Sending Euros from Turkey to Germany

Sending euros from Turkey to Germany (or another eurozone country) is a common need for education, work, family or trade. Because Turkey is not within SEPA scope, this transaction runs over SWIFT, and its cost — especially when sent from a TRY account — is largely determined by the exchange-rate margin. In this guide we explain the methods, the cost items and ways to reduce the cost.

Why SWIFT, and why is the exchange-rate margin so important?

Because Turkey is outside SEPA, SEPA's intra-euro advantages do not apply on this corridor; the transaction is processed as SWIFT. When you send euros from a TRY account, an additional layer comes into play: the bank must convert TRY into euros, and in this conversion it applies a rate deviating from the market rate (an exchange-rate margin). Because this margin is not shown as a separate line, most users do not notice it; yet on large amounts it is the most decisive item of the total cost. For the mechanics of the exchange-rate margin, see the what is a bank exchange-rate margin and SEPA currency conversion pages.

Methods and cost items

• A SWIFT transfer from a TRY account: The most common method; it involves the bank fee + the TRY–EUR exchange-rate margin + a possible intermediary bank charge.
• Sending from a euro (foreign currency) account: You send euros as euros; because there is no TRY–EUR conversion, no exchange-rate margin comes into play. The biggest saving potential is here.
• Fintech / payment providers: Some providers can offer a different rate and fee on this corridor; assess their conditions according to your own situation.

The cost items are usually: the sending bank fee, the TRY–EUR exchange-rate margin (if you send from a TRY account), a possible intermediary (correspondent) bank charge and the recipient bank's possible fee. Seeing these items separately lets you understand the difference between the "amount I sent" and the "amount reaching the recipient".

The most effective saving: sending from a euro account

The step that reduces the cost most on this corridor is, where possible, sending euros from a euro (foreign currency) account. This way the TRY–EUR conversion, and therefore the exchange-rate margin, is eliminated; only the bank fee and a possible intermediary bank charge remain. For someone who regularly sends euros, holding a euro account can largely eliminate the recurring exchange-rate margin cost. Of course a euro account may have its own fees; that is why it is sensible to compare the annual total saving with the account cost.

Time and the amount reaching the recipient

SWIFT transfers usually take 1–5 business days; the number of intermediary banks and compliance checks affect the time. The amount reaching the recipient is less than the amount sent by the cost items above. To estimate this amount in advance and compare different methods, you can use the SEPA Route & Real Cost Calculator. For the reverse direction (Germany to Turkey), you can see the Sending euros from Germany to Turkey page.

Summary

Sending euros from Turkey to Germany is a SWIFT transaction because Turkey is outside SEPA. When sending from a TRY account, the biggest cost is usually the TRY–EUR exchange-rate margin; to this are added the bank fee and a possible intermediary bank charge. The most effective way to reduce the cost is, where possible, to send euros from a euro account and to calculate the total cost before every transaction.