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.
|Turkiye is Bankasi||Istanbul||ISBKTRISXXX|
|Turkiye Garanti Bankasi||Istanbul||TGASTRI1XXX|
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.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||EUR 1 = TRY 5.4482||EUR 1 = TRY 5.6211|
|Transfer fee||EUR 20||EUR 0|
|Amount received for EUR 2,000||TRY 10,787.44||TRY 11,242.20|
|Transfer time||2 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||TRY 454.76|
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.
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.
|WESTERN UNION IN TURKEY|
|Istanbul, Atilim Seyahat, Kemalpasa Mah 18 Sekbanlar Sok Sekban, Apt No 16 B, Istanbul||Hotel Bulvar Palas, Ataturk Bulvari No 36, Istanbul|
|Ankara Cabak Finans, Drmehmet Ali Altin C Akdere M, Ankara||Kunduz Iletisim Haci Bayram Mah Anafartalar Caddesi, No 3 64 Altindag, Ankara|
|MONEYGRAM IN TURKEY|
|Istanbul Kuveyt Turk Bank - Kavacik, Fatih Sultan Mehmet Cad Otakci Citimazi No 1 Ak Is Merkezi, Istanbul||Kuveyt Turk Bank, Ankara Cd N 21 Efe Ismerk Sigli Kurtkoy, Istanbul|
|Ankara Gonder-Al Guzey Iletisim Hamamonu Talatpasa Bulvari 134 B Altindag, Samanpazari, Ankara||Mustafa Ismail Acar, Hanimeli Sok. 14/D, Korkutreis Mah, Ankara|
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.
The information you need to carry out a money transfer to Turkey depends on the transfer method you select.
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.