Transferring Money to and from Turkey: Best Methods

Managing finances as an expat in Turkey presents unique challenges, especially when it comes to transferring money internationally. Whether you’re receiving funds from family back home or sending money abroad, choosing the right method can save both time and fees. Understanding the best options for money transfers can help you avoid unnecessary costs and delays.

1. Bank Transfers: Reliable but Costly

Traditional bank transfers remain a reliable method for moving money across borders, but they often come with high costs and slow processing times.

• High transfer fees: Banks charge fixed fees and percentage-based commissions on international transactions.
• Exchange rate margins: Official exchange rates may not be the same as what your bank offers.
• Longer processing times: Unlike digital options, bank transactions can take several business days.

For large amounts, bank transfers work well due to their security and documentation. However, for smaller amounts, alternative methods offer better value.

2. Online Money Transfer Services: Fast and Cost-Effective

With the rise of digital services, online money transfer platforms like Wise, PayPal, and Western Union have become popular among expats. These services provide lower fees and faster transactions.

• Competitive exchange rates: These platforms offer mid-market exchange rates with low markups.
• Speed: Transactions are often completed within hours or even minutes.
• Low fees: Costs vary by provider, but they are generally much lower than bank transfers.

For example, Wise allows direct deposits into Turkish bank accounts at transparent rates, making it an excellent choice for frequent transactions.

3. Cryptocurrency Transfers: A Future-Proof Alternative?

Many expats now explore cryptocurrency as a transfer method due to its speed and minimal fees. Services like Binance or Coinbase allow users to convert digital assets into Turkish Lira.

• Lower transaction costs: Crypto transfers usually include small network fees compared to traditional banking.
• Instant transactions: Most transfers are completed in minutes.
• Exchange volatility: While cryptocurrencies offer convenience, their value fluctuates daily.

Using crypto requires familiarity with wallets and exchanges. It’s ideal for tech-savvy expats comfortable with digital assets.

4. Cash-Based Transfers: Useful for Immediate Needs

For emergency situations, services like Western Union, MoneyGram, and PTT Remittances allow cash pickups at select locations in Turkey.

• Quick access: Funds are often available within minutes for pickup.
• Wider accessibility: Cash transfers work well in areas where digital banking is limited.
• Higher fees: While convenient, cash-based services charge more than online methods.

Western Union, for example, allows deposits directly into Turkish bank accounts, which can be both secure and efficient.

5. Credit Cards and Fintech Solutions: Seamless International Spending

Some expats prefer using international credit cards or fintech apps like Revolut and N26 for everyday transactions. These services are particularly useful for temporary stays.

• No need for cash: Payments are processed digitally, eliminating the need to carry large sums.
• Commonly accepted: Visa and MasterCard are widely used in Turkey.
• Real-time currency conversion: Certain fintech solutions allow instant exchanges without hidden fees.

For those planning to stay long-term, opening a Turkish bank account may be the best solution for lower fees on daily transactions.

Final Thoughts

Choosing the right money transfer method depends on transaction size, urgency, and convenience. Banks offer security but come with higher costs, while fintech platforms provide a balance between speed and affordability. Cryptocurrency and cash-based services serve as helpful alternatives in specific situations.

By selecting the most suitable transfer method, expats can ensure efficient and cost-effective financial transactions while living in Turkey.