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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.
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.
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.
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.
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.
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 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.
Sign up and send money with a digital money transfer specialist in four steps:
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to Turkey to meet your needs:
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.
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.
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
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.
To send money from Australia to Turkey, you'll need documentation and details that include:
To pick up money in person, documentation can include:
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:
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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