International Transfers

shellymanc

Hi any advice on the cheapest and fastest way to transfer money from a Turkish bank to Halifax please? My daughter will be working in Turkey for 8 months,
thank you x

eDicky

Will she be paid in a hard currency or TRY (Turkish lira)..?

For the latter, my choice would be to use Wise, same day transfer with low fees.

shellymanc

eDicky said:

Will she be paid in a hard currency or TRY (Turkish lira)..?

For the latter, my choice would be to use Wise, same day transfer with low fees.

She will be paid Turkish lira and thank you I will look into wise 👍

Daliah

https://www.monito.com/send-money/turkey/united-kingdom/try/gbp/1000/?mode=live

I would probably use Wise, too, as they have a good reputation

Daliah

Her other option would be a proper bank account at https://finecobank.co.uk/public/banking/

AFAIK, Fineco have essentially the same exchange rates as Wise, and there is no charge for transferring GBP to GBP (which there is in Wise)

eDicky

Daliah said:

Her other option would be a proper bank account at https://finecobank.co.uk/public/banking/

I'm wondering how Fineco could be used to transfer TRY from the Turkish bank...

Daliah

eDicky said:

Daliah said:

Her other option would be a proper bank account at https://finecobank.co.uk/public/banking/

I'm wondering how Fineco could be used to transfer TRY from the Turkish bank...

It would go into your TRY wallet at Fineco. From there you can then exchange it to GBP or a couple of dozen other currencies, by moving it to the respective other wallet. Much the same as what you'd do with Wise.

eDicky

Daliah said:

eDicky said:

Daliah said:

Her other option would be a proper bank account at https://finecobank.co.uk/public/banking/

I'm wondering how Fineco could be used to transfer TRY from the Turkish bank...

It would go into your TRY wallet at Fineco.

But how would it arrive there from the Turkish bank..?

Unless her employer can pay directly to Fineco UK by International transfer, the daughter still needs to make the international transfer herself, no..?

Daliah

eDicky said:

Daliah said:

eDicky said:

Daliah said:

Her other option would be a proper bank account at https://finecobank.co.uk/public/banking/

I'm wondering how Fineco could be used to transfer TRY from the Turkish bank...

It would go into your TRY wallet at Fineco.

But how would it arrive there from the Turkish bank..?

Unless her employer can pay directly to Fineco UK by International transfer, the daughter still needs to make the international transfer herself, no..?

In exactly the same way the employer, or she, would pay it from a Turkish Bank to Wise. Using the IBANs, and possibly BICs, associated with the Wise and the Fineco accounts

eDicky

Daliah said:

eDicky said:

Daliah said:

eDicky said:

Daliah said:

Her other option would be a proper bank account at https://finecobank.co.uk/public/banking/

I'm wondering how Fineco could be used to transfer TRY from the Turkish bank...

It would go into your TRY wallet at Fineco.

But how would it arrive there from the Turkish bank..?

Unless her employer can pay directly to Fineco UK by International transfer, the daughter still needs to make the international transfer herself, no..?

In exactly the same way the employer, or she, would pay it from a Turkish Bank to Wise. Using the IBANs, and possibly BICs, associated with the Wise and the Fineco accounts

Well it would have to be a Turkish IBAN or whatever they use in Turkey to identify a local bank account. If Fineco UK have such an identifier associated with their TRY wallet, it would work, otherwise not. I don't have a Fineco account so I can't see.