Wondering about what it would cost you to send money to Turkey? If you’re looking for the cheapest method, you have to do some thorough research before getting started.
Many of the popular money transfer methods come with hidden fees and charges. If you make a smart choice, you can save a lot of money.
Every time you send money abroad, you have to pay a flat upfront fee. It is a common requirement for all type of financial services – bank wiring, online money transfers or using the services of private transfer companies. A problem arises when these financial institutions apply exchange rates that are less than favorable. Labels like commission free or zero charges are a widespread trick for luring customers but you also have to be aware of the exchange rates.
Let’s say you choose Travelex (see Table 1) to send 1,000 dollars from the US to Turkey. According to Travelex’s official presentation, you’re free from paying an upfront tax. But once you send the money to Turkey, a hidden conversion rate cost of 130 dollars will be applied.
In comparison, Wise, formerly TransferWise (Table 1) has a 10-dollar upfront tax and no hidden conversion costs. They are up to 8x cheaper than banks and their fees are transparent.
Some money transfer services can charge both upfront fees and conversion taxes. Take a look at the tables below if you want to know how much it will cost you to send money to Turkey, depending on your current location.
Interested in sending money to other locations? Take a look at our money transfer taxes guide about the Philippines, Brazil, Australia, Kenya, Mexico, Macedonia, Poland, Egypt, Romania, Indonesia, India, Bangladesh, Ukraine, Bolivia, Serbia, Pakistan, Colombia, Morocco and Chile.
| Transfer method | Fees to send $1000 USD | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX (previously USForex)* | $0 | $7.5 | $7.5 | 1-2 days |
| Wise, formerly TransferWise (recommended partner) | $10 | $0 | $10 | 1-2 days |
| Paysera | $4 | $10 | $14 | 1-3 days |
| Western Union (slow) | $5 | $25 | $30 | 3-5 days |
| Ria Money Transfer (slow) | $5 | $35 | $40 | 3-5 days |
| Skrill | $39 | $1 | $40 | 3-5 days |
| Ria Money Transfer (fast) | $8 | $35 | $43 | Minutes |
| Western Union (fast) | $20 | $25 | $45 | Minutes |
| MoneyGram (slow) | $25 | $28 | $53 | 3-5 days |
| Wire transfer | $25-40 | $10-20 | $35-60 | 3-5 days |
| Xpress Money | $15 | $49 | $64 | 3-5 days |
| MoneyGram (fast) | $81 | $28 | $109 | Minutes |
| Travelex | $0 | $130 | $130 | 3-5 days |
Note:
- Minimum transfer of $500 for OFX (previously USForex).
| Transfer method | Fees to send £1000 GBP | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX* | £0 | £7.5 | £7.5 | 1-2 days |
| Wise, formerly TransferWise (recommended partner) | £10 | £0 | £10 | 1-2 days |
| TransferGo | £1 | £12 | £13 | 1 day |
| Paysera | £3 | £12 | £15 | 1-3 days |
| Western Union | £5 | £12 | £17 | Minutes |
| Azimo | £1 | £16 | £17 | 1-2 days |
| MoneyGram | £5 | £25 | £30 | Minutes |
| Exchange4free | £0 | £35 | £35 | 3-5 days |
| 1st Contact Forex | £15 | £28 | £43 | 1-3 days |
| Wire transfer | £15-25 | £10-30 | £25-55 | 3-5 days |
| Travelex | £0 | £62 | £62 | 3-5 days |
| Skrill | £27 | £40 | £67 | 3-5 days |
| Small World FS | £20 | £88 | £108 | 3-5 days |
| Xpress Money | £26 | £190 | £216 | 3-5 days |
Note:
- Minimum transfer of £500 for OFX.
| Transfer method | Fees to send $1000 CAD | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX* | $0 | $7.5 | $7.5 | 1-2 days |
| Wise, formerly TransferWise (recommended partner) | $12 | $0 | $12 | 1-2 days |
| Paysera | $5 | $11 | $16 | 1-3 days |
| Exchange4free | $0 | $45 | $45 | 3-5 days |
| Western Union | $40 | $25 | $65 | Minutes |
| Skrill | $29 | $40 | $69 | 3-5 days |
| Wire transfer | $25-40 | $20-30 | $45-75 | 3-5 days |
| MoneyGram | $50 | $66 | $116 | Minutes |
| Travelex | $0 | $129 | $129 | 3-5 days |
| Xpress Money | $16 | $191 | $207 | 3-5 days |
Note:
- Minimum transfer of $500 for OFX.
| Transfer method | Fees to send €1000 EUR | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX* | €0 | €7.5 | €7.5 | 1-2 days |
| Wise, formerly TransferWise (recommended partner) | €10 | €0 | €10 | 1-2 days |
| TransferGo | €1 | €10 | €11 | 1 day |
| Paysera | €3 | €12 | €15 | 1-3 days |
| Azimo | €3 | €16 | €19 | 1-3 days |
| Exchange4free | €0 | €35 | €35 | 3-5 days |
| Western Union | €5 | €36 | €41 | Minutes |
| Skrill | €29 | €40 | €69 | 3-5 days |
| Wire transfer | €20-35 | €20-40 | €40-75 | 3-5 days |
| MoneyGram | €24 | €61 | €85 | Minutes |
| Small World FS | €10 | €111 | €121 | 3-5 days |
| Xpress Money | €18 | €191 | €209 | 3-5 days |
| Travelex | €0 | €678 | €678 | 3-5 days |
Note:
- Minimum transfer of €500 for OFX.
| Transfer method | Fees to send $1000 AUD | Hidden conversion cost | Total fees | Time for the transfer to arrive |
|---|---|---|---|---|
| OFX (previously OzForex)* | $0 | $7.5 | $7.5 | 1-2 days |
| Wise, formerly TransferWise (recommended partner) | $10 | $0 | $10 | 1-2 days |
| Paysera | $5 | $12 | $17 | 1-3 days |
| Western Union (slow) | $10 | $31 | $41 | 1-3 days |
| Exchange4free | $0 | $45 | $45 | 3-5 days |
| Western Union (fast) | $30 | $21 | $51 | Minutes |
| Skrill | $29 | $40 | $69 | 3-5 days |
| Wire transfer | $25-35 | $30-60 | $55-95 | 3-5 days |
| Travelex | $0 | $98 | $98 | 3-5 days |
| MoneyGram | $60 | $64 | $124 | Minutes |
| Travel Money Oz | $0 | $215 | $215 | 3-5 days |
| Xpress Money | $58 | $197 | $255 | 3-5 days |
Note:
- Minimum transfer of $500 for OFX (previously OzForex).
Rob Rawson is a co-founder of Time Doctor which is software to improve work productivity and help keep track of what your team is working on, even when working remotely.