Send Money from the UK to Turkey

Sending money from the UK to Turkey can be a daunting task. 

With so many options, deciding which provider offers the most competitive rates, fastest transfers, and reliable service can be difficult.

In this article, I’ll explain the best ways to send money from the UK to Turkey so you can be sure you’re getting the best deal.

What’s the Best Way to Send Money from the UK to Turkey?

The best way to send money from the UK to Turkey depends on how much you want to send and the urgency of the transfer.

Paysend is the cheapest way to send smaller amounts of money to Turkey, combining a competitive exchange rate with free bank transfers, minimising costs. 

For larger amounts, XE offers the best value for money. At the time of writing, it had the best TRY exchange rate, helping to maximise the value of your pound. However, it’s worth noting it has a maximum transaction amount limit of £350,00.

If you want to send more than £350,000, you may find initiating a transfer through your UK bank more suitable. 

Bank transfers offer security and familiarity but are typically more expensive than online money transfer services, with higher transfer fees and a weaker exchange rate.

They also take considerably longer to process, with recipients receiving funds in Turkey in 2 to 5 working days instead of 1 working day through an online money transfer service.

For emergencies and urgent situations, the fastest way to send money from the UK to Turkey is through Remitly, which can complete transfers within minutes by card or in 2 hours by bank transfer.

Paysend is the cheapest way to send money from the UK to Turkey, especially for small transfers of £100.

Paysend has a competitive exchange rate and doesn’t charge a transfer fee for bank transfers, which minimises your costs. 

However, XE is the cheapest way to send large amounts of money from the UK to Turkey.

At the time of writing, XE had the best TRY exchange rate, helping you maximise the value of your GBP. 

Although you’d pay a small £1.99 transfer fee, the higher exchange rate means you’d still get more lira for your money using XE than Paysend if you transfer a larger amount.

What’s the Fastest Way to Send Money from the UK to Turkey?

Remitly is the fastest way to send money from the UK to Turkey, with money received in just minutes by card or within 2 hours by bank transfer.

Paysend also offers quick transfers to Turkey, with most transactions completed within minutes, depending on the banks involved.

As you can see from the table, most of the money transfer providers I evaluated can send money to Turkey within 1 working day.

However, the transfer speed does vary depending on your provider, so it’s essential to check how long it will take to send money from the UK to Turkey before initiating the transfer.

Can I Send Money from the UK to Turkey Online?

You can send money from the UK to Turkey online through several methods.

1. Online Money Transfer Service: Websites and apps like XE and OFX are most suitable for sending money quickly to Turkey with competitive exchange rates and transparent fees. Although convenient, recipients will usually need a bank account to receive funds. 
2. Bank Transfer: You can arrange a direct transfer of funds from your UK bank account to popular banks in Turkey, like VakıfBank and Halkbank. Whilst this method is secure and suitable for larger amounts, fees are higher than those of online money transfer services.
3. Digital Wallet: Online platforms like PayPal are user-friendly and offer near-instant transfers. However, digital wallets are only suitable for sending smaller amounts as they have lower maximum transfer limits. 
4. Cash Pickup Service: Providers like Western Union and MoneyGram allow recipients to collect cash from designated locations in Turkey after the sender initiates an online transfer. Funds can be collected in minutes but usually have higher transfer fees and less favourable exchange rates than online money transfer services. 
5. Pre-Paid Debit Card: Some transfer services like Revolut offer cards you can load money onto online, which the recipient can use to ake purchases or withdraw from. Pre-paid debit cards are convenient for recipients who don’t have a bank account but have limited acceptance compared to traditional bank cards.

Sending Large Amounts of Money from the UK to Turkey

The best way to send large amounts of money from the UK to Turkey is to use a reliable and trustworthy online money transfer service like OFX or Revolut. 

These services offer competitive exchange rates, lower fees compared to banks, and don’t have a maximum transfer amount limit, giving you greater flexibility.

