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Boasting a fascinating mix of cultures and a history dating back thousands of years, Turkey is one must-visit country on the bucket list of many travellers. It's also the site of Gallipoli, a hugely significant place for Australians, making Turkey a commonly visited destination by Aussie tourists.
If you need to send money to Turkey, there are plenty of transfer options and methods to choose from. Before you select one, however, it's important that you shop around to find the cheapest transfer provider available.
Send money to Turkey with TorFX
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.
- No transfer fees
- Price match guarantee
- Dedicated account manager assigned to you
- Forex tools available
Compare money transfer services to Turkey
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
What's in this guide?
What's the best way to send money to Turkey?
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Turkey. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.
Digital money transfer services
Companies like XE and Wise specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient's Turkish bank account, often in as little as a day or two.
Cash transfers
Services like MoneyGram allow you to transfer cash for pickup at a local branch in Turkey— often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, compare MoneyGram to digital services like WorldRemit or Remitly when possible.
Banks
Turkish lira are not a popular currency, so your local bank probably won't be able to exchange them. If your bank does support Turkish lira, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let's crunch the numbers: Sending $1,000 to Turkey
Let's say you need to send $1,000 AUD to TRY, to family in Turkey. Here's what you might face as far as fees and exchange rates as of 10 November 2020.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | $10 | $60 | $9 + additional correspondent bank fees |
| Exchange rate | 1 AUD = 5.94 TRY | 1 AUD = 5.59 TRY | 1 AUD = 5.69 TRY |
| Transfer speed | 1-2 day | Minutes | 2-5 days |
| Amount received | TRY 5,887 | TRY 5,589 | TRY 5,638 |
| Verdict |
|
|
|
The digital money transfer service provides the best value, while a cash transfer charges a premium to get your money there sooner.
How to send money to Turkey online
Sign up and send money with a digital money transfer specialist in four steps:
- Sign up for an account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
- Provide transfer details. Submit your recipient's contact information and pick a delivery method. If transferring to a bank, you'll need their Turkish bank account details.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- Save your receipt. Record your receipt's confirmation number to track the progress of your transfer to Turkey. Some money transfer providers send a text or email when your transfer is complete.
How to get the most out of your money transfer to Turkey
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to Turkey to meet your needs:
- Exchange rates. The AUD to TRY relationship fluctuates often, so using a service that allows you to lock-in exchange prices may help you save money down the line.
- Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger exchange rate.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the number of Turkish lira you're sending.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Turkey.
- Minimum limits. Average incomes vary widely between Australia and Turkey, which means companies with high minimums transfers may not be your best choice.
- Transfer methods. Whether you want money sent to an Turkish bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfer to Turkey
When it's more important to get your money to Turkey quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
How to send money to Turkey without a bank account
Cash transfer services can help you if you're unbanked or marginally banked. If you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
Turkey's exchange rates explained
The exchange rate determines how much one country's currency is worth in another country's currency. When a country's currency is strong, it yields more money when exchanging it in a country with a weaker currency. Turkey's exchange rate is flexible compared to the Australian dollar, which means it sometimes shifts a few lira over the course of a few months, if not more. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Today's exchange rate AUD to TRY
Documents needed for sending to and receiving money in Turkey
To send money to Turkey from Australia, you'll need a government-issued ID and other documents, while documents needed to pick up money in Turkey may be different by company.
Documents to send money from Australia
To send money from Australia to Turkey, you'll need documentation and details that include:
- Identification. Most services require a driver's license, passport or other government-issued ID.
- Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
- Recipient information. Submit your recipient's name as it appears on their ID, along with their phone number, Turkish bank account and routing number.
Documents to receive money in Turkey
To pick up money in person, documentation can include:
- Transfer number. The person sending you money can forward the transfer's confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID. A Turkey Passport, Turkey Driving License or a similar government-issued ID is typically required to pick up cash.
- Amount sent. You may need to know how much was sent, usually within 10% of the total.
- Sender's information. Take along your sender's full name, the sending country and their address, if known.
What to watch out for
The Department of Foreign Affairs and Trade warns travellers to Turkey to exercise a high degree of caution, so keep a few safety tips in mind when picking up cash:
- Only visit cash pickup branches in safe areas
- Ask a friend to accompany you when you collect the cash
- Keep your money concealed and don't show it off in front of strangers
- Deposit the funds into your bank account as soon as possible
- Check travel blogs and forums for more handy safety tips
Bottom line
Sending your hard-earned money to Turkey shouldn't cost a fortune. Compare transfer companies that specialize in foreign for the strongest rates, lowest fees, and flexible delivery. For transfers to other countries, rely on our country-specific guides the next time you need to make a transfer.
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