Shop around for the most affordable option when you need to send an international money transfer to Turkey.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Turkey doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the most Turkish liras for your dollar.From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Turkey is easy. However, do your research and shop around for the best available deal.
World First International Money Transfers
Most Convenient money transfers with excellent customer service. Send to 140+ currencies in 45 countries.
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- Enjoy competitive exchange rates.
- Get even better exchange rates with forward contracts and limit orders.
- Receive weekly updates on market exchange rates.
Compare money transfer services to Turkey
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Turkey. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Banks versus money transfer companies
Let’s start with a fact that many people are unaware of: In the vast majority of cases, banks are not the cheapest money transfer option available. Banks offer quite low 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.
But there are several more affordable options available that can also guarantee safe and secure transfers. Online money transfer companies like OFX and World First specialize in moving money around the world. They offer much better exchange rates and lower fees on international transfers, allowing you to enjoy a much more attractive deal when you send money to Turkey.
Case study : Mesut Sends Money to Turkey
When Mesut wants to send money to his brother in Istanbul, he approaches his US bank to find out how much it will cost. Surprised by the substantial transaction fee he will have to pay, Mesut decides to see if a transfer provider can offer him a more affordable option. He compares their services in the table below.
|Bank||Money transfer company|
|$1 USD = $2.013 TRY||$1 USD = $2.067 TRY|
|Transfer method||Wire transfer||Online transfer|
|Processing time||1-3 days||1-3 days|
|Amount received (in TRY)||$2,013 TRY||$2,067 TRY|
As the table shows, Mesut can save $25 in fees by using the money transfer company and can also send an extra $54 TRY.
How do I compare transfer companies when sending money to Turkey?
- Exchange rates. How do the company’s exchange rates compare to those offered by its competitors?
- Fees. How much will you be charged for transferring money overseas? Can you avoid the fee by transferring more than a specified amount?
- Transfer methods. Can transfers only be placed online or by visiting a branch? Are there other options available, for example phone transfers?
- Choice of options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments?
- 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 wallet?
- 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 they be deposited into a bank account or can they collect the cash from a transfer company branch?
- Customer service. Does the company offer phone, email and live chat support? Is there an online help center with a range of frequently asked questions?
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
What are my options for sending money to Turkey from the US?
- Money transfer providers. Do some research to decide which of our trusted transfer providers can send money from the U.S. to Turkey.
- Cash pickup transfer companies. MoneyGram and Western Union operate extensive global transfer networks.
- 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.
- International check. You can get an international guaranteed check from your bank and mail it to Turkey.
Emergency cash transfers in Turkey
If the situation ever arises where you need to send a 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. However, just be aware that you will typically be charged extra for an emergency transfer, with high fees and lower exchange rates the norm. Even though time may be of the essence, make sure to review all the details and the full cost of your transaction before sending your funds.Back to top
Tips for picking up cash in Turkey
- Only visit cash pickup branches in safe areas.
- Ask a friend to accompany you when you collect the cash.
- Keep your money concealed and don’t show it off in front of strangers.
- Deposit the funds into your bank account as soon as possible.
- Check travel blogs and forums for more handy safety tips.
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:
- Sign up for an account. You can usually sign up for a free account online by providing your full name and contact information.
- 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.
- 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. You will also be given a tracking number to allow you to monitor the progress of your funds.