Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: corbindallas on June 16, 2017, 08:39:32 AM
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I need to transfer money from my Turkish Bank Account back to UK. Just wondering what peoples experience is when doing this and best way forward. I assume it is best to FX it in Turkey as exchange rates are better than UK so transfer Sterling back and use SWIFT or is there a better way? Also anyone can give a timeframe of how quick the process is and charges? Transferring to LLoyds Bank in UK they state online they charge £7 for receiving international payments into your account. Thanks
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I did it from Garanti to Halifax. There were no charges levied by Halifax. As for Garanti they charged a fee; they said no daily limit on transfers, not correct there is 30000 TRY daily limit, if I recall correctly, therefore you will pay commission charges each time you send money if you have over 30000 TRY to send. We were closing our account as well as sending money back so had to write out our instructions and sign them. As for time I sent money on consecutive days and had to wait approximately 3-4 business days before cash appeared in UK account. I did everything on line except the account closure. I was a bit miffed at the daily limit and the repeat charges but in the end just grinned and beared(?) it. HTH
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In October I did 4 online transfers of approximately £20,000 per day over 4 days - due to daily limits - from TEB to Santander at £15 per transaction - no UK fees.
Found that to be by far the cheapest way :angel:
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I am thinking of transferring some money the opposite way round UK to Turkish account does anyone know would the no fees uk bank apply re the money arriving to Finas and would Finas charge me? Thanks in advance :)
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Check out Transferwise. I have used them several times and have been more than happy with the very low charges.
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Thanks for your responses, I have further checked with the bank (Garanti) now and apparently a SWIFT money transfer from them has a 275,000TL daily cap and 75TL charge per transaction.
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275000 daily limit? Wow that is some change; I could have saved a stack when sending my cash back at those limits and speeding things up quite considerably as well.
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Check out Transferwise. I have used them several times and have been more than happy with the very low charges.
I use transferwise a lot.... Great service and very low charges ..... https://transferwise.com/u/davidk354
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Has anyone transferred Lira from HSBC to HSBC in UK as sterling? I have just tried to do with EFT but it would not let me enter my UK Iban account number, only had a turkish prefix which couldnt be changed. I then tried SWIFT and it said not enough funds so can SWIFT only be from a sterling account in Turkey to a sterling account in UK? Does this mean I have to go into the bank and ask them to transfer the Lira into sterling and put into my sterling account before I can then transfer to UK?
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You have to remember that HSBC in Turkey is a franchise of the HSBC brand and isn't directly linked to HSBC in the UK. That may be causing a problem. It could also be because they've announced that they're pulling the plug on the Turkish operation.
I've never had a problem with SWIFT transfers to or from Turkey in the past but they have mostly been through Nationwide and Sekerbank accounts.
It could well be the case that you'll have to go to the branch.
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Thankyou for your reply. I have managed to set up SWIFT from Is bank so I could transfer from HSBC to Is, to UK,lol. Are they still talking about pulling HSBC from Turkey? I thought that had been cancelled?
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Just an update on my original post, I managed to transfer Sterling back via Garanti using their SWIFT online service, they charge 50TL or 65TL charges to do this 65TL is for same day transfer, I was transferring back to Lloyds Bank but for some reason it gets sent to Standard Charter London first who took £30 per transaction out before forwarding it to Lloyds who charged nothing. Bit miffed at the Standard Charter charges as it is Sterling being sent, I enquired at Lloyds who said they usually make a £7 per transaction charge but as it is sent from Standard Charter it is an internal UK transfer thus no charge from their side, and they don't know why it is coming via Standard Charter?
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Think standard Charter are the clearing bank so charge for there service