In this guide
Key Takeaway
Turkey's lira has been one of the most volatile major currencies. We compared 8+ providers to find the cheapest EUR, USD, and GBP to TRY transfers.
What Is the Cheapest Way to Send Money to Turkey?
Quick answer: Wise uses the mid-market exchange rate with 0% markup. That does not make it automatically cheapest on this route — check the comparison above for the current leader. Remitly offers fast delivery to Turkish bank accounts. The Turkish Lira (TRY) is one of the most volatile major currencies — it lost over 50% of its value against the euro between 2023 and 2025. This makes timing and provider choice critical. On a €1,000 transfer, the difference between the best and worst provider can be ₺500–₺2,000. Compare live EUR to TRY rates.
Key data: Turkey received over $5 billion in remittances in 2025. The Turkish lira lost 50%+ against EUR/USD between 2023-2025, making provider exchange rate markup differences even more impactful. SendMoneyCompare data shows specialist providers deliver ₺500–₺2,000 more than bank wires per €1,000.
Turkey sits at the crossroads of Europe and Asia, with a large diaspora across Germany (~3 million), France, the Netherlands, Austria, and the UK. The EUR-to-TRY corridor is the highest-volume, but USD and GBP transfers are also common.
Which Providers Are Best for Transfers to Turkey?
Quick Comparison: Best Providers for Transfers to Turkey
| Category | Provider | Why |
|---|---|---|
| Best Overall | WiseSend | 0% markup on mid-market rate — most transparent |
| Fastest Transfer | RemitlySend | Bank deposit to Turkish banks in minutes |
| Best from Europe | Wise / Revolut | SEPA funding (free) + competitive TRY rates |
| Best for Cash Pickup | Western UnionSend | Wide agent network across Turkey |
For a €1,000 transfer to Turkey:
- Wise: ~€5 fee, 0% markup — best value
- Remitly: Competitive rate, fast delivery
- Revolut: Free SEPA funding, interbank rate (weekday) — good for European senders
- WorldRemit: Bank deposit and cash pickup
- Western Union: Higher cost but cash pickup in all Turkish cities
What Are the Top Banks in Turkey?
| Bank | SWIFT Code | Notes |
|---|---|---|
| Ziraat Bankası | TCZBTR2A | Largest state bank. Widest branch network. |
| İş Bankası | ISBKTRIS | Largest private bank. Excellent digital banking. |
| Garanti BBVA | TGBATRIS | Part of BBVA group. Good for European transfers. |
| Yapı Kredi | YAPITRIS | Strong retail banking. Koç Group subsidiary. |
| Akbank | AKBKTRIS | Major private bank. Fast international processing. |
| Halkbank | TRHBTR2A | State-owned. Good coverage in smaller cities. |
Turkey uses IBANs — 26 characters starting with TR. Your recipient can find their IBAN in their banking app.
How Much Does It Cost to Send €1,000 to Turkey?
| Channel | Fee | Rate Markup | Approx. ₺ Received |
|---|---|---|---|
| WiseSend | ~€5 | 0% | ₺38,200 (example) |
| RemitlySend | ~€3 | 0.5–1% | ₺37,800 (example) |
| Revolut (weekday) | €0 | 0% | ₺38,300 (example) |
| German bank wire | €15–€30 | 2–4% | ₺36,500 (example) |
Rates are illustrative — check live rates here.
Over 12 monthly transfers of €1,000, using Wise instead of a bank saves approximately ₺20,000+ (~€530).
What Are the Tax and Regulatory Rules?
- For European senders: No tax on personal transfers from EU/UK. SEPA transfers to Turkey are not supported (Turkey is not a SEPA member) — transfers go via SWIFT or provider networks.
- For recipients in Turkey: Personal remittances from abroad are not subject to income tax. Turkey does not tax inbound gifts or family support.
- Turkish IBAN required: All domestic bank accounts use Turkish IBANs (26 characters, TR prefix).
- BRSA regulation: The Banking Regulation and Supervision Agency (BRSA) oversees Turkish banking. All licensed providers can deliver to regulated Turkish banks.
For more, read our safety guide and cheapest transfer guide.
Sources & Methodology
Data based on real quotes collected via automated scraping every 6 hours. Use our comparison tool for latest rates. Sources: World Bank RPW, Central Bank of Turkey (TCMB).