Guides

Selam! Türkiye'ye para göndermek mi istiyorsun? Doğru yerdesin! Yes, it is true that the new 2023 rules have shaken the table, limiting platforms like Wise. But don't worry, you've still got options. Local banks? They're in the game, but those fees can bite and may take a while. Timing and exchange rates? Crucial. Dive in to get the full lowdown on sending your money to Turkey without a hitch.

TL;DR:

• Turkish regulations now restrict platforms like Wise, leaving fewer but still effective options for sending money.
• Local Turkish banks offer competitive rates but come with their own limitations.
• Timing your transfers around significant economic events can offer better exchange rates.

Sending money to Turkey has become more complex due to recent changes in Turkish financial regulations. This guide provides a nuanced overview of your current best options. In 2023, the Turkish government introduced new regulations that restrict the use of foreign exchange (FX) platforms like Wise. These regulations were put in place to protect the Turkish lira from volatility. As a result, there are now fewer options available for sending money to Turkey. Additionally: 

• Some money transfer services may charge a processing fee for transfers to Turkey.
• The recipient of a money transfer to Turkey may be required to pay taxes or other fees.

The Role of Turkish Banks

Turkish banks like İşbank and Garanti BBVA still offer international money transfer services. However, they typically charge higher fees than FX platforms. Additionally, Turkish banks may require the recipient to have an account with them.

Alternative Services: Beyond Banks

There are a number of alternative services that offer money transfer services to Turkey. These services include Azimo, TransferGo, and WorldRemit. These services typically offer lower fees than Turkish banks, and they may not require the recipient to have an account.

Economic Factors: Why Timing Matters

The exchange rate between the British pound (GBP) and the Turkish lira (TRY) is constantly fluctuating. The best time to send money to Turkey is when the exchange rate is favourable. You can track the exchange rate using a website like xe.com.

Action Plan:

1. Understand Local Regulations: Regularly check updates on financial laws in Turkey, as these directly impact your options.
2. Compare Fees and Exchange Rates: Use a comparison website like Monito to compare the fees and exchange rates offered by different services before making a transfer.
3. Use a Secure Service: When sending money online, it is important to use a secure service. Look for a service that uses encryption and other security measures to protect your personal and financial information.
4. Use our (near) real time comparison tool to explore best money transfer rates to Turkey. 

Note:

Today's (22 Dec 2024) most favourable exchange rate for sending money from United Kingdom to Turkey in GBP is offered by Instarem at a rate of 44.12 TRY. Including all the fees the recipients will receive 4,412.48 TRY for your 100 GBP. For other currencies, please visit our rates page.