Everyone who wants to transfer money abroad has only one question and hundreds of false answers: How can I send money from abroad to Turkey or from Turkey to abroad in a smooth, cheap and fast way?
In addition to the expensive classical methods such as SWIFT and Western Union, with the advancement of technology and the increase of fintech initiatives in this field, many alternatives that provide online services started to emerge. The number of people researching to determine the most reliable applications has also increased. If you came across this article while doing this research, this is great. Because we want to give you information about some of the money transfer systems that we have personally tried and found successful.
Since all online money transfer applications work with similar logic, let’s first talk about how to send money with these systems:
- Register on the website of the most advantageous online services listed below,
- Select the country you want to send money to and start the transfer by looking at the instant exchange rates in that country’s currency,
- Enter the local bank account information of the person you want to send money to and confirm the transfer,
- The total amount of the transfer in your currency presented to you on the screen,
- Transfer to the systems’ local bank account with FAST, EFT, or Wire Transfer
Wise (Transferwise)
Wise (formerly known as Transferwise), which entered the Turkish market after the ban of Paypal, has provided you with an online money transfer with a very cheap commission to any IBAN abroad or from abroad to any IBAN in Turkey for years. In fact, with the last name change, they ceased to be just a money transfer application. They also started to provide banking services. So, as a Wise member, you can even open a corporate or individual bank account in Europe within minutes.
You can easily manage the transactions in Turkish on the website. The system is very transparent, and it tells you that your money will arrive at an estimated time at the time of shipment. In addition, the exact location of your money is instantly informed to you at every stage.
To send money or open a bank account in Europe, click this link to access the Wise screen. Then, select your current currency and the currency you want to send. When you do this, you already see the amount that will reach across the instant exchange rate. After confirming, the system shows you a bank account and tells you to send money in your currency there. If you send money from abroad to Turkey, there are different payment options such as debit card, credit card, direct debit, Apple Pay, and Google Pay.
Collaborating with “Birleşik Ödeme Hizmetleri”, which operates in Turkey with a BRSA license, Wise manages your money through Fibabank and transfers money through these bank accounts.
TransferGO
With the TransferGO application, it is possible to transfer money online from Turkey to abroad and from abroad to Turkey. All processes work in the same way as other applications, and you can track instant information about the transfer of your money through your account.
Two features are distinguishing TransferGO from others. One of them is instant money transfer service. In other words, if the system is available at that moment, it deposits your money to the other party within seconds. Of course, this has an additional cost, but it is possible to say that this is minimal. Another advantage of the system is that if the money you send is not urgent, you can send it free of charge. You are also offered a “free” option in the transfer options, and the duration of this process can range from 3 days to 1 week.
If you want to send money without commission, this system is for you. On the other hand, in TransferGO’s friend invitation system, if every friend you invite transfers at least 500 TL or more, you earn 200 TL reward money, and it is deposited into your bank account within 3-5 days.
SWIFT
It is worth mentioning that although it does not feel very welcome to offer you these transfer methods amidst such high technology and convenience.
Money transfer with SWIFT, one of the international money transfer services offered by banks in the country as a standard in their mobile applications, is currently immensely underdeveloped due to commission rates and money cuts. Moreover, there is not much guarantee when your money will arrive, and both you and the person you send it to are subject to extra money cuts.
However, if you still want to use it; You can log into your bank’s online banking application and look at the money transfer option abroad.
Western Union & Moneygram
Since these two systems are very similar to each other, we had to say simultaneously. Most of the aforementioned applications offer their services by thinking that the other party is also a bank account. What if the other party doesn’t have a local bank account in that country?
At this point, Western Union and Moneygram allow the counterparty to go to the banks/exchange offices related to their identity and receive the money you send in cash, even if they do not have a bank account. Its price is relatively low compared to SWIFT, but it is pretty expensive compared to online services. You also have the risk of losing money from currency conversions. However, you can still use it if you need it very urgently.
Remitly
The services for sending money abroad have started to add Turkey among their target markets one by one, with the excessive increase in the number of people sending money with these applications. Another of these successful online services is Remitly.
Remitly, like other services, allows you to transfer money online via the website. However, Remitly, which also has many language support, does not charge shipping fees for money transfers, as it is new to Turkey.
The most distinctive feature that distinguishes Remitly from other applications is that you can transfer money to Turkey through banks operating in the United States of America. While other applications are more specific to Europe, Remitly stands out with its US overseas money transfer feature.
If you want to give a chance to transfer money to this service, which has the same working logic as other applications, you can register via this link and make your transfer.
