Tips for Making and Receiving Cross-Border Payments To and From Turkey
In 2016, more than U.S. $1.18 billion was sent to Turkey as remittances from other countries. During the same period, over U.S. $4.34 billion made its way out of the country as remittances. These figures go to show that people send a considerable amount of money to and from Turkey.
Reasons for carrying out cross-border money transfers to and from Turkey tend to vary, and requirements differ as well. As a result, several people find it hard to narrow down on a suitable service provider. Fortunately, once you know what aspects to consider, the process becomes considerably simpler.
Pay Attention to Cost Effectiveness
The cost of your transfer depends on the exchange rate you get and the fees you have to pay. While a seemingly great exchange rate might come with a steep fee, the reverse holds true as well. So, if you come across companies that offer fee-free transfers, pay close attention to the exchange rates they offer.
The payment method you choose may also add to your transfer’s cost. While paying through a bank account transfer is usually the most cost-effective way, paying using a debit card tends to cost more. Making a payment using a credit card is typically the most expensive way.
An easy way to find the most cost effective service provider is to look at how much money will get to the recipient at the end of the process.
Look at Different Transfer Methods and Turnaround Times
The transfer method you choose usually has a bearing on the turnaround time. Sending money to a bank account in Turkey may take two to six working days. In this case, the processing time depends on where you initiate the transfer from, the company carrying out the transfer, as well as the receiving bank. Some of the popular companies that let you send money to Turkish bank accounts include TransferWise, WorldFirst, OFX, and WorldRemit.
If your top priority when sending money to or from Turkey is speed, consider using the services of companies that have agent networks operating out of physical locations. This is because transfers to cash pickup locations tend to process almost immediately. Some of the companies that have agent networks in Turkey include WorldRemit, Western Union, MoneyGram, and Ria.
Companies such as WorldRemit and MoneyGram even let you top up mobile phone accounts of different service providers in Turkey.
Keep the Required Information Handy
Keep your bank account, debit card, or credit card details close at hand. You will also need to provide details of the recipient, which will vary depending on the transfer method you select.
If you plan to send money to a physical location, get the recipient to identify a cash pickup center ahead of time. The recipient will need to present a transaction number and an acceptable form of ID such as a passport or a driver’s license to collect the transferred money.
If you’re sending money to a bank account in Turkey, you will need to provide the recipient’s account number along with the receiving bank’s name and SWIFT code.
Do Not Forget Customer Service
Customer service plays an important role, especially if you plan to carry out cross-border transfers time and again. Finding companies that provide local over-the-phone support in Turkey is a challenge, although you can find several companies that provide online support via chat and email. You can find out what previous customers have to say about the services of companies you shortlist by turning to review-based websites such as Trustpilot and Feefo.
Finding a suitable service provider to transfer money in or out of Turkey can be simple, provided you know which aspects require your attention. Pay heed to your individual requirements at the onset, because no single company suits the needs of everyone equally well.
Jon works as a researcher for iCompareFX, an online portal that gives its users easy means to compare the world’s leading overseas money transfer companies. His job involves delving into the intricacies of how these companies function, and he is often found mystery shopping to get the information he needs. Outside of work, he likes exploring different genres of music.