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.
In this guide (8 sections)
In this guide
What Is the Cheapest Way to Send Money to Turkey?
Quick answer: The cheapest way to send money to Turkey in 2026 is Wise, which uses the mid-market exchange rate with 0% markup. 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 | Wise | 0% markup on mid-market rate — most transparent |
| Fastest Transfer | Remitly | Bank deposit to Turkish banks in minutes |
| Best from Europe | Wise / Revolut | SEPA funding (free) + competitive TRY rates |
| Best for Cash Pickup | Western Union | 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 |
|---|---|---|---|
| Wise | ~€5 | 0% | ₺38,200 (example) |
| Remitly | ~€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).
