Sending Money to Turkey

A Complete Guide for Foreign Buyers

When buying property in Turkey or managing finances abroad, understanding how to send money to Turkey safely and efficiently is crucial. This guide covers all the options for foreign buyers, the legal requirements, and tips for minimising currency exchange losses.

How Money Can Be Sent to Turkey

There are several ways to transfer funds to Turkey:

Bank-to-Bank Transfers
- Ideal for larger payments, including property purchase funds.
- Your UK (or other home country) bank transfers funds directly to your foreign or local currency Turkish bank account.
- Fees may apply from both sending and receiving banks, and intermediary banks may charge additional fees.
- Transfers typically take 2 hours to 3 working days, depending on the banks involved.
- Check with your bank as to whether they offer any Global accounts. (HSBC offer a Global account for sending & receiving free of charge)
Foreign Exchange / Currency Transfer Companies
- Best for regular payments or large foreign currency transfers.
- Usually offer better exchange rates than high street banks and often lower or sometimes no transfer fees. Transactions typically take from 2 hrs to–2 days once your account is set up.
- Example providers currently servicing Turkey: Wise, CurrencyTransfer, Revolut Business, Currencies Direct, OFX (compare rates and fees before sending).
Western Union / Smaller Transfers
- Suitable for smaller sums or urgent transfers.
- Funds can also be withdrawn directly from ATMs while in Turkey, though exchange rates and fees may be higher.

Legal Requirements for Property Purchases

Since 21 January 2022, under Article 13 of the Circular of Capital Movements, all property purchases by foreigners in Turkey must go through the Turkish banking system in Turkish Lira (TL).

Step-by-Step Guide for Sending Property Purchase Funds

Decide the transfer method: Bank-to-bank or foreign exchange broker.
Check your recipient bank’s details: IBAN, Swift code, and branch information.
Send the funds in your home currency (GBP/USD).
Set to receive in your Home Currency (GBP/USD)
For the purchase certificate (DAB) monies must be in your home Country currency initially – full details on the DAB certificate can be found here – DAB CERTIFICATE ALL YOU NEED TO KNOW

Regulations on Currency Transfers to/from Turkey

No limit exists on the amount of foreign currency entering Turkey. You will be governed by your own Bank Transfer Limits for International Payments
Any cash amount over €10,000 or 25,000 TL must be declared at customs.
Foreign investors can freely convert and repatriate profits generated in Turkish Lira. Proof of where funds have come from along with tax receipts required for sending money out of Turkey.

FAQs – Sending Money to Turkey

Q1: Can I transfer money directly in TL for property purchases?
A: No. Funds must first arrive in Turkey in your home currency, then be converted via the Central Bank to TL to obtain the DAB certificate for the TAPU office.

Q2: How long do international transfers take?
A: Bank transfers can take 2–3 working days, while foreign exchange brokers typically deliver funds within 1–2 days.

Q3: Can I avoid losing money on currency exchange?
A: Minimise losses by sending GBP/USD from your home country, to arrive in GBP/USD – the rates are generally better in Turkey.

Q4: What documentation do I need for a property purchase transfer?
A: You’ll need your bank details, IBAN, Swift code and name of receiving bank

Q5: Which brokers currently support transfers to Turkey?
A: Wise, CurrencyTransfer, Revolut Business, Currencies Direct, and OFX are good options. Always compare fees and rates.