Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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How to send money to Turkey
Shop around for the most affordable option when you need to send an international money transfer to Turkey.
If you need to send money to Turkey, it can be difficult to find the right way to turn your dollars into Turkish lira. Fortunately, there are a number of money transfer services that can help you convert your money and put it in the pocket of a friend or family member who needs it. Our guide will explain how to shop around for the best deal.
Compare money transfer services to Turkey
What's in this guide?
What’s the best way to send money to Turkey?
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Turkey. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.
Digital money transfer services
Companies like CurrencyTransfer and TransferWise specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Turkish bank account, often in as little as a day or two.
Cash transfers
Services like MoneyGram allow you to transfer cash for pickup at a local branch in Turkey— often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees. compare MoneyGram to digital services like OFX when possible to get the best deal.
Banks
Turkish lira are not a popular currency, so your local bank probably won’t be able to exchange them. If your bank does support Turkish lira, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let’s crunch the numbers: Sending $10,000 to Turkey
Let’s say you need to send $10,000 HKD to TRY, to family in Turkey. Here’s what you might face as far as fees and exchange rates as of 4 Jan, 2021.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | 85.81 HKD | 8.00 HKD | 65.00 HKD + additional correspondent bank fees |
| Exchange rate | 1.00 HKD = 0.959544 TRY | 1.00 HKD = 0.9474 TRY | 1.00 HKD = 0.9209 TRY |
| Transfer speed | 1-2 day | Minutes | 2-5 days |
| Amount received | 9,513.10 TRY | 9,466.80 TRY | 9,149.14 TRY |
| Verdict |
|
|
|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with 363.96 TRY more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Turkey in as little as 15 minutes.
How to send money to Turkey online
Sign up and send money with a digital money transfer specialist in four steps:
- Sign up for an account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
- Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Turkish bank account details.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Turkey. Some money transfer providers send a text or email when your transfer is complete.
How to get the most out of your money transfer to Turkey
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to Turkey to meet your needs:
- Exchange rates. The HKD to TRY relationship fluctuates often, so using a service that allows you to lock-in exchange prices may help you save money down the line.
- Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger exchange rate.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the number of Turkish lira you’re sending.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Turkey.
- Minimum limits. Average incomes vary widely between Hong Kong and Turkey, which means companies with high minimums transfers may not be your best choice.
- Transfer methods. Whether you want money sent to an Turkish bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfer to Turkey
When it’s more important to get your money to Turkey quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
How to send money to Turkey without a bank account
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
Turkey’s exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Turkey’s exchange rate is flexible compared to Hong Kong dollar, which means it sometimes shifts a few lira over the course of a few months, if not more. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Documents needed for sending to and receiving money in Turkey
To send money to Turkey from Hong Kong, you’ll need a government-issued ID and other documents, while documents needed to pick up money in Turkey may be different by company.
Documents to send money from Hong Kong
To send money from Hong Kong to Turkey, you’ll need documentation and details that include:
- Identification. Most services require a driver’s license, passport or other government-issued ID.
- Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
- Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Turkish bank account and routing number.
Documents to receive money in Turkey
To pick up money in person, documentation can include:
- Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID. A Turkey Passport, Turkey Driving License or a similar government-issued ID is typically required to pick up cash.
- Amount sent. You may need to know how much was sent, usually within 10% of the total.
- Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
Bottom line
Sending your hard-earned money to Turkey shouldn’t cost a fortune. Compare transfer companies that specialize in foreign for the strongest rates, lowest fees, and flexible delivery. For transfers to other countries, rely on our country-specific guides the next time you need to make a transfer.
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