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How to Transfer Money to Turkey
Step-by-step methods compared — from monthly pension transfers to property purchases.
Quick Answer
What's the best way to transfer money to Turkey?
Wise is cheapest for most regular transfers (monthly income, rent payments). For large amounts — €10,000+ — a currency broker (OFX, Moneycorp) or bank wire is more reliable and often better for documentation. Avoid airport and hotel exchange at all costs.
5 Methods Compared
Wise (formerly TransferWise)
Best exchange rates on the market. Transparent fees. Multi-currency account. Most recommended for regular monthly transfers.
Revolut
Free within plan limits; rates competitive. Good if you already use Revolut for day-to-day spending.
Bank wire transfer (SWIFT)
Higher fees but reliable and documented. Banks are the safest for very large transfers. Use for property deposits and purchases.
Western Union
Expensive. Only use if other options are unavailable. Cash pickup available at many Turkish post offices and agents.
Currency broker (OFX, Moneycorp, IFX)
Best rates for large transfers. Dedicated account manager. Forward contracts to lock in exchange rates. Recommended for property purchases and large lump sums.
Step-by-Step: Your First Transfer to Turkey
Open a Turkish bank account
You need a Turkish bank account to receive TRY (Turkish Lira). Popular banks with English service: Garanti BBVA, İş Bankası, Akbank, QNB Finansbank. You need your passport, Turkish tax ID, and Turkish address. Some banks require a minimum deposit of €200–500.
Find your IBAN
Turkish IBANs start with TR and are 26 characters. Your bank will provide it in your account details or on your bank statement. You'll need this for all incoming transfers.
Set up Wise (or your chosen method)
Create a Wise account, verify your identity (passport photo and selfie), and link your home country bank account as the funding source. This usually takes 1–2 days to verify.
Initiate your first transfer
In Wise: select EUR/GBP/NOK/SEK → TRY. Enter your Turkish IBAN. Wise shows you the exact amount you'll receive and the fee. First transfers may have an additional verification step that takes 24 hours.
Document large transfers
For transfers over €10,000, keep records of the source of funds (pension statement, sale of property, savings). Turkish banks may ask questions; having documentation ready avoids delays.
Turkish Lira Volatility
The TRY has lost significant value over the past decade
The Turkish Lira has depreciated substantially against EUR, GBP, and Scandinavian currencies over 2018–2024. This has actually benefited expats paid in foreign currency — your purchasing power in Turkey increased. However, it means Turkish Lira savings held in Turkish bank accounts lose real value quickly.
- Keep savings in EUR, GBP, or NOK — not TRY. Transfer only what you need for the next month or two.
- Turkish banks offer foreign currency (döviz) accounts — you can hold EUR/USD and convert as needed.
- For property purchases: consider timing transfers when TRY is particularly weak (cheaper in your currency).
- Forward contracts through a currency broker can lock in a rate for future transfers — useful for property completion.
- Do not try to "time the market" for monthly transfers — the cost of getting it wrong outweighs gains.
Tax Implications of Transfers
Transferring money to Turkey is not in itself taxable. However:
- Turkey has a reporting requirement for transfers over USD $50,000 equivalent through the banking system — your bank handles this automatically.
- If you become a Turkish tax resident (spending 183+ days/year in Turkey), you may need to declare foreign income. Consult a Turkish tax advisor.
- Money transferred to fund a property purchase should be documented clearly as "property purchase funds" — keeps records clean.
- Pension income transferred to Turkey: check the double taxation treaty between your country and Turkey to understand where tax is due.
- No Turkish wealth tax applies to foreign funds simply held in a Turkish bank account.
How This Differs from Our Sending Money Guide
Our related page Sending Money to Turkey covers the general landscape of money transfer options. This page goes deeper on the step-by-step practical process, lira volatility strategy, and documentation for larger transfers — especially relevant if you are moving to Turkey rather than just sending a one-off payment.