Some services like OFX also provide a dedicated account manager for larger transfers. When I signed up for the service, a manager quickly contacted me to guide me through the entire process, from start to finish. 

Maximum transfer amounts vary widely between service providers, with some, like Remitly, restricting how much you can send within 24 hours, 30 days and 180 days.

Traditional bank transfers are suitable for securely sending large amounts from the UK to Turkey. However, they usually have higher fees and a weaker exchange rate, meaning your recipient would receive fewer lira. 

Pay attention to the fees charged by the transfer service or bank. Some providers like TransferGo offer lower fees or free transfers for larger transactions, whilst others like Wise and Revolut increase their costs, which can quickly add up.

Ensure that the chosen provider complies with all relevant regulations and has appropriate licenses for international money transfers. These regulations help ensure the security and legality of the transaction.

You may be asked to provide copies of a valid government-issued ID, like a passport or other documents, such as a source of funds, for verification and compliance purposes.

Can I Set Up Regular Payments from the UK to Turkey?

There are several ways to set up regular payments from the UK to Turkey.

1. Online Money Transfer Service: Setting up recurring payments through services like Remitly is convenient and allows you to adjust payment amongst or frequency. However, some providers have transaction limits, which could be an issue if you want to send large, frequent transfers. 
2. Direct Debit: Ideal for paying a Turkish business for services or a subscription, direct debits eliminate the need to initiate payments manually. Although convenient, you’ll have limited control over payment timing or amounts and could incur fees if your account has insufficient funds. 
3. Standing Order: You can set up a standing order through your UK bank to send a fixed amount of money to a recipient in Turkey at regular intervals, such as monthly or weekly. They’re easy to set up and manage through online banking but lack the flexibility to adjust payment amounts or dates without cancelling and setting up a new standing order.
4. Digital Wallet: Services like PayPal allow you to manually send regular payments from the UK to Turkey or through automated transfers. Transfers are near-instant but have a low maximum transfer limit, making them unsuitable for sending larger amounts.
5. Cryptocurrency: This method is only suitable for tech-savvy people comfortable using cryptocurrencies like Bitcoin and Ethereum. Whilst transfers are potentially cheaper, the volatility of cryptocurrency prices can result in fluctuations in the value of payments sent to Turkey.

Sending Money from the UK to Businesses in Turkey

For most people, the best way to send money from the UK to businesses in Turkey is through an online money transfer service like OFX.

These services allow you to conveniently and quickly transfer money online from your UK bank account to the business’s bank account in Turkey.

They also offer competitive exchange rates and lower fees compared to banks, maximising the value of your pounds.

However, some online money transfer services have transfer limits which may not be suitable for large transactions like business investments or paying suppliers.

In this situation, a traditional bank transfer may be more suitable.

This method is secure and reliable, but banks often charge higher fees than online money transfer services.

Transfers also take longer to be received in Turkey, taking 2 to 5 working days instead of 1 to 2 working days through an online money transfer service.

Your provider may ask for additional documents like a contract or invoice to ensure compliance with regulatory requirements governing international business payments, including anti-money laundering (AML) and know-your-customer (KYC) regulations.

You may also need to provide the business’s 10-digit Turkish tax identification number, the Vergi Kimlik Numarasi (VKN).

How to Send Money from the UK to Turkey

How you fund your transfer from the UK to Turkey depends on your transfer method and service provider.

Some of the most popular methods to send money to Turkey include:

• Bank Transfer: Best used when you have sufficient funds available in your bank account, a bank transfer is a secure way to pay for your transfer to Turkey. Although reliable, transfers take longer to clear and process, which may be an issue for urgent transfers.
• Credit Card: If you need to send money to Turkey quickly or don’t have sufficient funds in your bank account, a credit card is an excellent way to fund your transfer. Whilst transfers have enhanced consumer protection, they typically have higher fees and interest rates for cash advances, making them more expensive. 
• Debit Card: This method is similar to funding your transfer with a credit card but usually has lower fees. Whilst widely accepted, some debit cards may have daily transaction limits, which may impact larger transfers to Turkey. 
• Digital Wallet: Platforms like PayPal are quick and convenient for online transactions. However, they have high fees and limited acceptance compared to traditional bank cards.
• Cash: If you need to send money to Turkey quickly or don’t have a bank account, some providers like Western Union allow you to fund your transfer through cash deposits. Whilst funds clear quickly, it’s less convenient than electronic methods and can be subject to cash handling limits.

