Receiving money from overseas in Turkey might sound complex, but it’s actually quite straightforward. Whether you’re a student, expat, or business owner, understanding the different methods available can save you time and money. In this guide, we’ll walk you through the key steps and information you need to efficiently receive funds in Turkey.
Different Ways to Receive Money
Traditional Banks: The classic method involves using your bank account. Provide your full name, address, bank account number, your bank’s name, and its SWIFT/BIC code to the sender. The money will be transferred directly to your account. However, be mindful of potential fees and not-so-favorable exchange rates.
Money Transfer Companies: Global services like Western Union and MoneyGram allow you to receive money quickly. Share your name and country with the sender. Then, visit a local branch to pick up the cash. While convenient, keep in mind there might be fees and exchange rate differences.
Online Transfer Services: Utilize online platforms such as Wise, Remitly, or TransferGo for seamless transfers. Provide your details to the sender, who can then initiate the transfer through the service. The money will land directly in your bank account, usually at a lower cost and with better exchange rates.
Essential Information You Need
Regardless of the method you choose, you’ll need the following details:
Your full name and address
Your bank account number
Your bank’s name and SWIFT/BIC code
Purpose of the transfer
Your relationship with the sender
The amount you’re receiving
Desired date of receipt
Contact details like email or phone number
Your IBAN and SWIFT Code
Your bank account is associated with an International Bank Account Number (IBAN), ensuring accuracy in transactions. Alongside the IBAN, the SWIFT code identifies your bank during international transfers. Including both these details minimizes errors and streamlines the process.
Timeframes for Receiving Money
The time it takes to receive money varies based on the method:
Banks: Traditional bank transfers typically take around 2-3 business days to process.
Western Union and MoneyGram: These companies usually offer quicker transfers, often within a few days.
Online Transfer Services: Online platforms tend to be the fastest, sometimes delivering funds within minutes or up to 3 days.