The current economic situation inside Turkey may make keeping track of currency exchange rates more of a hassle. Despite this, sending money to Turkey is just as easy as it was before current economic conditions, just like sending money anywhere else around the globe.
The current exchange rate for the Turkish Lira (TRY) is 5.7417 TRY per American Dollar (USD) as of the time this was written. The TRY reached a high of 5.9284 TRY per USD and a low of 5.5783 TRY per USD. The average currency exchange rate was 5.7538 TRY per USD for the last 90 days.
The TRY had an average volatility rate of 0.94% over the last 90 days. This is a very high volatility rate which is indicative of the current economic situation inside Turkey. The TRY has been unstable for some time, and the last few months have been particularly brutal. You can reasonably expect wild fluctuations to continue for the short term, barring any unforeseen changes in circumstance.
The fastest way to send money online to Turkey is through the fast options provided by either Ria Money Transfer or Western Union. These two options should be comparable in price, too, with Ria Money Transfer’s fast option being slightly cheaper. Regardless, both of these services’ fast options will see to it that your money reaches its Turkish destination in a matter of minutes.
Choosing a faster money-sending service is recommended, but not necessary. Some of the best companies for money transfers offer great deals for sending funds to Turkey. Use our money transfer comparison services to find the right deal for you.
The cheapest way to send funds online to Turkey is through OFX. OFX offers the lowest rates on the market, so long as you can meet their requirements for minimum transaction size. With OFX, the more money you send, the more money you save. While they don’t charge any upfront stated fees for the transaction, OFX charges a tiny currency conversion fee. This fee is around 1% at their minimum transaction volume, but it can go down to about 0.4%.
If the minimum transfer volume enforced by OFX doesn’t work for you, TransferWise and TransferGo should charge only slightly more.
TransferWise is the easiest option for money transfers to Turkey. TransferWise makes it easy to send money to and from any country with their intuitive peer-to-peer system. All you need to do is tap in an amount of money and a destination. After that, all you must do is pay TransferWise for the transaction and wait one or two days for the money to reach its Turkish destination.
The overall best way to transfer funds to Turkey is through TransferWise. TransferWise offers the lowest costs after OFX, but without the minimal transfer fee. While you have to wait a little while with TransferWise, the 1-2 day waiting period is quite fast compared to most of the competition. When all three of the above factors are considered, TransferWise is the best choice for sending money online to Turkey.