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Find the best way to send money to Turkey

Learn how to send money to Turkey from Australia in our step-by-step guide.

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Looking for a way to send money to family, friends or a business in Turkey (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better TRY exchange rates and lower fees on international transfers.

Based on the providers we've compared, Revolut is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in Turkey within minutes.

Best ways to send money to Turkey from Australia

The best way to send money to Turkey depends on your payment method, how you want your money to be received and how fast you need it to arrive.
  • Online money transfer provider. When buying Australian dollars or Turkish liras money transfer specialists typically offer better rates and cheaper fees than a local bank.
  • Bank transfer. Bank transfers are an easy way to send money to Turkey but they charge extra for the convenience and are often slower than other methods. AU banks generally add a 3% to 6% markup onto exchange rates.
  • Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in Turkey.
  • Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
  • Prepaid phone credit. Specifically used to top up a recipient's prepaid mobile phone plan, prepaid phone credit is usually added instantly or within a few minutes.
  • Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.

Compare the best money transfer companies to send money to Turkey

1 - 19 of 19
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Cheapest way to send money to Turkey

As reported by the ACCC, bank transfers are typically the cheapest way to get your money to Turkey. Revolut and Xe Money Transfers have some of the lowest bank transfer fees of the brands we've compared.

Remember, it's more important to look at the overall cost of your transfer to Turkey and this has a couple of elements:
  • Transfer fees. While still cheaper than your Australian bank, money transfer services charge either a fixed or percentage-based fee for making your transfer.
  • Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market AUD/TRY exchange rate.

Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Turkish liras your recipient will end up with.

Fastest way to send money to Turkey

Actual transfer times from Australia to Turkey can depend on several factors including transfer amount, payment method and currency.

Here are some of the fastest average transfer speeds to Turkey:
  • Revolut — within minutes
  • Xe Money Transfers — within minutes
  • Instarem — within minutes

Safest way to send money to Turkey

The safest way to get your money to Turkey is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and Turkey.

A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.

Large money transfers to Turkey

If you need to make a sizable money transfer to Turkey, consider using a provider such as TorFX or Xe Large Transfers to secure a better TRY exchange rate and benefit from its expertise handling larger transactions.

Using a large transfer specialist can have the following advantages:
  • Tax guidance. Large transfers to Turkey may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on the Australian Taxation Office's latest advice.
  • Foreign exchange tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the TRY exchange rate you want.
  • Account manager. Some money transfer providers assign a personal account manager who can offer advice and help facilitate transfers.
  • Phone service. If you want to talk your transfer through with someone, providers such as TorFX and Xe Large Transfers can provide support over the phone.

How to send money to Turkey from Australia

To send money to Turkey, you'll need the necessary documentation, your recipient's details and a way to pay.

  1. Compare your options.
    Use our table to find a money transfer provider that sends funds to Turkey. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
  2. Create an account.
    You'll need to give your name, address, contact details, proof of ID and method of payment.
  3. Provide your recipient's details.
    Enter your recipient's name and contact information. If you're sending straight to their Turkish bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
  4. Enter your transfer amount.
    Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Turkish liras your recipient gets.
  5. Complete your transfer.
    Send your money transfer to Turkey. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.

Example: Fatma transfers money to Turkey

Fatma is working in Australia as a doctor and she stays in regular contact with her elderly parents back home in Turkey. Her parents need some funds to help pay off a mortgage, so Fatma plans to send them $2,000 from Australia.

She decides to compare a bank and a money transfer specialist to see which one can save the most money on her transaction.

Bank Money transfer company
Exchange rate 1 AUD = 20.54 TRY 1 AUD = 20.81 TRY
Transfer fee $10 $2.50
Transfer method Bank account deposit Bank account deposit
Processing time 2 - 5 working days Next day
Amount received 40,879.10 TRY 41,576.38 TRY

The money transfer company enables Fatma to send an extra \u20ba697.28, which is transferred straight to her parents' Akbank account.

How to choose a money transfer company for Turkey

When selecting a provider to transfer money to Turkey, here are the main factors to consider:

  • Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. However, not every money transfer provider offers the mid-market rate so compare the TRY you're offered to the mid-market rate to calculate the margin.
  • Transfer fees. Are you being charged a flat fee or a percentage of the transfer amount? A provider offering to transfer your money to Turkey for a flat or low fee might work out better if you're sending a large amount.
  • Transfer type. Does your recipient have a Turkish bank account or is cash pickup a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
  • Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as WorldRemit offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value.
  • Transfer limits. Find out how much you can send with each service. For example, Remitly has a transfer limit of $2,999 while Revolut allows unlimited transfers.
  • Discounts. Providers may offer you a free transfer simply for signing up. Others may give a discount for transferring more than a specific amount of Turkish liras.

Is this a good time to send money to Turkey?

Compared to a month ago, the Australian dollar is weaker against the Turkish lira. Currently, $5,000 is worth \u20ba104,594.00, whereas a month ago, $5,000 was equivalent to \u20ba106,276.00. That's a decrease of 1.58% over the past month.

But compared to a year ago, the Australian dollar is stronger against the Turkish lira. A year ago, $5,000 was equivalent to \u20ba65,409.50. That's an increase of 59.91% over 12 months.

What's more important, however, is the strength of the Australian dollar against the Turkish lira and where it goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more Turkish liras for your Australian dollars and can help you get the best out of any market conditions.

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