Today we look at sending money from England and the wider United Kingdom to Turkey, and the steps involved in finding a cost-effective transfer.
Do you want money sent from abroad to arrive in Turkey without substantial deductions? We will examine the options for additional charges and commission rates one by one.
How Can You Make a Cost-Effective UK-to-Turkey Transfer?
The UK and Turkey have substantial trade links and frequent money transfers. Turkish people living in the UK often send money home, but seek ways to avoid significant commissions.
There are many ways to send money from the UK to Turkey. We have tried to identify those with the lowest costs or no commission and will explain the options in turn.
How Can You Transfer Money from the UK to Turkey Without Commission?
Sending money internationally can seem complicated, especially if you do not do it often. A bank transfer from the UK to Turkey is one option, and SWIFT may be the first method that comes to mind. However, the growing fintech sector offers simpler solutions through fast transfers and straightforward processes.
Before discussing fintech services, a brief explanation of SWIFT: sending money from abroad to an IBAN generally takes 1–3 business days. Bank charges are not fixed and vary with the amount. To send money from a UK bank to an account in Turkey, you need the recipient’s IBAN and the receiving bank’s SWIFT code. The following codes are listed below.
SWIFT Codes for Banks in Turkey
Akbank SWIFT code: AKBKTRIS
Albaraka SWIFT code: BTFHTRIS
Alternatif Bank SWIFT code: ALFBTRIS
Aktif Yatırım Bankası SWIFT code: CAYTTRIS
Anadolubank SWIFT code: ANDLTRIS
Denizbank SWIFT code: DENITRIS
QNB Finansbank SWIFT code: FNNBTRIS
Garanti BBVA SWIFT code: TGBATRIS
Halk Bankası SWIFT code: TRHBTR2A
HSBC SWIFT code: HSBCTRIX
ING Bank SWIFT code: INGBTRIS
Türkiye İş Bankası SWIFT code: ISBKTRIS
Kuveyt Türk SWIFT code: KTEFTRIS
Kuveyt Türk SWIFT code: KTEFTRIS
TEB SWIFT code: TEBUTRIS
Türkiye Finans SWIFT code: AFKBTRIS
VakıfBank SWIFT code: TVBATR2A
Yapı Kredi SWIFT code: YAPITRISFEX
Şekerbank SWIFT code: SEKETR2A
Ziraat Bankası SWIFT code: TCZBTR2A
If you choose to make the transfer through a UK bank, you will need the SWIFT codes above in addition to the IBAN. This list covers commonly used banks and is arranged alphabetically.
Turkish Banks in the UK
There are three Turkish banks in the UK: Türkiye İş Bankası, Turkishbank and Ziraat Bankası.
You can transfer money quickly through their UK branches. A fee of up to around £10 may apply. For current commission and deduction details, consult the banks’ websites or branches.
Companies Offering UK-to-Turkey Transfers
Many companies offer quick and straightforward international transfers. They compete through transfer speed, fees and other features.
Their basic operating model is similar: register with the service, deposit the amount you want to send, enter the recipient’s details and make the transfer. Competition for customers can produce valuable temporary offers. Watching these offers may help you transfer money at a lower cost.
Ways to Send Money from the UK to Turkey
Param UK — FREE Until 31 March!
Param UK entered the market in October 2022 after obtaining a license from the Financial Conduct Authority (FCA), the UK’s financial regulator.
You can open an account quickly in its mobile app and transfer money within the UK or from the UK to Turkey. Param UK has its own sort code and can provide account numbers. Users can transfer funds from another UK bank or load money by card, then send it from their Param UK account to any chosen Turkish IBAN. Turkish and English support is available throughout, from opening an account to live support. The Param UK app and Param TR will also soon allow transfers from Turkey to the UK.
Param UK offers commission-free money transfers from the UK to Turkey until 31 March 2023.
Transferring Money with Western Union
Western Union offers fast, secure transfers to many countries. Once the sender pays the transfer charge, the transaction can take place immediately. No account is required. Transfers can be made in euros and US dollars. The sender receives a transfer code from the branch and shares it with the recipient, who can collect the money at any Western Union branch.
Sending Money with MoneyGram
MoneyGram operates through approximately 350,000 branches worldwide. Visit a nearby agent with your identification, the recipient’s identity details and the amount to send, and pay the service charge. For a bank account transfer, have the recipient’s bank details ready. Mobile wallet transfers are also possible and require the recipient’s dialing code and phone number.
If the transfer goes to a bank account or mobile wallet, no further collection process is required: the recipient can see the money in the account. For a branch transfer, the recipient must visit a branch and complete MoneyGram’s form with the reference number. The money is paid out once the required information has been provided.
With its currently available offer, Param UK provides a useful opportunity to send money quickly and without charges from the UK to Turkey. For further information, visit param.uk and download the app from the Android or iOS store.
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