How to send money abroad

How to send money abroad

Everyone has one important question when it comes to money and sending it either to or from Turkey and that is: what is the fastest, easiest and cheapest way? 

Online services 

With alternative online services emerging it seems transferring money online is a cheaper and faster resource to use. Generally, all online money transfers start with a similar system that will be something similar to this:

  • Register on the website of the most advantageous online services listed below,
  • Select the country you want to send money to and start the transfer by looking at the instant exchange rates in that country's currency,
  • Enter the local bank account information of the person you want to send money to and confirm the transfer,
  • The total amount of the transfer in your currency presented to you on the screen, 
  • Transfer to the systems' local bank account with FAST, EFT, or Wire Transfer

Wise (Transferwise) 

Wise (formerly known as Transferwise), became available after Turkey banned the use of PayPal. It is an online money transfer site which has very cheap commission and uses IBAN abroad or from abroad to any IBAN in Turkey. In fact, with the last name change, they ceased to be just a money transfer application. They also started to provide banking services. So, as a Wise member, you can even open a corporate or individual bank account. The system is very transparent, and it tells you that your money will arrive at an estimated time at the time of shipment. In addition, the exact location of your money is instantly informed to you at every stage. It also safe and has fantastic reviews. To send money or open a bank account using wise you have to first choose your currency. After this, you can send and receive money. Furthermore, With Wise's friend invitation system, if you invite three friends and make a money transfer of more than 500 TL to them, you earn 500 TL reward money, and it is deposited into your bank account within three days.

Other Resources

So one of the most reliable and classic methods to send money is to use SWIFT or Western Union. There are positives and negatives to both of these applications for example the exchange rate is not always the highest and you may lose money because of the conversion rate. However, Western Union is perfect when you’re sending money to someone who does not have a bank account. So that’s something to remember