Send Money To Turkey

Currency Symbol and Swift Codes

The Turkish lira (TRY) is the official currency of Turkey as well as the Turkish Republic of Northern Cyprus. One lira is divided into 100 kurus. The value of the lira deteriorated considerably from 2015 to 2018, dropping to 4.5 USD/TRY by May 2018.

If you wish to transfer money to a Turkish bank account, you will need the bank’s SWIFT code. Here are SWIFT codes of some prominent banks in Turkey.

Case Study

Mustafa had moved from Turkey to Germany as a student. He found a suitable job after he completed his studies so he continued living in Germany. Once he started making enough money, he decided to start sending some to his parents, who still lived in Turkey. He turned to a popular German bank for the first few transfers, after which he compared it with a leading money transfer company. The corresponding table shows you what he found.

Mustafa found good reason to switch from the bank to the money transfer company. In doing so, his parents ended up getting a little extra money each time, and it got to them sooner. Besides, the company also gave Mustafa the option of scheduling his transfers.

Cash Pickup Locations in Turkey

You may turn to popular overseas money transfer companies such as Western Union, MoneyGram, Ria, or WorldRemit if you want to send money to a cash pickup center in Turkey.

Safety Tips for Picking Up Cash in Turkey

Petty crimes such as bag snatching and pickpocketing take place around major tourist destinations in Istanbul. When picking up a large amount of cash, consider taking someone you trust along. Try not to carry too much cash and do not show signs of affluence.

Do not accept food or drinks from strangers and do not leave your drink unattended. Do not accept lifts from strangers and always use registered yellow taxis.

What Information Do I Need to Transfer Money to Turkey?

The information you need to carry out a money transfer to Turkey depends on the transfer method you select.

• Bank account. To transfer money to a Turkish bank account, you will need the recipient’s name, an account number, an IBAN, the receiving bank’s name, and the receiving bank’s SWIFT code.
• Cash pickup center. You will need the recipient’s complete name as well as the location of the cash pickup center from where the recipient plans to collect the money. The recipient may get the money by presenting a reference number and an acceptable form of photo ID.

Regulations When Transferring Money To and From Turkey

There is no limit to how much foreign currency you may bring into Turkey. However, any amount over €10,000 or TRY 25,000 being taken into or out of the country needs to be declared to the relevant authorities. Foreign investors may freely convert and repatriate profits generated in Turkish lira.

According to a recent amendment made by the Central Bank of the Republic of Turkey to the Decree No. 32 on the Protection of the Value of Turkish Currency, individuals from Turkey cannot borrow in foreign currency, whether from foreign financial institutions or Turkish banks.