If you need to send money to Turkey, it can be difficult to find the best way to turn your euros 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.
Online money transfer providers typically offer the strongest exchange rates and lowest fees to send money 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 ways to send money to Turkey. Most offer transfers directly to your recipient’s Turkish bank account, often in as little as a day or two.
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. If a cash pickup is necessary, look to digital services like WorldRemit or Remitly when possible.
Turkish lira are not a particularly popular currency, so your local bank probably won’t be able to exchange them. If it 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 €1,000 to Turkey
Let’s say you need to send €1,000 to family in Turkey. Here’s what you might face as far as fees and exchange rates as of 21 September 2020.
Digital money transfer service
€15 + additional correspondent bank fees
1 EUR = 9.03 TRY
1 EUR = 8.96 TRY
1 EUR = 8.61 TRY
Slowest and most expensive
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 TRY 418 more than the bank offers. If speed is crucial, a cash transfer will let you send money 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 providers that send money to Turkey to meet your needs:
Exchange rates. The EUR 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 lets you send money to Turkey instantly.
Minimum limits. Average incomes vary widely between Ireland and Turkey, which means companies with high minimum transfers may not be your best choice.
Transfer methods. Whether you want to send money to a Turkish bank account or have it picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
How to send an emergency cash transfer to Turkey
When it’s more important to send 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
If you don’t have a bank account, you can still use cash transfer services to send money to Turkey. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account. These services are widely available around the world and although they’ll typically not be the cheapest available, they can be fast and convenient.
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. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Updated: 28 Nov 2020 05:44:35 UTC
Documents needed to send money to Turkey
You’ll need a government-issued ID and other documents if you want to send money to Turkey from Ireland. Documents needed to pick up money in Turkey may be different by company.
Documents to send money from Ireland
To send money to Turkey from Ireland , you’ll need documentation and details that include:
Identification. Most services require a driver’s licence, passport or other government-issued ID.
Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheques.
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 Turkish passport, driving licence 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.
It shouldn’t cost a fortune to send money to Turkey. Compare transfer companies that specialise 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.
Zak Killermann is a writer at Finder. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.
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