What’s The Overall Best Way To Send Money Online To Turkey?

The overall best way to send money to Turkey is through Wise. They offer the lowest costs after OFX, but without the minimal transfer fee. While you have to wait a little while with Wise, the 1-2 day waiting period is quite fast compared to most of the competition. When all three of the above factors are considered, Wise is the best choice for sending money online to Turkey.

What’s The Easiest Way To Send Money To Turkey?

Wise is the easiest way to send money to Turkey. They make 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 Wise for the transaction and wait one or two days for the money to reach its Turkish destination.

What’s The Cheapest Way To Send Funds To Turkey?

The cheapest way to money money online to Turkey is through OFX. They offer 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, Wise and TransferGo should charge only slightly more.

What’s The Fastest Way To Transfer Money To Turkey?

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.

Current Exchange Rates For Turkey

The current exchange rate for the Turkish Lira (TRY) is 18.620799 TRY per American Dollar (USD) as of the time this was written. The TRY reached a high of 18.6235 TRY per USD and a low of 17.8751 TRY per USD. The average currency exchange rate was 18.3237 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.

What do we mean by the top provider?The top provider is the money transfer service that we believe is the most suitable for the country you’re sending money to. In order to keep our service free we factor in the commercial agreements we have with partners into this ranking.How do we choose providers to display?We make sure that each table displays the most relevant brands to the country you are sending money to and from. We consider many factors when choosing the providers to display in the table. All of the providers we display are fully regulated to provide money transfer services in the jurisdiction you are searching, relevant regulatory authorities are the FCA, ASIC, Fincen, FINTRAC & AMF. Alongside being regulated the services are manually checked by our team for both quality of service and online trust from such platforms like Trustpilot and Google reviews. We base our rankings primarily on the quality of the service provided, the benefit to the consumer and to keep our service free – the commercial agreements we have.How do we order our comparisons?We are affiliated with some of the partners displayed in the tables. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place. You don’t pay any extra and the deal you get isn’t affected by our commercial agreement with the money transfer provider. We may receive a commission when you click through to a listing or when you make a transaction. We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way. If you have any questions about our listings, please don’t hesitate to email us at contact@moneytransfers.com

Send Money To Turkey in 2022 | Your Best Choices

Common Reasons for Sending Money to Turkey

There are many reasons indicated by those sending money to Turkey. The reasons are as varied as the number of transactions processed at any one given period.

Family Support

An increasing number of Turkish diaspora send money home to support their families. This could be in the form of an income supplement or basic support for household expenses.

Purchase of Services and Goods

Businesses that hire Turkish contractors, employees or freelancers usually send money for wages, salaries and contractor payments. Also, some of the money sent to Turkey is for vendor payments for goods supplied.

Income Repatriation

Turks working abroad may from time to time send part of their earnings back home.

Property Purchase

Turks have the desire and intention to invest in real assets back home. One of the most preferred investment niches is the real estate sector and specifically buying of residential and commercial properties.

Savings

Turks who plan on coming home someday usually send money to savings instruments and vehicles back home.

Why Send Money with a Money Transfer Service?

Money transfer service providers introduced innovative ways of transferring money from one point to another across and within country borders. Some of the benefits and knock-on effects of these investments include:

Faster Transfers

It takes a maximum of 3 days for money transfer service providers to deliver funds to the recipient. If the sender pays for the transfer through credit/debit cards and chooses cash pickup as the payout option, the transfer is processed within minutes.

Ease of Signup

Opening a money transfer service account and the subsequent verification process takes less than two hours. Going forward, none of the verifications would be required meaning faster transfers.

Low Exchange Rate Margins

How much you will get when you exchange your host currency with the Turkish Lira depends on the exchange rate margin the provider charges. Banks charge margins of up to 5%, way higher than the 0.5-3% money transfer providers charge.

Low Transfer Fees

Compared to banks that may charge up to $40 for transfers to Turkey, money transfer providers may charge only 10% of the bank charges for the same transfer. Some providers such as TransferWise combine all transfer charges including payment methods fees into one price for ease of transactions.

Multi-Currency Support

With transfers coming into Turkey from countries as far as Serbia, Puerto Rico and Panama, the need for a provider that can support a host of currencies can not be overemphasised. Money transfer operators support funds transfers from over 200 countries in 60+ currencies.

Security

Cybercrime has become one of the highest risks in money transfer operations. To safeguard their customers, money transfer providers have put in place industry-grade security measures such as Secure Sockets Layer (SSL) and two-factor authentication (2FA) systems.

Things to Consider When Sending Money to Turkey

When deciding on the best way to send money to Turkey, the last thing you would want is an interruption to your transfer or missed opportunities. This could be from the provider or from the recipient end of the transaction. When sending money to Turkey, you need to consider the following factors:

Taxes On Personal Income: Turkish residents are taxed on their global income but non-residents are only taxed on the income earned from Turkey. Therefore, remittance from abroad doesn’t constitute income for the recipient hence not taxed.
Tax Amnesty for Repatriation of Foreign Assets: There is a minimal tax burden for Turkish residents who want to bring their foreign assets whether they are physical or financial assets. The tax amnesty is set at 1% of the value of the repatriated assets. Within 3 months of the declaration date, the assets must have been repatriated to enjoy the amnesty.
Foreign Exchange Performance: The Turkish Lira has been subject to stabilising measures by the government. In terms of its performance against other currencies, its record has been a little shaky. With international sanctions not far off the radar, it is important to consider its near term and projected long-term performance to help you time your remittances.

Getting the right channel when sending money to Turkey is extremely important. By all means possible you should opt for providers who guarantee lower transfer fees, favourable exchange rates, timely deliveries and the other factors discussed in the guide.

Looking to Send Money Somewhere Else?

Sending money anywhere else in the world is as easy as sending money to Turkey. If you're looking to send money to another country, here is the list of the most popular destinations.