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How to Send Money to Turkey: A Complete 2023 Guide for Fast, Secure, and Cost-effective Money Transfers

Although sending money across the world is not rocket science, it may be difficult if you are unfamiliar with a foreign country’s monetary policy. However, the good news is that you can send money to Turkey without breaking a sweat on your phone or computer.

There are several global money transfer services to use. However, your choice will depend on some criteria, some of which are mentioned in this article.

Transfer Service

Factors to Consider When Choosing a Money Transfer Service

You don’t want to get stuck halfway or regret using a channel to send money to Turkey. The best way to avoid this is to do your due diligence before selecting a transfer method.

Here are the most crucial factors to help you quickly decide which platform to use when sending money to Turkey:

  • Account Opening Requirements

Before choosing an online transfer company to send money to Turkey, consider their account opening requirements. You should use a company like Payoneer, which offers a quick account opening procedure. You can get your account open and work on the same day.

  • Transfer Method

Once you know that the account opening process is easy, you should check the available transfer methods and fees before registering.

Most reputable companies like Payoneer and Wise offer different methods like wire transfer, debit card payment, bank deposit (ACH), mobile money, or bank transfer. You can transfer money to a Turkish bank account. Companies like Alipay also offer cash pickup through their agents in Turkey.

You will need the recipient’s bank information for most of these methods. Other methods may need the recipient’s mobile number or email address. You must know the necessary recipient information before you transfer funds to Turkey.

  • Transfer Fee

In addition to the method, knowing the transfer fees upfront is important so you can plan properly. Some companies have hidden fees which makes the rates unusually high. You should pick companies with low fees and transparent charges to transfer money.

  • Exchange Rates

It is essential to be aware of the exchange rate for the Turkish Lira on the market. This can guide you on the best rates to send money. Most companies have their currency exchange rate, which may not conform to yours. You can sign up for rate alerts. You can transfer at a low cost using the best rate. Payoneer offers a good exchange rate for US dollars to Turkish liras, regardless of the transfer method.

  • Transfer Duration

Always opt for online money transfer services with shorter processing times to avoid unnecessary delays and additional charges. If you wish to remit money to Turkey fast, you should choose Payoneer. Their service is incredible, and the recipient will get the funds in less than a day.

Best Ways to Send Money to Turkey

You can make an international money transfer to Turkey through several channels. However, all these channels fall into two categories:

  1. Online Money Transfers
  2. Banks

1. Online Money Transfers

Transfer ServiceThe cheapest option to transfer money to Turkey is using online funds transfer services. Money transfer companies like Payoneer, Remitly, and Wise do money transfers to Turkey. The remarkable thing about using these channels is that you can send money online without leaving home.

They provide an exchange rate, and you can deposit money on these platforms through your bank account or debit card. One of the most popular platforms Turks use to receive money and send money from abroad is Payoneer. This is because the channels operate a seamless transaction model and charge more reasonable fees on those transactions than other internet banking services.

Therefore, when sending money to Turkey, Payoneer is a better option.

About Payoneer

Sending money to your loved ones in Turkey online with Payoneer is pretty simple. Payoneer is an international online money transfer company well-known for secure online money transfers. You can remit funds to more than 200 countries in several currencies.

Apart from sending money, you can receive money from your clients using the company. Although they don’t have a physical office, Payoneer offers a Mastercard service, and if you request one, they will ship your personal Payoneer card to you anywhere in the world.

Payoneer Features

Payoneer offers users secure online transactions. It lets you use your account for billing, managing your credit card, and carrying out cryptocurrency transactions.

Another notable feature of Payoneer is that the sender decides who pays the transfer fee. If you don’t want to pay it, you can select the recipient, and Payoneer will charge them for the transaction.

You can use e-wallets, bank transfers, credit and debit card options, etc. Using Payoneer to transfer funds, you can send more money to several Turkish bank accounts.

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How to Send Money to Turkey with Payoneer

First, you must set up a Payoneer account. To register, visit the website on your device and complete the registration form. You will need to state the purpose of the account and verify your identity by uploading your passport data page.

Your account is ready for use immediately after you complete the process. Select make a payment on your home page to send money. If the recipient in Turkey has a Payoneer account, all you need is their email address to complete the transfer. If they don’t, or you want to make a bank or wire transfer, you should enter the recipient’s bank information and click pay to finish the payment.

2. Sending Money to Turkey Using Banks

The traditional way to send money anywhere is through physical banks. To transfer money from your bank, you will need all the official information of the recipient, including passport number or national ID number. This is because banks use Western Union for international money transfers and these details are necessary to facilitate the process.

In addition, the bank’s official exchange rates will convert your money to the Turkish lira equivalent. There are also interbank rates and transfer fees, which you will pay during the transaction.

You can carry out your money transfer from any bank in your country. You don’t necessarily need to have a bank account with them.

Conclusion

You don’t have to go to the bank to send money to your loved ones anywhere in the world. Online services like Payoneer are making that easier for everyone. Besides, using a bank is more stressful, the exchange rate is high, the processing time is long, and you pay more transfer fees.

It is best to use online services when sending money to Turkey or other countries. You can do the entire process from your home and spend less time. The best part is that you get to monitor the current progress of the transfer.