How to Receive Money in Turkey
There are a few good options when knowing how to receive money in Turkey. So you don't pay hefty bank transfer fees and get low exchange rates. Therefore, your decision is not about how to receive the money but how to get it quickly and for the lowest transfer fee possible. In addition, to receive the cash in Turkish lira, instead of another currency, how to get the best rate possible. This is especially true for expats dealing with large amounts of money to handle household bills. So, let's look at options to transfer money to Turkey and our favourite method for the best rates and transfer fees.
How to Receive Money in Turkey
1: Western Union in Turkey
Many years ago, before mobile banking, Western Union dominated the market when transferring money overseas. They also charged hefty fees. People used their service, but only because there were limited alternatives available. These days, Western Union had to up their game, thanks to the vast choices available. Western Union offers three ways to transfer money. The first is via online banking. Log in online with one of their partner banks, fill in the details, and send the cash. This service is available via six Turkish banks; Akbank, Garanti, Is, Seker, Yapikredi, and Ziraat. The ATM option is also available via Garanti. While sending money via mobile banking is available at Isbank, QNB Finansbank, and Ziraat.
2: MoneyGram For Physical Cash
Various agents around Turkey act on behalf of MoneyGram. To find out the nearest one, use their online map and tap in the Turkish province and postal code to find one. We have just done one for where we live, and six agents showed up, including Denizbank. You send MoneyGram the cash, they forward it to the agent, and you receive the cash for a fee. The second option is the money to be deposited directly into your account in Turkey.
3: Our Favourite Method – Wise
We love using Wise for many reasons. Firstly, they give the best exchange rates and transfer fees. Secondly, users can open virtual bank accounts in numerous countries. Thirdly account users can save account details to send and receive money regularly. On most occasions, the money arrives in Turkey within the hour. Rather than use Wise for a one-off transaction, the service is part of our financial money management plan.
4: Via Bank Account
Of course, some people still like to do things the old-fashioned way, in which case, most banks will send money overseas. To do so, you need the recipient's IBAN. IBAN stands for an international bank account number. So, for example, a Turkish IBAN contains 26 characters and will include the Turkey country code, two check numbers, branch, and account number.
5: Other Companies
About World Remit in Turkey: World Remit offer four choices to receive money in Turkey. Receive it directly into your bank account, ask for a cash pick up via an agent, receive money into mobile cash apps, and top up mobile airtime. However, we typed in Turkey to find out the exchange rate we would receive, and they said, "None of the money transfer methods are available for the option selected. Please choose a different country."
About PayPal: Before 2016, PayPal was big business in Turkey. Turks used the service internationally for their online stores to receive money from abroad and to send money out of Turkey. There were two problems, though. The first is that PayPal refused to disclose its financial information to the Turkish government. The Turkish government must license any financial company, app, or bank. PayPal declined to do this; hence the Turkish government barred their service. You can still use PayPal to send money, but the recipient can't withdraw cash to their Turkish bank account.
About Zelle and Venmo: Unfortunately, only USA residents and those with a USA bank account can use these online cash apps, so you can't use them to receive or send money to Turkey.
About Sending Money to Buy Property
Most customers ask how to send and receive money in Turkey, but it is important to note that two different procedures depending on what you want to do with the money. For example, use any above options to pay bills, have spending money, and buy residency. However, Turkey introduced a new procedure to buy property in January 2022.
First, home buyers in Turkey transfer foreign currency, which equals the property's sales price, to a Turkish bank. The money must be euros, USD, or GBP. Then, the bank in Turkey sends the money to the Central Bank of Turkey, which will issue the Turkish lira and a foreign currency exchange document that includes your name and surname, your passport number, the amount of the two currencies and a statement saying, "This transaction is carried out within the scope of Article 13 of the Circular on Capital Movements."
When applying for title deeds, we will show the statement to the land registry office in Turkey. Please note that they will not transfer ownership of deeds without it, so this is an important step. We assist all clients buying a property in Turkey with this procedure, so if you have any questions, just let us know.
Also, About Money in Turkey
Best Ways to Exchange Money: You can receive money in Turkey in numerous currencies, but you might want to know the best way to exchange it and get the best rates for more Turkish lira. This article looks at those methods, where to avoid the worst rates and tips for handling the Turkish lira and saving money.
About Us: We are Turkey Homes, an established agent with offices in many parts of Turkey, including Istanbul, Bodrum, Antalya and Fethiye. As well as selling houses, we help our clients manage their bricks-and-mortar investment, whether they use it as a holiday home or choose to live in Turkey all year round. We took our team's collective knowledge and experience to form our blog about Turkey, which will be useful to anyone who wants to know more about the country.