Send money internationally to Turkey (TRY) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Turkey
What is the best TRY exchange rate today?
How much does it cost to send money to Turkey?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
Sending money to Turkey
On the 3.1 million of Turkish people who currently reside outside of Turkey, half of them are located in Germany. Then the countries where they are the most represented are European countries such as France (260'000 people), the Netherlands (200'000), Austria (165'000), and also the United States (110'000) and Saudi Arabia (100'000).
The migration of people from Turkey to Germany began in the 1960s when Germany was in the middle of an economic boom and was literally in a lack of workforce. A labor recruitment agreement was signed between both countries. German companies began to recruit many unskilled or semi-skilled workers for industry.
Turkey received the equivalent of $985 million last year, of which $475 million came from Turkish workers in Germany who send money back home regularly. All those workers need good solutions for transferring money to Turkey in order to make most value out of their income.
What are the solutions to send money to Turkey?
From banks to foreign exchange brokers, online money transfer operators and cash international services, there is no lack of solutions to send money to Turkey. What is the best solution for a transfer? There is no direct answer to this question because the trick is to find the cheapest and more convenient solution depending on a specific need.
Generally speaking banks are expensive as they charge huge fees to process an international transfer. Moreover there is no guarantee that your bank allows a transfer to Turkey. However it can be advantageous if your bank has an international branch in Turkey.
Brokers offer competitive rates for large amounts of money transferred. They're not the easiest solution as a few steps are required to activate an account with them but you can have a great deal with a broker for buying a house in Turkey for example.
Online money transfer operators are an easy way to send money abroad and they provide a wide range of transfer methods. They also offer good rates.
Finally international cash services are the fastest way to send money to Turkey as the recipient can collect the cash almost instantly at any agency of the service. Not the cheapest option but the best way to receive cash in minutes.