Even though it’s a really far country, being one of the ten countries in which Turkish people live the most, Turkish citizens are searching for ways to send money from Australia to Turkey in the cheapest way possible.
In this article, we will talk about the cheapest & fastest method as well as alternative ways.
The cheapest way to send money from Australia to Turkey
Although some people prefer wire transfer method via traditional banks, these days there is a more advantageous way to transfer money. Let’s talk about this website: Wise(formerly Transferwise)
Without needing any other information than the name and IBAN address of the recipient, with Wise you can transfer money much cheaper and faster than the traditional banks.
How to send money from Australia to Turkey?
Wise is an Estonia based start-up came out in 2010. Throughout the years they became more and more widely recognized and they operate in almost every single country.
Aiming to decrease the transaction fees, Wise will also save you from the exchange rate fees which traditional banks charge.
Let’s don’t forget that Wise completes these transactions incredibly fast. In this way, you don’t have to search for the SWIFT codes of the banks for sending money via traditional banks. You can send money from Australia to Turkey with a single click.
Now let’s talk about how you can send money step-by-step
- By clicking the link, you can sign up to Wise free of charge. Make sure that you enter your information correctly as when transferring money internationally, countries will control your information.
- After entering the amount, a minimal transaction fee and an additional fee from your or the recipient’s account won’t be charged.
- Then you have to enter the recipient’s name-surname and IBAN address. As we mentioned before, you don’t need SWIFT codes with this method.
- Finally, you have to choose the method of your choice to send money. You can choose direct transfer, account number, or credit/debit card and complete the transaction.
After completing these steps, you will be shown the information you entered again to make sure everything is in place and the transaction will be completed once you agreed.
The recipient does not have to have a Wise account to complete this transaction. As you enter the recipient’s IBAN address, the money will be delivered directly to their bank account.
At this point, make sure that you sent the money in Turkish Lira so you don’t encounter any additional fees. Which means you should choose Australian Dollar (AUD) for sending money and Turkish Lira (TL) for recipient.
Why Wise is Cheaper for Money Transfers to Turkey?
Wise is a company headquartered in London and is connected to the financial legal system. At the same time keep in mind that it is a system millions of people are using every day. So you do not need to have the slightest doubt about its reliability.
Now let’s talk about how Wise completes these transactions this cheap.
Although the person who sent the money to the recipient from Australia to Turkey, in Wise it works a little different. When you are sending in Australia to an Australian account, the recipient receives the money from Wise (United Payment Services).
Which technically means, your money does not change the country, this process is completed both faster and cheaper.
The number of Turks who go to Australia to learn English, to study and for graduate degrees is quite high. If you need to make payments without going to Australia, you can complete them by sending via Wise.
Alternatives for Sending Money from Australia to Turkey
The next method we will mention is the widely known traditional bank transfer, as commonly known as EFT.
You can transfer the money by choosing international transfer option in your online banking application. The steps may vary from bank to bank but with any bank, you can complete the transaction online without going to the bank at all. This method completes the transaction in 3 to 5 business days.
Unfortunately, you cannot see the exact time the recipient will receive the money unlike with Wise.
How Many Days Does It Take to Transfer Money from Australia to Turkey?
We talked about the exchange rate fee and commissions when sending money from Australia with Wise but, the transaction to take place within one business day is more than enough for most of the people especially if the recipient does not need the money immediately.
For immediate transfer, you can use Western Union in return of high commission rates.
We talked about the best option available for sending money from Australia to Turkey, and analyzed the commission rates, exchange rates and the duration.