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When you are looking to send money to Turkey it's important that you calculate the total cost of your Pound Sterling to Turkish Lira transfer. You'll want to pay attention to both the upfront fee the provider shows you as well as the GBP/TRY exchange rate.
Often providers will claim to have low, or even no fees, but in reality they're hidden within the exchange rate. Right now, the GBP/TRY interbank rate is 18.5033. Whenever you compare fees for transferring money to Turkey, it can pay off to look at the exchange rate they offer.
For example, most traditional banks add a hidden markup to the exchange rate they offer you. If 1 GBP is 18.5033 TRY, your bank can add a 3% exchange rate markup and give you a rate of 1 GBP = 19.0584 TRY. Depending on how you set up your transfer this could mean that it would cost you more or your recipient could receive less.
OFX, the cheapest option, has a GBP/TRY exchange rate of 18.3761 and a fee of 13.84 GBP. This would save you 13.92 GBP compared to Remitly, who has a fee of 27.76 GBP.
Pricing data is collected from providers' websites, and the fee is calculated by factoring in the total cost (the transfer fee plus exchange rate margin).
Providers in the table typically take:
Typically, sending money to Turkey will be much faster using a money transfer company compared to a bank that can take 3-5 working days. The fastest provider in our table to transfer money to Turkey is Wise (Instant-2 Days).
Of the 3 providers we found for transferring money to Turkey, here’s how they stack up in terms of number of reviews and average score on TrustPilot:
Choosing an international money transfer service can feel like a risk. However, our comparison tool will only ever recommend secure providers which operate within the law in any part of the world they're in.
When you're looking for the safest ways to send money to Turkey from the UK you'll usually want to look out for providers which are registered with and operate under the FCA. In some cases operators may also be regulated by the PRA. And if you're sending money with your bank, you may also read about the FSCS. Too many acronyms? Let's look at what they mean.
FCA - Financial Conduct Authority - almost all financial activities have to be authorised by the FCA. The FCA's job is to regulate and oversee financial activities to make sure standards are upheld and financial businesses are trading safely and legally.
PRA - Prudential Regulation Authority - the PRA exists to make sure banks, building societies, insurance companies and other similar financial institutions are being managed safely, to control risk and keep customer money safe.
FSCS - Financial Services Compensation Scheme - the FSCS protects customers when their bank, insurer or other eligible financial service company fails. You may be able to get compensation through the FSCS to make sure you don't lose out if your bank goes bankrupt or runs into other financial difficulties.
Sending money to another bank account in Turkey is often the most convenient option - both for you, and your recipient. Your recipient doesn't need to take any action to receive the money, it just lands in the nominated account in the currency you choose, and can be spent or withdrawn easily.
If you're sending money direct to a bank account in Turkey, choosing a specialist provider can be the cheapest and fastest way to make your payment. Different providers have their own processes for arranging payments - but the steps you'll take are usually roughly the same:
4 easy steps to send money with a money transfer provider:
Different providers offer different options to fund your international money transfer. Luckily, you have plenty to choose from.
Let's take a look at a few payment options for sending money to Turkey with these providers:
Bank transfer or direct debit
Bank transfer, card (debit or credit), SWIFT, Google Pay or Apple Pay
Bank transfer or card (debit, credit, and prepaid)
The details you'll need to send money to Turkey may vary by provider. At a minimum, you will need to know the recipients name and you will typically be asked for their:
As with many currencies, the GBP/TRY exchange rate moves over time, due to changes in supply and demand.
Exchange rate fluctuations can be caused by underlying shifts in how well the economy in United Kingdom or Turkey is doing. Other things that can influence the rate are the changes in political stability, or even simple speculation, where traders buy or sell currencies based on how they think trends are going to change.
Right now, 1 Pound Sterling buys 18.5033 Turkish Lira.
The average GBP/TRY exchange rate over the past 7 days was 18.2901. It is -1.457% compared to the previous 7 days, when it was 18.5606.
To send money to Turkey using one of the international money transfer providers in our tables, the fees range from 13.84 GBP with OFX to 27.76 GBP with Remitly (but the fee could be even higher with a bank). The exact cost depends a lot on where you're sending money, how much you're sending, how you want to pay, and how you want the payment to be received.
Typically sending money directly to a recipient's bank account using a specialist service can be done with fairly low costs, while traditional bank wire fees can be higher. Paying for your transfer with either a credit card or cash can often mean the fees crank up, too.
When you're sending money internationally, don't forget that the overall fee you pay can include the transfer fee, an extra charge wrapped up in the exchange rate used, and third party charges like a cash advance fee from your credit card issuer.
The length of time it takes to transfer money to Turkey depends on a variety of factors including the provider you use, how you're paying, and how you want your recipient to get the money in the end. From the providers that we display, the fastest international money transfer provider to Turkey is Wise, which can deliver the money to your recipient in TRY in Instant-2 Days. The slowest provider to send Pound Sterling to Turkey is OFX, which takes 1-3 Days to send money to Turkey.
When it comes to choosing the best provider for sending money to Turkey from the UK, it really depends on what your needs are.
The cheapest provider shown in our comparison is OFX and the fastest is Wise. Wise can get your money to your recipient in Turkey in Instant-2 Days.
If safety is what interests you the most when it comes to picking the best international money transfer provider to Turkey, then all the providers we listed above are regulated by different financial institutions and should be safe to send money to Turkey with.
There's no single best way to transfer money to Turkey. It all depends on your priorities. Different providers offer a different balance of cost, speed and convenience. Using our comparison tool to check out a range of providers is a good way to painlessly find the best option for you.
You can send money to Turkey using your own bank, a specialist money transfer service, an e-wallet, or by visiting a physical money remittance store. Each option has different pros and cons, so the best for you will depend on your specific transfer and personal requirements.
You can't send money to Turkey from the UK for free. International transfers cost providers money to arrange, so there's always a fee somewhere to make sure that the business covers its costs and generates profit. However, many providers choose to make the fees you pay trickier to spot by adding them into the exchange rates used for transfers. That way they can advertise commission free payments, while still making some money every time.
An exchange rate shows how much you'll get when you sell one currency and buy another. However, there is no single exchange rate out there - instead, banks and financial service providers can set their own rates, which may actually include extra fees.
The best rate to use as a benchmark is the mid-market exchange rate for your currency pair. You can get this from a Google search, or using a reputable online currency converter. This is the rate that banks and payment providers get when they buy currency themselves. If the rate you're offered by a provider is different to the mid-market exchange rate that usually means there's a markup - an extra fee - being added to it. This can push up costs or mean your recipient gets less than you expect in the end.
There is no official best time to send money to Turkey and that depends on a variety of factors such as when you need to send money or when you want the funds to be received.
It’s also going to depend on a variety of other factors such as, the time when you send money or the fees you are offered by providers or banks.
Transfers made online for cash pickup, or to mobile wallets, are often available quickly - if not exactly instant. You may also be able to send an instant payment with an ewallet service. However, in both cases, you’ll probably pay a premium for the speed.
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