Transfer money to Turkey: How to avoid unnecessary fees!

Do you want to transfer money to Turkey? Or transfer money from Turkey to other countries? Then you have certainly noticed the high fees for it. For the transaction of € 1,000 to an account in Turkey, you usually pay more than € 50. This is due to the bad switching conditions and fees of the banks. That’s a lot of money in the long run. I was looking for solutions. Here I present my recommendations for regular and one-time transfers to Turkey.


How to transfer money to Turkey?

Some time ago I started looking for meaningful ways to transfer money to Turkey. This involves running small and large amounts in or out of Turkey.

The problem is that the fees and bills of exchange of most banks total more than 5%. These are fees of 50 € for a transfer of 1.000 €.

The costs are even higher if you transfer euros directly to Turkey. In that case, the bank may set the exchange rate and fees in Turkey. This results in a wrong amount, which usually turns out to be too low.

For ongoing transfers to Turkey or from Turkey to Germany, the fees add up quickly. I have income from Turkey and sometimes I send money to Turkey.

Low cost solutions to transfer money to Turkey once or occasionally:

The quick answer to questions about transferring money to Turkey is Transferwise. Up to € 5,000, Transferwise is the easiest and fastest way to transfer money to Turkey.

Transfer dollar euro and Turkish lira


Behind Transferwise, Peter Thiel is an investor. He is the founder of PayPal and the first investor of Facebook.

As an exchange rate, Transferwise uses the average market price. This is the fairest course with which two trading partners can change money. Transferwise does not charge any fees for the first transfer.

For a one-time transfer to Turkey, Transferwise is certainly the best deal.

Current transfers with Transferwise cost € 1,000 less than € 10. The exact conditions you see directly on the start page of Transferwise.

You can also create a free account, like a regular bank. Transferwise has a normal European banking license. sometimes has better conditions for ongoing transfers over € 5,000. Unfortunately, they currently accept no smaller amounts.

How does Transferwise and Currency Transfer work?

Transferwise and are intermediaries between your bank and the recipient bank. The same conditions apply to all banks in Germany and Turkey.

  • TransferWise maintains an account in Euro and Turkish Lira . It’s money on both accounts.
  • You deposit Euro into Transferwise’s Euro account.
  • TransferWise changes the money internally with the average market price as the exchange rate and pays the money out of the Turkish Lira account in Turkey. (On the bank statement of the recipient bank of course you are the sender, including all payment data).
  • TransferWise never really changes the money. It is only the payment information from Germany to Turkey. This eliminates all the fees for international payments.
  • This is what the big international banks do. Only they demand their own exchange rate and outrageously high fees.

How Transferwise (infographic) works

how transferwise works infographic


For example, transfer with Transferwise € 1,000 to Turkey:

  • Fee for the transfer: € 7.14 for normal transfers to € 10.61 for a quick transfer.
  • Transferwise calculates the average market price as an exchange rate – not a rate individually determined by the bank.
  • You can check this directly on the Transferwise homepage . Some banks charge more than 2% of the transfer amount as a “handling fee” for switching Euro to Turkish Lira.
  • A condition for transfers to all banks in Turkey.

Transferwise and are among the new startups in the financial industry that are eroding the old system.

This started in online banks and continues in other areas. Currency exchange is possible for specialists without old structures at a much cheaper price.

Behind Transferwise are well-known names in the software and finance industry. The founders of Transferwise were among Skype’s first employees. Investors include Peter Thiel and Richard Branson of Virgin. Peter Thiel founded PayPal and was the first investor of Facebook.

So you carry out a transfer

  1. Register for free on the Transferwise homepage or register with
  2. Enter the desired amount in the exchange rate calculator. You will see directly how much Euro is necessary (or arriving) for the transfer to the Turkish Lira account.
  3. Example: You want 4,000 lira to arrive in Turkey. The ad tells you how much Euro you need to transfer.
  4. Follow the process.
  5. Next you enter the account to which you want to transfer your money in Germany or Turkey (including the payment notice).
  6. You can send the amount by credit card or normal bank transfer to the specified Euro or Turkish Lira account from Transferwise or
  7. This is your part of the transfer done.
  8. On average, the money is on the other account within 24 hours.
  9. A transaction of € 1,000 is currently possible with Transferwise from € 7.14. The first transfer is always free.
  10. That’s all.

The transfer with an ordinary bank costs more than 50 €, because of the worse exchange rate and fees.

That’s a lot of money in the long run!

This is especially true for emigrants in Turkey or companies with regular transfers.

Here you can see the currency rates of Transferwise. You should also have the possibility with your house bank. Compare the two numbers once and calculate the difference for a transfer!

Frequently transferring money to Turkey or Europe:

Apart from the financial service providers, the good old banks are a way to constantly transfer money to Turkey.

This refers to European-Turkish banks with branches in Europe and Turkey.

transfer money to Turkey


They basically have the same advantage as international financial service providers. They keep accounts in euros and in Turkish lira. As a result, they usually also save on international payment transactions.

Unfortunately, they pass on the best terms only to VIP customers because their normal fees are already better than average banks.

You should pay attention to a few things:

German-Turkish banks usually do not charge any fees for transfers within their branch network.

For example, well-known banks such as Deniz Bank charge a fee of 0.25% for transferring money to Turkey. In addition, there is another 0.257% charge for switching from Euro to Turkish Lira.

Are there any alternatives to transferring money to Turkey?

Turkish banks usually charge fees for foreign currency deposits. They are on average higher than the cost of a transfer with good conditions.

In addition, you should always pay attention to the permitted limits for taking cash from the EU and Turkey .

To change from Turkish lira to euro in Turkey, I have already written a separate contribution. It is about the costs of bureaux de change, banks and useful travel credit cards without fees.

PayPal’s fees (even for private transfers) are higher than with international payment service providers. That’s because of the somewhat hidden fee for currency manipulation. You usually have the same problem with Western Union.

My conclusion

International transfers are not part of the core business of most banks. This is especially true for small banks without an international network.

The fees of the normal banks for the transfer of money are therefore outrageously high. Banks with an international network have slightly better conditions. Unfortunately, they only have good conditions for VIP customers.

International payment service providers such as Transferwise and Currencytransfer have found an excellent market in the problem.

For me Transferwise is the easiest and fastest way to transfer money with small fees. I use the account myself for almost all international transactions.

This currently works with 50+ international currency pairs.

If you have your own experience and tips on money transfer, then write me in the comments.

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