turkey in Canada?

  • Specialist money transfer providers. Compare different companies to determine which ones allow you to send money to Canada.
  • Cash pickup transfer companies. Both MoneyGram and Western Union have locations across Turkey. Visit a branch or send funds online.
  • Bank transfers. Your Canadian bank should be able to accept transfers from Turkish bank accounts.
  • PayPal transfers. PayPal customers can receive money from around the world. The service takes three to five days to deposit the money into a bank account.
  • International cheques. These are a time-consuming and costly option, but they do offer a secure transfer method. The sender can mail a cheque from Turkey and you can deposit it into your bank account in Canada.

Emergency cash transfers in Turkey

If a situation ever arises where you need to send an immediate cash transfer to Turkey as fast as possible, rest assured that there are providers available who can get the funds to your recipient in as little as 10 minutes. These companies include MoneyGram and Western Union, which have branches across Canada. However, be aware that you will typically be charged more for an emergency transfer, with higher transfer fees and lower exchange rates. Even though time may be of the essence, make sure to review all of the details and the full cost of your transaction before sending your funds.

Cash pickup locations in Turkey/ Western Union / MoneyGram branches in Turkey

Both Western Union and MoneyGram provide international cash transfers, allowing your recipient to collect the money you send from locations throughout Turkey. Be sure to remind your recipient to take a valid form of photo ID and details of the transaction with them when they collect the funds, including the reference number and the amount sent. The details of some popular cash pickup locations in Turkey can be found below.

Western Union

Istanbul

Aksemsettin Sube
Telsiz Mah Seyitnizam Cad No 1 Zeytinburnu Istanbul,
+90-212-4158340
Open 9am to 6pm Monday to Friday

Atakoy 5 Kisim Istanbul

Atakoy 5 Kisim Guney Carsisi
No: 34 35 36 Atakoy Istanbul, Istanbul
+90-212-5592976
Open 9am to 5:30pm Monday to Friday

Ankara

Ayas Ankara
Cami Atik Mah Cumhuriyet Meydanı No: 2 C Ankara, Ankara
+90-312-7122263
Open 9am to 5:30pm Monday to Friday

ING Ulus

Ulus Meydani 2 Ulus 06030 Ankara, 6030
+90-312-3106200
Open 9am to 5:30pm Monday to Friday

MoneyGram

Istanbul

Bank Asya
Kisla Cad Kurtoglu Is Merkezi 21/7
Eyup
Istanbul,
02126746643
Open 9am to 5pm Monday to Friday

Denizbank

Nuruosmaniye Cad No 90 92
Istanbul, 212
5191165
Open 9am to 6pm Monday to Friday

Ankara

Denizbank
Sanayi Cad. 13
Ankara, 312
3097929
Open 9am to 6pm Monday to Friday

Denizbank

Necatibey Cad. 11A
Kizilay Cankaya
Ankara, 06440
3122301480
Open 9am to 6pm Monday to Friday

Tips for picking up cash in Turkey

The Government of Canada recommends that travellers exercise a high degree of caution when visiting Turkey. As of April 2018, the Government do not advise any travel to the regions bordering Syria, as well as other Eastern and Northern regions, where security situations are described as “unpredictable”.

When picking up cash in Turkey, go during the daytime and avoid public transportation with large sums of cash. Take a friend with you and put your money into your bank account or a safe place as soon as you can. Never flash cash around and avoid any unsafe areas.

What are the steps to send money to Turkey?

Although transfer methods vary from one provider to the next, you will usually have to complete the following steps:

  1. Sign up for an account. You can usually register for a free account online by providing your full name, photo ID and contact information. You may have to provide additional ID for verification.
  2. Provide your transaction details. You’ll need to enter information about who you’re sending the money to and where, how much money you’re sending and in what currency.
  3. Complete your transfer. The final step is to check the exchange rate and fees that apply to your transaction and then pay for your transfer. Double check all of the details before pressing send. You will also be given a tracking number to allow you to monitor the progress of your funds.
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