Sending Money to a Euro Account in Turkey

An often-overlooked detail when sending euros to Turkey is whether the recipient's account is a euro or a TRY account. This choice noticeably affects the total cost — especially the exchange-rate margin. In this guide we explain why sending money to a euro (foreign currency) account in Turkey can be more advantageous than to a TRY account.

Why does a euro account make a difference?

Because Turkey is outside SEPA, euros coming from abroad usually arrive via SWIFT. If the recipient's account is in TRY, the incoming euros are automatically converted into TRY by the bank and an exchange-rate margin is applied in this conversion — and the recipient can choose neither the rate nor the timing. If the recipient has a euro (foreign currency) account, the amount is deposited as euros and the conversion to TRY is deferred: the recipient can convert the euros whenever they want, and at a more suitable rate. This way the exchange-rate margin is not eliminated but passes under the recipient's control and can be managed better. For the mechanics of the exchange-rate margin, see the what is a bank exchange-rate margin and SEPA currency conversion pages.

What changes, what does not?

Although sending to a euro account defers the exchange-rate margin step, it does not eliminate the other items of the SWIFT transaction. The sending bank fee and a possible intermediary (correspondent) bank charge remain in play whether the recipient's account is in euros or TRY. So the advantage of a euro account is not "making the transaction free" but "deferring the currency conversion to a better time and a better rate". This is valuable especially when the recipient will hold the euros as euros for a while or regularly receives euros.

Who is it sensible for?

• Those who regularly receive euros: For those receiving a salary, freelance income or family support regularly as euros, a euro account is the most effective way to manage the recurring margin.
• Those receiving large amounts: On a high-value transfer the margin grows in absolute terms; a euro account lets you defer the conversion to a suitable time.
• Those who will use euros as euros: If they will spend or save in euros, holding it as euros without ever converting to TRY can prevent the margin entirely.

Decision guide

When assessing whether opening a euro account is suitable for you or the recipient, consider the transaction frequency, the amounts and the account's possible fees together. If there are regular and large euro transactions, the saving a euro account provides usually exceeds its cost. If it is only a one-off small transfer, sending directly to a TRY account can be more practical. For a detailed decision guide, see the do I need to open a euro account page. To see the total cost of a transfer, you can use the real cost tool.

Summary

Sending euros to a euro account in Turkey leaves the currency conversion — and therefore the margin — under the recipient's control; this is a valuable advantage especially on regular and large euro transactions. But because the transaction is still SWIFT, the bank fee and a possible intermediary bank charge remain in play. The decision should be made based on transaction frequency and amount.