England is one of the countries where people have recently emigrated from Turkey with the Ankara Agreement. At the same time, sending money from the UK to Turkey for students who go to study languages and university is one of the interesting topics.
The article is written by a Turkish expat who lives in the UK. It originally published in Turkish version of Yurtdisindayiz website. The article is dependent on personal experiences about sending money from the UK to Turkey with different international money transfer service providers.
We will start our article by reviewing Transferwise, which is both cheap and easy method to send money from the UK to Turkey. Then we will evaluate other alternatives and look at the advantages and disadvantages of various methods.
How to Send Money from the UK to Turkey?
The first method that comes to mind when it comes to money transfer between the UK and Turkey is SWIFT transfer through banks, but there is a method to handle your transaction much cheaper and easier than this.
Transferwise features are easy to use and only need IBAN information, making it much easier to complete your transaction than wire transfer.
Send money from the UK to Turkey with Transferwise
Transferwise, founded in 2010, has set out to facilitate and cheapen international money transfers. After 10 years, their popularity is growing every day, and we can say that they have successfully moved on the path they are aiming for.
No longer need to deal with currency or high commission problems when transferring money from the UK to Turkey.
The steps that you should follow after you sign up for Transferwise are explained straightforwardly and descriptively.
Another advantage of Transferwise is that it eliminates the problem of SWIFT codes when completing this transaction through banks, and you don’t need to search for SWIFT codes for banks.
At the same time, sending money from the UK to Turkey is completed faster than banks with Transferwise. Now let’s explain what you need to do step by step.
- By clicking the link, you can register to Transferwise for free. Make sure that you have entered your personal information correctly because otherwise there can be problems with transferring money.
Then you need to enter your personal data correctly. You may also be asked for ID correction, especially if you send a high amount from the UK to Turkey. This shows that Transferwise is working just like similar procedures and safe like banks.
- You can immediately see your transaction’s total cost on your screen by determining the amount of money you will send from the UK to Turkey. There will be no additional fees or additional costs, and the money you see on the screen will quickly pass to the recipient’s account.
- Then you need to enter the recipient information like name/IBAN address. As we just mentioned, you don’t need SWIFT codes in this method.
- Finally, you will choose how to transfer money. You can transfer to the bank account Transferwise’s bank account, or select the debit card option. This way, the money is withdrawn directly from your account.
All the information you enter will be shown to you again for the last time to confirm, and if there is no missing or incorrect information, you can confirm and start the process. At this stage, you no longer need to do anything.
According to our experience, your transaction will be completed within 24 hours(1 business day) when sending money from the UK to Turkey.
The recipient doesn’t need to have a Transferwise account to make a transaction with Transferwise. As you enter the recipient’s IBAN information, money from the UK will go directly to the recipient’s bank account in Turkey.
At this point, you should make sure that the money going to Turkey is TL not to face extra costs. So if the Pound/pound account is on your side and TL is on the recipient’s side, you can be sure that there is no problem if you choose a TL bank account.
So it would be best to use local currencies to send money from the UK to Turkey and not pay an extra fee with Transferwise. At this point, you will also notice that the exchange rate is already made from the current actual exchange rate.
How does Transferwise complete your money transfer from the UK to Turkey, both faster and cheaper than banks? In our article about Transferwise review, we explained how the system works. Let’s briefly tell it again.
When you transfer money from the UK to a British account, money comes to your account from the Transferwise Turkey account. So it means, money always stays at the same country.
As this transaction occurs in a BRSA-approved manner, there is no problem with reliability, just like the banks.
You can click here to send money from the UK to Turkey with the lowest commissions with Transferwise.
You can also use this process in the same way if you want to send money from Turkey to the UK. This time, the direction of transfer should be from TL to Pound, and the direction of the transfer will be in the form of Turkey to the UK.
Making SWIFT from The UK to Turkey
We have the classic method SWIFT, which is a known international money transfer. You can also look at SWIFT as an overseas wire transfer. You will complete this transaction through a bank with an account in the UK.
You can perform this transaction through your bank’s online or mobile banking app. You can start your transaction step by step by selecting SWIFT in the money transfer section. The menu can be different from bank to bank, but you can complete the transaction without leaving your home. You don’t need to go to the bank branch.
At this point, if you are also looking for an online bank account that you can quickly open in the UK, we have recommended Monese bank for the UK.
When completing the SWIFT transfer, you have 2 disadvantages comparing to Transferwise.
Because the receiver’s bank in Turkey also get a commission on this transaction and it’s not possible to know exact commissions if you haven’t done the same transaction with the same banks before.
The second is SWIFT/BIC codes. So, apart from the IBAN, you will also need the SWIFT code of the receiver’s bank.
We have listed the SWIFT codes of all Turkish banks here.
|Bank Name||Swift Code|
|Türkiye Garanti Bankası Swift Code||TGBATRIS|
|Akbank Swift Code||AKBKTRIS|
|ING Bank Swift Code||INGBTRIS|
|Türkiye İş Bankası Swift Code||ISBKTRIS|
|Ziraat Bankası Swift Code||TCZBTR2A|
|Halk Bankası Swift Code||TRHBTR2A|
|Türkiye Finans Swift Code||AFKBTRIS|
|VakıfBank Swift Code||TVBATR2A|
|TEB (Türk Ekonomi Bankası) Swift Code||TEBUTRIS|
|Yapı Kredi Swift Code||YAPITRISFEX|
|Finansbank Swift Code||FNNBTRIS|
*If your bank wants the SWIFT code to be entered as 11 digits, you can add 3 X to the end of 8-digit codes. For example, in this case, the code you need to enter for TEB will be TEBUTRISXXX.
How Many Days Does It Take to Send Money from The UK to Turkey?
In this article, we usually consider these methods’ advantages through financial conditions such as commission rates and exchange rates when we talk about various money transfer methods.
Of course, if you have a job that you need to deal with urgently, the transfer speed can become the most important thing for you.
Although we have mentioned the advantage of Transferwise’s exchange rate, commission rate transparency, and cheapness, there will be those who wonder how long the transaction takes and whether there are more advantageous methods.
Let’s talk about different alternatives for those who urgently need to send money from the UK to Turkey.
Western Union stands unbeatable at the top about speed. We recommend that you apply to Western Union, which is the most expensive of all options, only if the buyer needs to reach the money instantly.
With this method, a code goes to the recipient, and with this code, the recipient can immediately withdraw their money from the Western Union agency (a lot of bank branches also take on this task).
We also talked about the speed advantage of Transferwise when we spoke of its advantage over the classic bank transfer.
Sending money from the UK to Turkey usually takes 1 day. So the money you sent goes into the recipient’s bank account on the next business day. This process can extend to 3-5 days for SWIFT(wire transfer).
Transferwise is undoubtedly the most profitable method in many ways if your money sending process doesn’t need to be completed immediately, and waiting for 1 day isn’t a problem for you.
As mentioned above, you can use this method when sending money from the UK to Turkey and sending money from Turkey to the UK.
You can click on the button to become a member of Transferwise and benefit from the lowest commission rates.