Sending money from UK to Turkey needn’t be a hassle when you have access to the right financial tools. Whether you’re purchasing a holiday home, paying overseas suppliers or simply sending a gift to friends or family, an international transfer can be sent simply and securely.
In this article, we tell you everything you need to know about sending money from UK to Turkey and give you the lowdown on the information you’ll need to provide to complete your transaction.
Sending Money from UK to Turkey: What You Need to Know
At first glance, arranging an international transfer may seem complicated but it’s far easier than you might think.
Secure a Good Exchange Rate
The first thing to consider is the exchange rate, as international transfers often involve sending funds in a different currency to your home currency. The value of GBP against the Turkish Lira rises and falls, so bear this in mind if you’re planning to make an international transfer in the future. In some cases, arranging the transfer in advance and setting up a ‘forward contract’ allows you to access a favourable exchange rate that protects the value of your funds.
Check for Hidden Fees
Although plenty of companies offer international transfer services, fees do vary, and they aren’t always easy to calculate. You may be required to pay a flat-fee or a commission-based price when sending money from UK to Turkey or, in many cases, the total fee will consist of a fixed charge and a percentage-based commission.
At PayAlly, we’re committed to providing cost-efficient international financial services, which is why we offer bespoke pricing solutions. This enables our clients to access competitive rates when sending cross-border payments and ensures that international transfers can be managed as simply as domestic transactions.
Ensure Your Funds Are Secure
Using reputable financial service providers can help to keep your funds secure at all times – and that they get to the right recipient. As an electronic money institution (EMI), Principal Member of the Mastercard network, and a member of The Payments Association, PayAlly is a reputable and highly regarded financial solutions provider that delivers services you can trust.
What’s more – our international transfer services rely on secure and established systems, such as SWIFT. Used to transfer funds to more than 200 countries and territories, the SWIFT system was first launched in the 1970s and sends approx. 44.8 million FIN messages (payment orders) every day, so you can be confident that your funds are secure when sending money from UK to Turkey.
Connect Subsidiary Accounts
When you localise international transfers, sending money from UK to Turkey becomes even more efficient. If you make regular or frequent transfers to suppliers based in Turkey, for example, enrolling them into PayAlly ensures the transaction is treated as a local transfer. Not only does this mean faster transfer times, but it can also reduce the fees that are generally associated with international transfers.
Check Transfer Limits
When you’re sending money from UK to Turkey, check whether your chosen service provider imposes any transfer limits. In some cases, the amount you’re sending can impact the requisite fees, so it’s worth verifying whether you’ll be charged extra.
At PayAlly, international transfers to Turkey from the UK can be sent via the SWIFT system, which means that there is no upper or lower transfer limit. Giving you the flexibility to send any amount at any time, we make it easy to send cross-border payments.
A Step-by-Step Guide to Sending Money from UK to Turkey
Whether the intended recipient is in Istanbul, Ankara, Izmir or anywhere else in Turkey, these simple steps will enable you to transfer funds to them quickly and easily:
1. Open a PayAlly Account
Before you can start sending or receiving funds using PayAlly’s financial ecosystem, you’ll need to apply for an account with us. Fortunately, this is a simple and straightforward process – and we always aim to verify and open new accounts as quickly as possible, so you won’t have to wait long to start making transactions.
2. Confirm Your Identity
To keep your funds secure and prevent fraud, online financial services providers will ask you to confirm your identity before you can access your account. This is commonly done via Two-Factor Authentication (2FA), which requires you to enter two pieces of confidential data, such as a password and a numerical code that’s sent to a second device.
3. Check Your Balance
You’ll need to ensure that you have sufficient funds to transfer the desired amount and cover the cost of any associated fees in advance, so it’s worth double-checking that the funds are available before initiating an international transfer. Of course, you can transfer funds into your account at any time.
4. View the Exchange Rate
Once you’re logged in and ready to start sending money from UK to Turkey, check the available exchange rate. If you want to send funds straightaway, you can accept the current exchange rate and initiate the transfer. Alternatively, if you’re planning to send funds in the future, you may choose to agree to a forward contract that sets the exchange rate in advance.
5. Input Transaction Details
To facilitate the transaction, you’ll need to enter some basic information, such as the:
- Transfer amount
- Recipient account’s IBAN and BIC details
- Recipient’s name and address
- Name and address of the recipient’s bank
6. Verify the Associated Fees
When you’ve input the transaction details, such as the amount you’re sending from UK to Turkey, and confirmed the exchange rate, you can view the fees associated with the transaction. Providing you’re happy with the cost, you can move on to the final step.
7. Confirm the Transaction
To send your funds on their way, simply confirm the transaction and you’ll receive a notification that the transfer is underway!
Sending Money from UK to Turkey with PayAlly
Our innovative range of international financial solutions makes cross-border transfers simple and cost-effective. To learn more about our international transfer options, contact our expert team now.
News:
PayAlly Supports The Payment Association’s ‘Payments Manifesto’
PayAlly was among the members of The Payments Association at the Houses of Parliament at the Palace of Westminster for the launch of ‘The Payments Manifesto: Building a World-Class...
News:
PayAlly Inducted as a Member of the London Chamber of Commerce and Industry
“We chose London as home of PayAlly for a reason,” CEO Rafal Andzejevski quips. “It is, without a doubt, the best place in the world to start a fintech business. It's been a financial hub..
Blog:
Online Account: Know What’s Best for Your Business
An online account gives you the freedom to manage your company’s finances from any location in real time, but do you know what type of online account is best for your business?