Quick summary: Wise is the cheapest option in almost every situation. Bank wire transfers have hidden fees, Western Union is becoming a thing of the past. In this guide, I covered the smartest way to send money from America to Turkey.
Why Bank Transfers Are Expensive
When you try to send money to Turkey through Chase, Bank of America, or Wells Fargo, your bank makes money two different ways: the visible fee ($25-45 wire fee) and the invisible exchange rate spread. They convert your dollars at a rate 3-5% lower than the central bank rate.
Example: you want to send $1,000. The bank charges $35 wire fee + earns another $30-50 from the rate spread. On the receiving end, the Turkish bank also deducts $10-15 as "intermediary fee". Total cost: $75-100.
With Wise, the same $1,000 transfer costs approximately $6-9.
Wise: Why It Is the Best Option
Wise (formerly TransferWise) is a fintech company that transfers at the real exchange rate. Their fees are transparent, the rate spread is nearly zero, and the transfer usually completes in 1-2 business days.
- Real mid-market rate (equal to Reuters/Bloomberg rate)
- Fixed or very low percentage fee (~$6-9 for $1,000)
- Direct transfer to a Turkish IBAN
- Trackable through the mobile app
- No bank fee on the receiving side (Wise to Turkish bank)
| Method | Cost for $1,000 Transfer | Time | Reliability |
|---|---|---|---|
| Wise | ~$6-9 | 1-2 business days | Very high |
| Remitly | ~$3-5 (first transfer) | Minutes - 3 days | High |
| Bank wire | ~$75-100 | 3-5 business days | High |
| Western Union | ~$40-60 | Minutes - 2 days | Medium |
| Zelle | Free | Instant | US domestic only |
Remitly: The Alternative to Wise
Remitly is an international money transfer app similar to Wise. The first transfer is usually free or very low cost. For transfers after that, compare with Wise. Sometimes Remitly comes out cheaper, sometimes Wise does.
Remitly's "Express" option (money arrives in minutes) is a bit more expensive. The "Economy" option delivers in 3-5 days at roughly the same price as Wise.
Zelle: Clearing Up the Misunderstanding
Zelle only works within the US and only between American bank accounts. You cannot send money to Turkey with it. But when you are receiving money from a friend in America or sending to someone in the same country, it is free and instant.
Things to Watch Out for with Large Amounts
- Transfers over $10,000: The bank and transfer company automatically report to FinCEN. This is legal, do not worry. But your account needs to be able to handle this.
- Wise daily limit: Between $10,000-50,000/day depending on your verification level. For large transfers, verify your account beforehand.
- Tax note: Sending gifts to your relatives in Turkey is generally fine under American tax law (annual $18,000 gift exemption). For transfers that are commercial in nature, talk to your accountant.
Practical tip: You can get an American account number (ACH, with routing number) on your Wise account. This way you can receive your paycheck directly to Wise and send it to Turkey right away. Plus: you can also use Wise with a debit card within the US.
Exchange Rate Tracking: When Should You Send?
Wise's app has its own exchange rate alarm for tracking. You set a target rate, and it notifies you when that rate is reached. Investing.com or Google Finance can also be used for daily rate tracking.
Legal Notice: This article is for informational purposes. Since money transfer rules can change, check the current terms of Wise or Remitly and consult your US tax advisor before making large transfers.
