How to Transfer Money to Turkey

For most regular transfers — pension income, rent, monthly living costs — Wise offers the best combination of low fees (0.4–1.5%) and a transparent, close-to-mid-market exchange rate. For one-off transfers over roughly €20,000, or for a property purchase, a currency broker (OFX, Moneycorp) or a bank wire is generally more suitable because of dedicated support and better documentation for larger sums.

Fees vary by method and amount: Wise typically charges 0.4–1.5%, Revolut is often free within your plan's monthly limit, currency brokers charge roughly 0.3–1% (often less on large amounts), bank wires charge a flat €15–40 plus possible intermediary fees, and Western Union charges 1–5% depending on the payout method. On a €5,000 transfer, that works out to roughly €20–75 with Wise versus €50–250 with Western Union.

For most methods — Wise, Revolut, bank wire, currency brokers — yes, you need a Turkish IBAN to receive the funds. Western Union is the main exception: it allows cash pickup at Turkish post offices (PTT) and partner agents without a local bank account, though at a significantly higher cost.

A Turkish IBAN is a 26-character code starting with "TR", made up of the country code, two check digits, a 5-digit bank code, one reserved digit, and a 16-digit account number. Your bank provides it in your account details, mobile app, or on a bank statement once your account is open.

From 1 January 2026, Turkey's Financial Crimes Investigation Board (MASAK) requires banks to record the source and stated purpose of money transfers of TRY 200,000 or more (roughly $4,000–4,600, depending on the exchange rate), across every channel — EFT, wire transfer, mobile and internet banking, and cash deposit. Transfers between TRY 200,000 and 2,000,000 need a short, specific description of the transaction; between TRY 2,000,000 and 20,000,000 a formal Cash Transaction Declaration Form is required; above TRY 20,000,000 (roughly $425,000+) the bank can request supporting documents such as contracts, invoices, or a property deed.

You don't personally file a declaration with the government for a routine transfer — your bank handles the compliance side. In practice, this means being ready to give your bank a clear, specific reason for a large transfer (for example "pension income", "property purchase", or "savings transfer") rather than a vague description, since under the 2026 MASAK rules an unclear purpose can hold up processing.

A DAB (Döviz Alım Belgesi) is a certificate a Turkish bank issues when it converts your foreign currency into Turkish lira for a property purchase. Since 2022, foreign buyers cannot pay a Turkish seller directly in foreign currency — the funds must go through this conversion, and the DAB is a legal prerequisite for registering the title deed (tapu) transfer. If you're transferring money to buy property, factor this step into your timeline.

Most financial advisers recommend keeping savings in EUR, USD, or GBP rather than TRY, since the lira has depreciated significantly against major currencies over the past decade. Turkish banks offer foreign-currency (döviz) accounts that let you hold hard currency and convert only what you need for upcoming expenses, which limits your exposure to further depreciation.

Wise and Revolut transfers typically arrive same-day to within 2 business days. Bank wires (SWIFT) usually take 2–5 business days depending on intermediary banks. Currency broker transfers usually settle in 1–3 business days. Western Union cash pickup can be available within minutes to a few hours after the sender completes the transaction.

There is no blanket legal cap on transferring money into Turkey through the banking system, but individual providers set their own limits (Revolut's vary by plan; some fintech apps flag or pause unusually large transfers for review) and larger sums trigger the source-of-funds and purpose declarations under the MASAK rules described above. For very large amounts, a bank wire or currency broker is generally more practical than an app-based transfer.

A bank wire or a currency broker is standard for property purchases, because both produce clear, bank-verified documentation of the transfer — which you'll need for the DAB certificate and for the title deed transfer. A broker additionally lets you lock in an exchange rate with a forward contract ahead of the completion date, which matters given how much the lira can move over a purchase timeline.

Simply transferring money into a Turkish bank account — savings, a pension payment, or proceeds from selling assets abroad — is not itself a taxable event in Turkey. Tax questions arise separately: if you become a Turkish tax resident (broadly, 183+ days a year in Turkey) you may need to declare foreign income, and a double taxation treaty between Turkey and your home country usually determines where tax is actually due. A Turkish tax advisor can confirm your specific position.

Most banks ask for your passport, a Turkish tax number (Vergi Numarası — free and quick to obtain online or at a tax office), and a Turkish address. Some banks also want proof of a residence permit application in progress. Minimum opening deposits vary by bank and account type — often a small amount (roughly ₺100–500) for a current account, more for a savings account, and potentially higher for non-residents without a residence permit.

For amounts up to roughly €20,000, Wise's published fees and transparent rate are usually hard to beat. Above that, currency brokers such as OFX or Moneycorp typically negotiate a better rate than Wise's app-based pricing and offer a dedicated contact plus forward contracts — worth the extra step for a property purchase or a large one-off transfer.

This is separate from an electronic transfer, but worth knowing if you're bringing savings in physical form: travellers must declare cash (or gold) worth €10,000 or more, in any currency, at customs on entry or exit. There's no cap on the amount you can carry, but undeclared sums above that threshold can be seized while the source of funds is investigated, and a fine can apply. Wiring the money instead avoids this entirely.

For amounts above roughly ₺500,000, it's often worth contacting your Turkish bank's treasury desk directly rather than accepting the standard rate shown at a branch or in the app — larger banks such as Garanti BBVA and İş Bankası have dedicated teams that can quote a better rate for large FX conversions. For smaller amounts, or if you'd rather avoid the phone call, using Wise or a currency broker before the funds reach your Turkish account typically gets you closer to the mid-market rate anyway.