Compare the best ways to send money to Turkmenistan

The exchange rate plays a key role in determining how much TMT your recipient in TM will get.

For example, in the past 7 days average rate for USD to TMT was 3.51 TMT.

Since USD-TMT exchange rates fluctuate with market conditions, waiting a couple of days could result in a better rate, giving your recipient more TMT.

If you need to make an urgent transfer, we recommend using Revolut, which consistently offers the best rates for Turkmenistan New Manat transfers.

The most cost-effective way to fund your transfer to Turkmenistan is through a bank transfer with Revolut, which is 0.65% cheaper than the second-best service.

The way you fund your transfer to Turkmenistan impacts the cost, speed, and how much TMT the recipient will receive.

Based on our live data for a $7,000 transfer from the US to Turkmenistan, the following are your best options:

• Revolut with bank transfer deposit costs $21 and has a 0.2% markup.

• Remitly with a debit card deposit costs $2.99 with 2.46% markup.

We advise against using bank transfer, as they tend to be the most expensive option for TMT transfers.

Credit card transfers may incur cash advance fees and higher interest rates on TMT, and are usually more expensive.

Whenever possible, avoid transfers via the SWIFT network to TM. SWIFT transfers to Turkmenistan are slower and come with higher fees.

Instead, look for a cheaper option such as ACH or account balance.

Money transfer companies often have min and max limits on how much TMT you can send.

The amount you transfer can also affect the fees and the TMT exchange rate you receive. For instance, Wise is the best choice for sending large amounts to Turkmenistan.

Additionally, there may be government-imposed restrictions, commercial limitations, and other factors that influence the amount of TMT you can send.

This is why it’s really important to compare your options when transferring money to Turkmenistan.

The speed of sending Turkmenistan New Manat to Turkmenistan depends on factors like the amount, timing, deposit, and withdrawal method chosen. Typically, faster transfers come with higher fees.

For example, based on a $7,000 transfer to Turkmenistan:

Use MoneyGram for fastest transfers

Of the 4 companies offering TMT transfers, MoneyGram consistently offers the fastest delivery times across all deposit methods.

For bank account & card deposits use MoneyGram

MoneyGram offers fast and affordable Turkmenistan New Manat transfers, with fees of around $490.00000000000006 for bank deposits and $2.99 for debit card deposits, plus a small 2% markup on top of the TMT rate.

For urgent transfers use cash transfer

If you need money urgently, we recommend cash pickup services through providers like Western Union or MoneyGram.

Avoid the SWIFT network

Avoid using SWIFT transfers for TMT transfers. Due to intermediary banks on the way to Turkmenistan, SWIFT is slower and comes with higher fees.

There are a few different ways to move money to Turkmenistan:

Money transfer services

You can transfer money online using an FX broker (managed service) such as OFX or an online-only company (self-managed) such as Wise.

Based on our analysis, Wise stood out as the top money transfer company servicing Turkmenistan.

Mobile apps and e-wallets

Most money transfer services that accept Turkmenistan offer mobile transfer apps, which often have better deals on TMT exchange rates.

You can check our guide on the best money transfer apps to find one that suits your needs.

Cash transfers

Cash transfers to Turkmenistan are sent in person through services like Ria Money Transfers, MoneyGram, or Western Union.

Transferring Turkmenistan New Manat as cash is almost always instant but requires the recipient to visit a nearby agent in Turkmenistan to collect the TMT.

Bank wire transfers

You can transfer Turkmenistan New Manat via your bank.

We strongly recommend not using your bank to wire TMT directly to Turkmenistan due to high fees and slow transfer times.

Instead, use the bank transfer deposit option with Wise and send TMT from there.

There are multiple ways to receive money in Turkmenistan. Picking the right one can save you on fees and speed up the TMT transfer process. Here are your options:

Deposit to the bank account

To deposit money directly into a recipient’s bank account in Turkmenistan, we recommend Revolut.

The card transfer will also land in the recipient’s bank account in Turkmenistan. Use Remitly to deposit with a debit card at just $2.99 per transfer.

Cash pickup and delivery

If the recipient in Turkmenistan needs TMT urgently or doesn’t have access to a bank account in Turkmenistan, cash pickup or home delivery are good options.

Mobile and digital wallets

You can receive TMT directly into digital wallets like PayPal, though this often comes with more limitations and costs more compared to services like Revolut.

When sending money to a bank account or e-wallet in Turkmenistan, Turkmenistan New Manat will arrive without any involvement from the recipient.

However, if you're sending TMT as cash or transferring large amounts to Turkmenistan, the recipient may need the following:

• Government-issued ID: A national ID of Turkmenistan, a valid passport, or driver's license.

• Sender’s details: The sender's personal details such as full name and address.

• Transfer Details: The amount of TMT being received.

• Confirmation No.: This is usually given at the time of transfer.

• SWIFT Code / IBAN: Occasionally required for bank transfers.

The exact documents required may vary depending on the money transfer company and the transfer method used.

When sending bigger amounts to Turkmenistan, companies may request proof of funds such as bank statements and address verification with the utility bill in line with AML (Anti-Money Laundering) policies.

We recommend using Wise to send large amounts of Turkmenistan New Manat.

There may be tax obligations and government-imposed limits or restrictions on TMT transfers/payments to TM.

Some TMT transfers could be subject to taxes such as gift tax or commercial tax.

Even if no limits or taxes apply, certain TMT transfers (especially large sums of Turkmenistan New Manat) may need to be reported to the tax authorities in Turkmenistan or in your country.

When unsure, it’s best to consult with a tax professional in Turkmenistan or your home country to ensure compliance with the regulations.