Hils224

New Member
Transferring money from Turkey to the UK
I am in the process of selling my property, and have a few queries about the financial process. I understand that the value of the property must be paid into a Turkish bank account in TL, and I have an account set up for this. What I am unsure of is whether the deposit, and the difference between the valuation and the selling price must be paid into this account as well, or if it can be paid directly into a UK account in GBP as I am selling the property to an English person in GBP. My other question is what is the best way to transfer the money from the Turkish account to the UK? I have a GBP account in Turkey at the same bank, so should I transfer the TL to the GBP account before transferring it or can I do it directly form the TL account? What are the charges likely to be on an amount of around £50,000. Is it possible to use Wise to transfer from a Turkish to a UK account, and would this be cheaper than doing it through the bank? Sorry for all the questions but I want to get it straight in my head before committing to anything. Thanks in advance.
 

enoch

Member
Transferring money from Turkey to the UK
I am in the process of selling my property, and have a few queries about the financial process. I understand that the value of the property must be paid into a Turkish bank account in TL, and I have an account set up for this. What I am unsure of is whether the deposit, and the difference between the valuation and the selling price must be paid into this account as well, or if it can be paid directly into a UK account in GBP as I am selling the property to an English person in GBP. My other question is what is the best way to transfer the money from the Turkish account to the UK? I have a GBP account in Turkey at the same bank, so should I transfer the TL to the GBP account before transferring it or can I do it directly form the TL account? What are the charges likely to be on an amount of around £50,000. Is it possible to use Wise to transfer from a Turkish to a UK account, and would this be cheaper than doing it through the bank? Sorry for all the questions but I want to get it straight in my head before committing to anything. Thanks in advance.
Have you got a RP if not you can't use Twise. As I understand all money is paid in the bank in lira, and the minimum price is what the council gives you, but some one will know up to date who have just sold.
 

Mushroom

Member
Transferring money from Turkey to the UK
I couldn't give you any up to date costs for the internal Turkish bank charges for converting lira to Sterling to then send to the UK as more fees have been imposed since we sold up.
One thing I can confirm is that Sterling from a Turkish Sterling Bank account, even with current costs to go to the UK bank, is a lesser cost allowing for poor exchange rates at the UK receiving bank if you sent Lira.
Good luck.
 

Jaycey

African Refugee
Top Poster Of Month
Transferring money from Turkey to the UK
We hope to return to Ukraine from Turkey soon.
We are told that the maximum USD that we can repatriate is $5K per person.
Presumably similar rulings apply with Sterling (?)
 

kevkj

Member
Transferring money from Turkey to the UK
I would assume you can use Wise.
Make sure you have no limit on your Turkish Sterling account for payments out .
Most accounts do and it's relatively low normally.
Will watch this thread for interest.
 

enoch

Member
Transferring money from Turkey to the UK
I would assume you can use Wise.
Make sure you have no limit on your Turkish Sterling account for payments out .
Most accounts do and it's relatively low normally.
Will watch this thread for interest.
Not without a RP.
 

enoch

Member
Transferring money from Turkey to the UK
We hope to return to Ukraine from Turkey soon.
We are told that the maximum USD that we can repatriate is $5K per person.
Presumably similar rulings apply with Sterling (?)
Sterling used to be 8000 euros.
 

jearden

Member
Transferring money from Turkey to the UK
Moving sterling out of Turkey is becoming problematic so if your buyer can pay any or all of the contract price in sterling, UK Bank to UK bank then that’s what I would be looking to do, provided the money is in your bank before you sign over your tapu.

Alternatively you can follow the rules and transfer Turkish lira from your bank via Transferwise (Wise). Moving lira into Wise is a Turkey to Turkey transfer and will incur minimal bank charges. Changing lira to sterling within Wise is done at mid-market rate plus a conversion fee of around 1%.
 

esb1841

Member
Transferring money from Turkey to the UK
Moving sterling out of Turkey is becoming problematic so if your buyer can pay any or all of the contract price in sterling, UK Bank to UK bank then that’s what I would be looking to do, provided the money is in your bank before you sign over your tapu.

Alternatively you can follow the rules and transfer Turkish lira from your bank via Transferwise (Wise). Moving lira into Wise is a Turkey to Turkey transfer and will incur minimal bank charges. Changing lira to sterling within Wise is done at mid-market rate plus a conversion fee of around 1%.
No longer possible for buyer to deposit funds to a non Turkish Bank see last post of this thread
 

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