How to transfer money into a Turkish account?

#1
What's the cheapest way to transfert EUR into a Turkish's bank account? Last time I made an international bank transfert, I've been charged an additional (I had pre-paid all the costs with my Belgian Bank already) 300 EUR by Finansbank. Their excuses was that the costs were not theirs but were taken by another bank (doing the Belgium-Turkey liaison). Whatever the reason, I was far from happy.
I thought about Paypal, but it's really a bother to set up an account linked to a Turkish account. There are asking you no end of weird identification number (like I got them).
Also thought about Moneybooker or Western Union, but I fear it could be the same issue (didn't tried them).
Lastly I wondered if it wouldn't be easier (and cheaper) to just, once in Kusadasi, pick up cash from a cash distributor using my Belgian Bank card and hand the money to Finansbank.
 
#2
Western Union is handy if you are sending money to somebody the same day (or next day) in another country. If you want to transfer from your own account in one country, to your own account in another country, and you don't want to transfer reallly big sums of money I would just take cash from the ATM in Turkey and put it in the bank yourself.
International bank transfers can become expencive because of a percentage of moeny that both banks charge. You can usually check these rates on the websites of both banks.
 
#3
Palis Hi,

We use two banks in England, Barclays and HSBC. When we paid the initial deposit of £40,000 on our villa we just accepted the fact, from the lawyer, that we had to tranfer GBP from our English bank to their bank (Akbank) and this was the only way it could be done. We transfered the money from our Barclays account to Akbank and were charged a fee of .05%. After a long, difficult investigation we discovered that fee was not charged by either Barclays or by Akbank but by a German intermediary bank that the money was transfered through. All Barclays told us was "That there may be a charge!" This all still leaves a bitter taste as with yourself.

By the next occasion to transfer GBP we had opened an account in HSBC Turkey in Kus (easy to do) and the Branch Manager and the charming Premier Accounts Assistant, Canna must have thought me crazy the number of times I enquired, in person, and by email that there were NO CHARGES to transfer GBP from HSBC England to HSBC Turkey. True to their word there have been NO CHARGES at either end of any transactions. It is HSBC at each end and they are big enough and have been much more professional than Barclays. I have since run down my Barclays accounts.

When you transfer money to Turkey it is a very easy and acceptable process to draw the money out as cash from one bank and to either "walk it" to another bank or the person you are paying. I am still amused by this, it does not happen in England.

The numbers you are refering to are probably the "Swift address/BIC" and "IBAN number". These are the international bank electronic address of your bank and your own unique bank account number. Your bank will be able to supply you with them. You will also need to have the same at the Turkey end in order to transfer money.

I have never used Moneybooker, Western Union or Wells Fargo. I can only imagine they make money from the people who need to transfer money that way because they do not have a bank account? I have also read of a "scam" effected on this method of money transfer. There must be details on the internet of how it is done.

My advice would be to contact a bank that is in both countries and to determine that there will be no charges for the transfer of funds BEFORE you do anything.

Cleanmac
 

ben

Black Knight
#4
If you need to send money just open a HSBC account in your own country.
Open on here and tranfer the money the charges should be around £10.

IBAN is the International Bank Account Number every bank account has this.
Swift is much the same but less used
 
#5
I have a pounds account and a lira account with Yapi Kredi bank in Turkey. When I transfer pounds from First Direct (an internet bank, subsidiary of HSBC) to the pounds account at Yapi Kredi I am charged £25 by First Direct but nothing by Yapi Kredi.
 

ben

Black Knight
#6
Why not just open a HSBC account here to tranfer and the money into that ?
If you then use telephone banking to transfer the money to Yapi Kredi it costs 1YTL
 
#7
Thanks all for the reply. Let let take some points:


- We do not have HSBC in Belgium, that's one less option.

- I work for a bank, I know all about the iban and swift adresses. But I was talking about something different, some local identification codes requested by Paypal. I'm willing to bet my shirt I would have more chance requesting free money to Finansbank than obtening theses identifications codes from them. lol

- And yes, some intermediaries banks take a fees. So depending from which bank in which country to which bank in which country you sent the money, you could be charged any percent (or fixed amounts) of fees. You now knows that EURO intermediary bank of Finans bank is charging, so avoid Finansbank for euro transfert. Same goes for GBP and Akbank it seems.

- I guess I'll stuck to Jasmina's advise and get cash from the ATM. Now that my appartment has been paid, I won't be transfering so big amounts anymore.
 
#8
Pallis Hi,

If you work for a bank, get charges for transfering money to Turkey, are unable to discover what "secret bank coding" refers to, are charged fees by intermedary banks and consider that drawing cash from an ATM to be no-charge option when you could get a commission charge and then seek advice from a forum; What hope is there for us mere mortals trying to combat and stay ahead of The Greedy Banks?

I can not imagine going into a restaurant, order a meal and then having the chef come out to me for advice on how to prepare and cook it!

Similarly a garage servicing my car and the mechanic consulting me how to do the job.

Cleanmac
 
#9
lol, I'm not working in that sort of bank. I work for global custody bank, much like a bank for the bank. I'm familiar with the international wires proceed, but haven't all the answers.
And nothing beat experience, thus my query. ;-)
To take your exemple, could be like a chef requesting you advises about the Mig Mac menu.
 
#13
Lez Zetli;222194 said:
I have a pounds account and a lira account with Yapi Kredi bank in Turkey. When I transfer pounds from First Direct (an internet bank, subsidiary of HSBC) to the pounds account at Yapi Kredi I am charged £25 by First Direct but nothing by Yapi Kredi.
This has changed now. I've realised that Yapi Kredi have started charging a few pounds too for receiving. :(
 
#14
my wife had money sent over from her dads solicitors what her dad left here.yapi kredi charged no fee but the bank in england sent it through another bank and there was a very high fee.so be careful some banks in the uk tranfer it to another bank before you recieve it.
 

AlanK

Connoisseur
#15
Nationwide

If you just want to transfer cash to Turkey and withdraw from an ATM, then open an account with Nationwide. Transfer funds into that account and then withdraw in Turkey with no charge
Alan
 
#16
HSBC will open a Turkish account for you, from an English branch,but will charge £100. The charge is waived,if you have a premier account, but I believe you have to have £50,000 deposited.
I recently transferred money from my Nationwide account to my Turkish account and was charged £20. They insisted on having both the IBAN and swift number.
 
Top