Although Canada is kilometers away from Turkey, money transfer from Canada to Turkey may be considered an important subject for your business partners or relatives.
Certain main methods might be preferred in the money transfer for people living in Canada, however, we will try to find the most cheapest and fastest way for you in this article. Thus, you will be able to complete your money transfer from Canada to Turkey in the quickest way possible as well while the transfer fee decreases.
What is the method you are looking for to send money from Canada to Turkey?
It is possible to choose quite special methods for the money transfer. Although every method has its benefits, the aim is to use a system that contains every advantage.
Our suggestion will be Wise without a doubt. You can use the button below to sign up free right now and send money from Canada to Turkey with the lowest commission rate.
First of all, we will explain why Wise is the most advantageous method for you and discuss the other ways briefly.
Transfer Money from Canada to Turkey via Wise
You are making the right decision if you are choosing to benefit from Wise. Because Wise, one of the most remarkable applications of recent years, offers you countless privileges. Now let’s focus on these privileges up close!
Fast Money Transfer from Canada to Turkey
It is important to transfer money as fast as possible from Canada to Turkey since waiting for days may come with many disadvantages. Besides, it may create an insecure setting while the money is suspended. The transaction takes only one workday via Wise. You can also see when the transmission will be done before sending the money.
Cheapest Way to Send Money from Canada to Turkey
If you want to have the privilege of Wise while transferring money, you will experience a better quality money transfer process thanks to low transfer costs. Compared to the other money transfer options, Wise offers you the lowest commission rate. You should choose this method if you don’t want your money to be wasted with transfer fees.
Safe Money Transfer from Canada to Turkey
Wise is a company established in 2010 inspected just like a bank in the UK. Wise performs activities with Fibabank which is a direct solution partner in Turkey. Wise has an impressive rate of 4.7 out of 5 on TrustPilot, a website where global companies are graded and reviewed.
CAD -> TL: No Currency Problem
The currency of your money is not a problem. If you will transfer money via Wise, the only thing you have to do is submitting the information correctly and verify the transfer. There is only one important subject that you should be careful about.
If you want to be sure that no extra commission will be cut from the amount you see on the website, make sure that you make the transaction in the relevant countries’ currencies.
Otherwise, intermediary banks may charge extra commission fees. So, you have to perform the transfer choosing CAD (Canada Dollar) -> TRY (Turkish Lira). Do not be afraid that you will lose money while your money is being converted into the Turkish Lira.
Because you will see the same exchange rates on Wise that you see on Google or exchange websites. Wise is very transparent in its transactions.
The system takes care of every other detail! If you want to see how the system works in more detail, you can learn the steps you need to follow in our Cheapest Money Transfer from Abroad article.
Sending Money from Canada via Bank Transfer
The first method that comes to mind for sending money abroad is bank transfer. Banks carry out money transfer options with their own applications
While money transfer is possible with the agreements between the banks in Turkey and Canada, it is in banks’ initiative that which currency can be sent. Besides, the transfer process speed may vary according to the bank.
The process takes three days on average. Time zone difference between Canada and Turkey may cause the process to take a while since it may not be the working hour in Turkey when you begin the process.
If you are sending money via bank, the transfer fee varies. The intermediary bank which your bank uses to send money to Turkey may also charge extra commission. Although corporate companies generally choose banks, it is logical to use Wise for personal remissions.
Money Transfer from Canada via Western Union
Sending money with Western Union is often among the first options that come to mind when it comes to international money transfer. However, this option has many advantages and disadvantages, it attracts as much attention as the bank transfer.
Western Union is a private operator in overseas money transfers. Thus, it is not possible to send money if you don’t have a Western Union office near you and the recipient. Some banks support WU however it may be a challenge to find a WU in small cities.
Besides the office problem, Western Union has a higher money transfer fee compared to the other methods. The most significant advantage is the transaction will be done on the same day and although the process is faster than the banks, high transfer fees result in customers searching for other possible options to transfer money from Canada to Turkey.
Suppose the recipient doesn’t have an existing bank account. In that case, Western Union will be the best option for you because the MTCN code generated for the recipient will allow them to withdraw the money from a WU branch directly in cash.
Sending Money with UPT
UPT, created by the Turkish Republic with the logic of Fast Money Transfer has become a demanding method over the years. However, it should be stated that there are different disadvantages for UPT as in all money transfer options.
If you have decided to send money via UPT, you have to find a contracted center because you can only send money via the authorized facilities in UPT transfers. The lack of a UPT unit near you is one of the biggest problems you may encounter. You should also note that you can only use 4 different currencies. There are no other choices than using TL, USD, EUR, and GBP in UPT money transfers. This also is a complicating step in money transfer between Canada and Turkey.
Apart from these difficulties, fast transactions and low money transfer fees are the other facts about UPT. However, it still won’t be as advantageous as using Wise for your money transfers.
In this article, we have discussed some methods to use when sending money from Canada to Turkey. You can also use Wise for the money transfers from Turkey to Canada, which we highlighted the different advantages of this article. You can click the button below now to sign up and visit the website.