How to convert $ to TL without paying high fees

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After experimenting several ways to transfer money in my account and getting rates from many banks, I found that TransferWise is the cheapest option.

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You can send money directly to your Turkish bank account (IBAN) with low fees.

TransferWise is an Electronic Money Institution regulated by the UK government. It is an Estonian developed and UK-based peer-to-peer money transfer service launched in 2011.

TransferWise supports more than 300 currency routes across the world as well as providing multi-currency accounts. Their secret is that they don’t actually convert your money, they have several accounts in different currencies.

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They match transfers with other people and then have a small commission while using the inter-bank mid-exchange rate, unlike traditional currency transfers where there are buy and sell rates and the broker takes the difference between the two.

Their rate is between 1 to 2% depending on the amount you transfer. Then, there are no other fees from your banks.

Their website is easy to use & they have a mobile app. A transfer takes about 3 days.

Click here to get your first TransferWise transfer for free (It uses their referral program and we both get a reward)

One Reply to “How to convert $ to TL without paying high fees”

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