What is swift and how to do it in Turkey?
When it comes to transferring foreign currency, the first method that comes to mind is SWIFT, which stands for “Society for Worldwide Interbank Financial Telecommunication”, but no one calls it that. It is often spoken of as “Swift throw”. So we can actually call it an international bank transfer.
Swift Code and IBAN Usage
To send or receive foreign currency in Turkey, you usually need two things: An IBAN number and a SWIFT code. The IBAN identifies the recipient’s bank account, while the SWIFT code works like the address of that bank in the international system. For example, the SWIFT code for Türkiye İş Bankası is ISBKTRIS.
SWIFT Transaction Time and Fees
Swift transactions usually take 1-3 business days. If the weekend intervenes, it may take a little longer. The fee part varies from bank to bank, but the average figures are as follows:
| Bank | SWIFT Fee (USD) | Transaction Time |
|---|---|---|
| Business Bank | 15 – 50 USD | 1-3 days |
| Garanti BBVA | 20 – 35 USD | 1-2 days |
| Ziraat Bank | 10 – 25 USD | 2-3 days |
| Akbank | 15 – 40 USD | 1-2 days |
Some banks also charge the user the counter bank costs (BEN, OUR, SHA). If you select “OUR”, you will bear all costs, but the buyer will receive net money.
Banks Supporting Swift in Turkey
Almost every major bank in Turkey supports SWIFT transfer. Is Bank, Garanti BBVA, Ziraat Bank, Kuveyt Turk and Akbank are the most widely used.
Digital Alternatives: Wise, Revolut and Similar
If you don’t want to deal with banks or want lower commissions, digital solutions are waiting for you. In recent years, Wise (formerly TransferWise), Revolut and similar apps have become especially popular among students.
Which Apps Work in Turkey?
Sending and receiving foreign currency through Wise is quite common in Turkey. Especially students from the US, Europe and the UK can receive money from their families through Wise. Revolut, on the other hand, is not fully operational in Turkey, but can ship to Turkey from some countries.
Advantages and Risks of Digital Wallets
The biggest advantages of apps like Wise are transparent fee policies and fast delivery. However, they are less regulated than a bank, so you should always have a backup method. Especially for large sums, the bank may be safer.
Sending Money with Western Union and MoneyGram
For some students, traditional methods are still more attractive. Companies such as Western Union and MoneyGram offer the opportunity to send money through the branch. These services are available at many points in Turkey.
Subeden vs Online Shipping
Western Union can be used in Turkey both in branches and through the mobile applications of some banks. Garanti BBVA and Ziraat Bank have already integrated this service. Delivery from the branch is usually more expensive, while online delivery is faster.
How Western Union Works in Turkey
To send money via Western Union, the recipient’s name and surname is enough. The money can usually be withdrawn within minutes. It is possible to take delivery from thousands of points in Turkey. You can even shoot with QR code with the mobile application.
Costs of Money Transfer and Foreign Exchange Transactions in Turkey
Fee Comparison Between Banks
Domestic foreign currency transfers are more expensive than TL transfers. If the transaction type is not EFT or Wire Transfer, SWIFT comes into play, which means extra costs. Here are the fees of some banks:
| Transaction Type | Average Fee (USD) |
|---|---|
| Domestic currency transfer | 2 – 5 USD |
| Overseas SWIFT transfer | 15 – 40 USD |
| ATM currency withdrawal | 5 – 10 USD |
| Exchange rate difference (with commission) | 0.5% – 2% |
Remittance, EFT and SWIFT Fees
EFT and money transfers are usually free or low-cost (0.5 – 5 USD) for TL transactions. However, this does not include foreign exchange transactions. Especially in SWIFT transactions, “counter bank charges” may be reflected as extra fees.
Withdrawal and Foreign Exchange Transactions in Turkey
Whether you like to spend cash or just use a card, it is a great advantage to know about foreign currency transactions in Turkey. In particular, the use of ATMs, exchange offices and bank counters work with different commission rates.
Check out our detailed guide: Withdrawals and Foreign Currency Transactions in Turkey
Is it possible to withdraw USD or EUR from ATM?
Some banks in Turkey have ATMs with foreign currency support. In particular, you can withdraw USD or EUR at major branches of Ziraat Bank, Garanti and Yapı Kredi. But beware: Not every bank’s ATM gives foreign currency.
Foreign Exchange Bureau or Bank?
Currency bureaus usually have a better rate, but there may be small differences. Banks usually charge up to 1% commission. Since the daily exchange rate difference changes a lot, it is important to check it on mobile applications before making a transaction.
Which is the easiest way to send money in Turkey?
It’s normal to be indecisive with so many options. But if you’re a student and your parents often send you money, easy-to-use, low-cost and fast systems are for you.
Fast and Safe Preferences for Students
- For regular transfers: Wise or Ziraat Bank
- For urgent cash needs: Western Union
Each method has its advantages and risks. But the important thing is to choose the one that suits your needs.
Practical Advice for First Transfer
- Try digital apps if the amount is low
- If you are going to make a swift, enter the recipient’s details in full
- If you exchange currency, check the exchange rate difference first
- Always compare multiple options