How to send money to Turkey from South Africa with the best ZAR-TRY rate

A comparison of providers offering services between South Africa and Turkey is the easiest way to ensure the best deal.

We've compared 6 providers that offer services for sending Rand to Turkey.

This ensures you will get the best options for your transfer to Turkey from South Africa.

Whilst we rate Currencies Direct as the best overall, comparing gives you a comprehensive view of all the options for transferring money from South Africa to Turkey.

An exchange rate determines the price you will pay when buying Turkish Lira. A better exchange rate means more money reaching the recipient in Turkey.

The current rate between the Rand and Turkish Lira is 2.8104.

With the ZAR-TRY exchange rate changing almost constantly, it pays to know the averages to get a better deal.

Waiting a day or two can help you get more TRY for the same amount of Rands.

A better option is to use a forward contract can also allows you to lock in an agreed exchange rate between South Africa and Turkey.

Paying via bank transfer is the payment method that will get you the best price with a money transfer company. When sending money from South Africa to Turkey.

Key Currency is the company offering the best rates on bank transfer.

Using Key Currency for a bank transfer to Turkey from South Africa is 0.01% cheaper than the second-best option in the market.

South Africa and Turkey have different financial regulators and ensuring you fully understand how these work will aid in keeping your money safe.

We’ve put together a directory of worldwide financial regulators which contains details on regulation for money transfers between South Africa and Turkey.

Companies offering money transfers between South Africa and Turkey have minimum or maximum thresholds on how much money you can send.

Rates and fees for different transfer amounts could change if you pass a threshold - that’s why it’s best to compare ZAR-TRY rates for your specific transfer amount.

For regular transfers from South Africa to Turkey, shopping around each time can make a huge difference.

We’ve recommended Currencies Direct for sending ZAR to Turkey, because of their combination of rates and fees when sending from South Africa to Turkey that is the most competitive, even at larger amounts.

Check with the recipient and understand any declarations needed on large amounts of money entering Turkey from South Africa.

There are different ways to receive Turkish Lira in Turkey. The most popular options are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

All providers work differently and not all offering transfers from South Africa to Turkey support every method for receiving Turkish Lira so it’s best to check ahead of time.

Sending directly to a bank account in Turkey is one of the most common ways to receive money from South Africa. For most part, this is convenient but does have receiving fees to potentially be aware of.

Currencies Direct is the best company for bank transfers between South Africa and Turkey.

Cash pickup is popular in Turkey, but not always supported and can be costly compared to cheaper options.

Mobile wallet or P2P services and payment apps like PayPal, Zelle, and CashApp are popular because of convenience. They come with more limitations and higher costs compared to money transfer providers like Currencyflow, and are recommended for domestic payments only.

When sending Turkish Lira to Turkey, you will need to verify your ID with your chosen money transfer company.

The documents you need will vary and in some cases you might need more than one.

For the most part, accepted IDs in South Africa include government issued IDs such as passports or driver's licenses. If the recipient needs an ID to collect money in Turkey, the options are similar.

Large transactions between South Africa and Turkey can be subject to additional checks such as proof of funds for anti-money laundering purposes. These won’t be needing when signing up, but will be need ahead of any transfer.

One of the reasons Currencies Direct has scored so highly for transfers to Turkey is their easy sign up process in South Africa.

When sending money between South Africa and Turkey there will be tax declarations to consider.

Some transfers into Turkish Lira may need to be reported to tax authorities in Turkey and South Africa, depending on size and particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Turkey based on age, income and a few other elements - such as whether the funds are a gift. Tax law can be confusing, when in doubt, please contact a tax professional in South Africa or Turkey to discuss your personal circumstances to ensure you are not missing any specific tax declarations associated with your international money transfer.