Financial and Commercial Transfers to and from Turkey

Financial and Commercial Transfers to and from Turkey
Table Of Contents

What are the most popular banks in Turkey?

It is no secret that banking transactions in Turkey are smooth with a wide range of options of banks operating in Turkey: government and private.

Therefore, Turkey's banks offer competitive services in addition to their strong and secure financial system. They provide additional facilities to foreigners wishing to open accounts, the most famous of which were:

  1. Kuveyt Turk Katilim

Kuveyt Turk Bank was established in Turkey in 1989, and it is the third Islamic bank in terms of the history of Islamic banks in Turkey.

  1. Albaraka Turk Bank

Established in 1984 to be one of the leading Islamic banks, Al Baraka Bank started operating as an active bank in Turkey in 1985.

  1. Halk Bank

Halkbank, or People's Bank of Turkey, was established in 1933 and began providing its services 5 years after its establishment in 1938.

  1. Ziraat Bankasi

One of the largest local banks in Turkey, one of the easiest and smooth in transactions, and it has a wide spread in the country, with branches in 17 countries around the world.

  1. Ziraat Katilim

Ziraat Katilim Bankasi is one of the banks that allows opening bank accounts with easy procedures.

It obtained permission to start its activities on 12/5/2015, after officially announcing its ability to start work according to an official decision published in the official government gazette.

The Turkish President, Recep Tayyip Erdogan, opened the first branch of this bank on 29/5/2015, having the first bank account in it.

  1. Turkiye İs Bankasi

Turkiye İs Bankasi is one of the oldest and strongest Turkish banks, and the first government bank in the time of the Turkish Republic, and it has an extension in 5 countries around the world.

  1. Vakif Bank

Established in 1957 to meet the requirements of the country's economic development, the bank is the fourth largest bank in Turkey in terms of assets.

  1. Ak bank

It is one of the most widespread private banks in Turkey, and it is characterized by the ease of its mobile application, and the smoothness of its transactions.

  1. QNB Finans bank

It is an extension of the QNB Bank of Qatar.

Monet Transfer

Conditions Related to Commercial and Financial Transfers to and from Turkey

First of all, you should know that in Turkey there is a range of different means and options for financial transfer:

Bank Transfer

Turkish banks offer many financial services that facilitate payments and money transfers, and investments in Turkey, especially for foreigners in Turkey, whether real estate or commercial.

The banking system even provided foreigners with the opportunity to benefit from the financial protection laws for their savings in Turkish banks, according to the mechanism of the innovative Yofam program.

In general, the process of transferring money to and from Turkey does not have many complications, especially with a clear justification explaining why these funds move between internal and external banks.

It is normal for banks to sometimes ask for a clear justification for the transfer and its type, whether it is paying for a bill of goods, a property, or the like.

To transfer an amount of money between an account outside Turkey and another inside it, the account IBAN must be available in addition to the identification code of the bank to which the transfer will be made, or what is known as (the SWIFT Code).

These transfers are made in a short time, usually during working days and hours, but incur some costs that are deducted from the amount, in addition to transaction fees.

Transfer Through Licensed Remittance Companies or Remittance Offices

Among the most important and famous of which are the American Western Union, the American Money Gram, and the American Ria Money Transfer Company, all of which are characterized by the breadth of spread, and the regular license to operate inside Turkey.

In addition to the remittance offices that are active in the parallel remittance market (or what is known as the black market), whose great role in carrying out a huge amount of large remittances, both inside and outside Turkey, cannot be denied.

This method features instant execution, so that delivery takes place at the same moment of transfer, at low transfer costs, often cheaper than official banks, but with lower guarantees.

Methods of Payment of Funds Related to Import and Export to and from Turkey

After transferring money to Turkey is carried out according to one of the aforementioned methods or others, and when paying for the goods to be imported from Turkey, the payment process can usually be carried out with one of the following options:

1. Cash Payment

This is done through direct cash payment, whether by the hand of the importer or his agent or through the brokerage company, and payment of the price of the goods to the trader or factory according to the agreed price, whether the payment is in one payment or multiple instalments.

2. Opening Bank Credits

It is the most widespread method in the custom of traders and importers, where the merchant deposits the amounts in a Turkish bank, and the payment is made to the merchants based on those credits, after issuing a disbursement order to the merchant or factory...

3. Opening Credit with Shipping Companies

It is also a common method, where the importer determines the shipper through which he will ship his goods to his country, and puts in his account with the shipping company's fund a sum of money as a trust.

The merchant receives from the shipping company an exchange book so that the merchant pays the price of his goods to the merchants by writing a receipt from this book for the value of the price payable.

Upon delivery of the goods to the shipping company, and after the shipper ascertains the goods received, the specified price is paid from the allocated money.

Mistakes Made by Traders Regarding Trade Transfers to and from Turkey

Among the most famous mistakes that are worth noting:

  1. One of the usual transfer errors is not checking the IBAN and SWIFT code when transferring, or sending money to another currency account, which leads to partial financial losses sometimes, or a delay in returning the amount to its first sender.
  2. Transfer through an unreliable broker, or rely on a dishonest party and follow up on your work in a guaranteed manner.
  3. Transfer the full price of the goods before confirming the product specifications: the goods to be purchased must be authenticated according to the agreement recorded with the seller.
  4. Transfer the full price of the goods before delivery: We advise you at Tebadul International Trading Company to deliver the money transfers to the seller or factory according to a payment plan related to the progress of the production process for your goods and their delivery for shipment, to guarantee your rights in the event of delay or failure to deliver the goods as specified and agreed upon.

Remittances Turkey

How Does Tebadul Help Avoid Transfer Mistakes That Hinder Business?

Due to our great experience in the trade, import and export sector to and from Turkey, and our full knowledge of the methods of financial transactions adopted in this field, our team at Tebadul International Trading Company can provide all services related to your business, remittances, shipping facilities and everything related to this field.

Our team is characterized by the integration of its logistical, legal and financial expertise, due to the diversity of our specializations, the expansion of our team, and our awareness of the professional business requirements that you can feel through your first deal.


Edited by Tebadul International Trade

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