What Details Do I Need to Send Money from the UK to Turkey?

To send money from the UK to Turkey, you’ll typically need the following details:

1. Recipient’s Details: The full name of the person or business you’re sending money to in Turkey as it appears on their bank statement, as well as their address, phone number and e-mail address. 
2. Recipient’s Bank Details: The recipient’s bank name, branch address and account number. You’ll also need the 8-11 character SWIFT/BIC code and the 26-character IBAN. 
3. Alternative Payment Details: If you’re using a digital wallet or pre-paid debit card, you may only need the e-mail address and phone number associated with the recipient’s account.
4. Tax Information: Depending on how much you send from the UK to Turkey, you may be asked to provide the recipient’s tax identification number (TIN). This is the 11-digit Turisk National Identity Number (NIN) for individuals, or the 10-digit Vergi Kimlik Numarasi (VKN) for businesses and certain foreign nationals.
5. Additional Documents: Your provider may request copies of valid government-issued ID like a passport, proof of address like a utility bill, or evidence of the source of funds for regulatory compliance.

How Much Does it Cost to Send Money from the UK to Turkey?

Several fees are associated with sending money from the UK to Turkey.

Transfer Fees

The service provider charges transfer fees for processing your transfer to Turkey.

They vary widely between providers, with some offering free transfers or discounted fees for new customers and larger transfers.

Transfer fees usually range between £0 and £10 if you use an online money transfer service or £10 to £30 for a bank transfer. 

Exchange Rate Markup

Providers may add a margin to the exchange rate they offer for currency conversion. 

This markup reduces the amount of Turkish lira the recipient receives and may not always be transparent.

Online money transfer services typically have an exchange rate markup of 0.5% and 2% above the mid-market exchange rate, whilst bank transfers have a higher markup of 2% to 5% above the mid-market rate. 

Intermediary Bank Fees

Some transfers from the UK to Turkey may pass through intermediary banks, which may charge fees for processing the transfer, which can be deducted from the transfer amount before it reaches the recipient in Turkey.

Intermediary bank fees vary depending on the banks involved but usually range between £0 and £20 for online money transfer services and £10 and £30 for bank transfers.

Recipient Fees

Recipient banks in Turkey may deduct fees for receiving international transfers. 

These fees are typically deducted directly from the transferred amount before it is credited to the recipient’s account.

Recipient fees for Turkish banks may vary but usually range from £5 to £20 per transfer.

Additional Services

Service providers may charge additional fees for services such as expedited transfers, amendments, or cancellation of transfers.

For example, express transfers can cost between £5 and £20 through online money transfer services or £10 to £50 for bank transfers.

How Long Does it Take to Send Money from the UK to Turkey?

Typically, sending money from the UK to Turkey through an online money transfer service like XE or Wise is quicker than traditional bank transfers.

Transfers sent through online money transfer services like Wise or Remitly can reach Turkey within 1 to 3 business days. 

In contrast, bank transfers from the UK to Turkey may take 2 to 5 business days to reach the recipient’s account, depending on the processing times of both the sending and receiving banks. 

International bank transfers often involve additional processing and clearance times, resulting in longer delivery than domestic transfers.

Transfers funded by debit or credit card may process faster than those funded by bank transfer, which may require additional processing and clearance times.

Similarly, transfers initiated on weekends or holidays may experience delays, as banks and financial institutions may have limited operating hours or be closed during these times.

Some services offer expedited or express transfer options for faster delivery, usually at an additional cost.

Frequently Asked Questions