How to send from and receive money in Turkey
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Methods Of Sending And Receiving Money In Turkey

Created : 06 Jan 2023
money transfer turkey

By Justin Mays:

Turkey is a country that receives more than a billion dollars through international payments every year from various countries. Countless tourists, branches of multinational companies, students, and many foreigners led to an increase in the volume of payments in Turkey. Before sending money to Turkey or any other country for that matter, it is better to get the necessary information regarding the popular ways of sending and receiving money and to familiarize yourself with the conditions for money exchange. 

The exchange of money abroad can incur hefty fees and many hidden charges with traditional banking, and when you need to do this regularly, you will soon realize that you need an affordable and faster solution than banking. In this blog, we will discuss the best ways of sending and receiving money in Turkey.

Receiving and sending money to and from Turkey

Ways to receive money from Turkey

Here are the four popular and trusted ways to receive international payments:

  1. Western Union: Western Union dominated the market for transferring money overseas when there was no internet banking. While they charged hefty fees, people still used their service because there were only limited alternatives available.  You can receive Western Union in three steps. Log in to your bank account with the partner bank. Fill in your sender's details and tracking number (MTCN) and select your transfer. The last step is selecting the account you want to deposit the money and you will receive a receipt showing the transfer.

  1. MoneyGram: This is the best option to get physical cash. You can locate your nearest agent through their online map and tap on the Turkish province and postal code to find one. The cash is sent to MoneyGram which they forward to the agent, and you receive the cash for a fee. 

  1. Wise: It is the most preferred way to receive payment in Turkey for many reasons. The top reason is that they give the best exchange rates and transfer fees. Secondly, users can open virtual bank accounts in multiple countries. Thirdly, account users can save account details to exchange money regularly. The best part is that the money arrives in Turkey within the hour. 

  1. Bank transfer: For those who love to do things the old-fashioned way, most banks do the job. All you need is the recipient's 26 characters IBAN (international bank account number). It includes Turkey's country code, two check numbers, branch, and account number.

Ways to Send Money Abroad from Turkey

Here are the four most trusted ways to handle international payments in Turkey:

  1. Wise: Earlier known as TransferWisee, it is known to be the easiest and most affordable way of sending and receiving money internationally and is available in more than 50 countries. Wise’s multi-currency account (borderless account) allows its users to have local bank account numbers in selected currencies and hold over 40 currencies. You can open multiple accounts for multiple currencies without having to pay a separate account opening fee. Wise also offers debit cards to withdraw money in selected markets. You can exchange multiple currencies at very affordable rates free from commission.

  1. Papara: It's a Turkish digital banking app and online wallet. Papara does not charge its users commission for daily transactions and cash withdrawals, and you can receive or send money 24/7. Sending money, whether Turkish lira or in a foreign currency to Papara users is mostly free. To send money via debit/credit card, verified users are limited to 50 transactions each month. 

  1. Western Union: With more than 500,000 agent locations worldwide, it accepts 130 currencies and supports transfers to over 200 countries. With Western Union, you can send money outside of Turkey even if you don’t have a bank account. When sending money, you will have to visit an agent/office. After completing a form with the necessary information about your recipient, showing your ID, and paying the transfer fee, the agent will provide you with an MTCN code/tracking number to share with your recipient so they can withdraw the amount sent.

  1. MoneyGram: It's the world’s second-largest provider of money transfers after Western Union and allows transfers to over 200 countries. Unfortunately, it is only possible to send money in person in Turkey and not via wire transfer. MoneyGram operates the same as Western Union. It needs you to go to a bank physically and fill in a form to send money. Since MoneyGram doesn’t have agent locations in Turkey, so you will have to either visit Kuwait Türk Bank or Denizbank to make a transfer. The transfer process is the same. After filling out your form, showing your residence permit or ID, and paying the transfer fee, you will be given an 8-digit reference number to share with your recipient.

Necessary things to know when sending money to Turkey

There can be various reasons for transferring money abroad (business, remote employees' salaries, family, remittance, and buying a house or a car in a foreign country etc). Following the traditional way of bank transfer, if you’re sending money to a Turkish bank account, you’ll need the receiver’s account number, SWIFT or IBAN, and their bank branch’s address. There is always more than one way of exchanging funds. We advise you to suit yourself and know some important things before you send your hard-earned money. Here are some tips that can come in handy during international money exchange:

Have a basic knowledge of the law

Strict laws have been implemented to prevent money laundering from happening. It's a serious crime, and it carries a heavy punishment. Any miscommunication or failure to follow the laws regarding international money transfers can alert law enforcement and you can be arrested on speculations of laundering. Read and know the laws of your country to prevent this from happening. For example, some countries often have a cap on the amount you can send abroad.

Learn the options

You can always choose between different money transfer service providers or your bank. Yes, banks provide you with a safe and secure international transfer but it often takes a long time before your recipient receives the money. Your recipient's bank will also charge a fee and deduct it from the payment you sent. Hence, the receiver gets a lesser amount. There are several international money transfer service providers. Research, read reviews, and find yourself the most suitable one.

Know the exchange rates

Knowing the exchange rate is important during international money transfers. Different service providers often offer different exchange rates. A lot of these providers offer only a meager exchange rate. Therefore, before picking, know the exchange rate and how they compare with the exchange rate from other reliable websites. The higher the exchange rate they offer, the better for you.

Learn the service charge

Both banks and money transfer service providers claim to have the lowest service charge to attract more customers. The best way you can find out how much you are paying for each transaction is by finding out their exchange rate. If there are no service fees but a low exchange rate, then it's not a really nice choice. It's suggested that you pay for a fixed service charge rate as long as the exchange rate for every dollar is high or close to the mid-market rate.

Ensure the reputation and security of the provider

Banks always seem more secure but they aren't as good as the alternatives. Do thorough research on the service providers. You may also ask friends for referrals while choosing. Also, since banking and international money transfers are now done online, make sure that the website where you are entering your bank details is safe. Always look for the green lock button on the address bar or check that the website starts with HTTPS.

The speed of transfer

An international transfer doesn't need to take long. The speed at which your recipient can receive the money you have sent is very important, especially during emergencies.  A faster transfer can incur a higher rate or a high service fee. International money transfers are more common now since people on different continents and time zones are connecting. Speed becomes important when the need is urgent! 

Things to Consider When Choosing a Provider

If you are looking to choose a money-transferring service in Turkey, You should consider the following aspects: 

The cost involved

The cost of sending money is one of the most significant determinants when choosing a provider regardless of the amount. It will either be a transfer fee or a commission for exchanging currencies. How much exactly you’ll pay for a transfer will depend on the destination, amount, and transfer method used. The exchange rate is another factor when it comes to cost.

Speed of transfer

Speed is important because not every transaction can wait for days. If the payment is urgent, you will need a service you can trust to deliver the amount at the earliest.

Ease and convenience

How practical is the service to use will determine how convenient it is. The method needs to be easy because not everyone can do a complex transaction. A simple, user-friendly website, mobile app, or payment process is appreciated. Requiring users to submit many documents before making each transaction or not giving them the option to sort out everything online can deter many customers. A long process and having to submit many documents for each transaction can be very annoying.

Helpful customer support 

If you cannot reach customer service during trouble, you won't like to return to that provider as a customer. The service provider needs to provide a telephone number and e-mail address for your inquiries and to help resolve your issues as soon as possible. Offering multiple language options is also a plus. Also, every customer deserves quick solutions, prompt services, and the best treatment.

Special offers

You could come across really good deals from the service provider.

Many companies offer deals after you use their services. You need exactly these service providers because they will save you a lot of money in the long run.

Transfer amount limit

Consider whether you are comfortable with the limits imposed by the service provider. Many service providers set a cap on how much you can transfer. Before choosing, consider whether this limit is comfortable for you.


When it comes to money, it is better to be safe than sorry. The online reviews are not sufficient to choose a service provider. You must pick the one based on your needs. It is best to do good research and ask others for their experience before trusting a company with your hard-earned money.

Here's a blog you might like to read:  How to choose a Turkish bank and open an account and open an account as a foreigner

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