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How to transfer funds to purchase a property in Turkey

Posted by admin on October 24, 2022
Variety News
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Transferring funds from and to Turkey in order to purchase real estate has become one of the most important topics that many investors discuss in this sector, as Turkey has achieved the first destination title in the last few years for thousands of investors around the world in many sectors, which made many of them look for the best and safest methods to transfer funds from and to Turkey especially for investors interested in purchasing a property in Turkey..

What is meant by transferring funds to Turkey?

It’s moving a certain amount of money from a foreign country using a certain method that makes the transfer easy, and the transfer to Turkey is done for many purposes most of them are for investment, in this regard real estate sector comes to the forefront with the increase of foreign real estate owners in Turkey which creates the need to transfer their funds to Turkey in order to purchase properties.

Why the foreigner has to transfer funds to Turkey?

This is an essential question to everyone who is going to buy real estate in Istanbul and the rest of the Turkish cities due to:

  • Transferring the funds to Turkey allows them to do the payment to the construction company or the seller.
  • Transferring the funds to Turkey is an important step in order to finish the ownership process.
  • Transferring the funds to Turkey creates cash flow in the bank account of the customer who is going to buy a property in Turkey.

The obligation to sell foreign currency to buy real estate in Turkey was determined by foreign nationals of the Central Bank of Turkey, and this commitment was made in accordance with Article 13 of the circular on the movement of capital and the executive regulations related to the implementation of the Turkish Citizenship Law,and the instructions issued by the Central Bank of Turkey regarding requests to transfer funds to Turkey through it by foreigners to buy real estate, and accordingly every foreign citizen is obligated to pay the expenses related to the process of buying a property in Turkey in foreign currencies, where these currencies are paid by the concerned person to one of the banks operating in Turkey, and the bank in turn sells them to the Central Bank of Turkey and pays its value in Turkish lira to the person concerned , before commencing the real estate transfer transactions.

Who are the nationalities that can transfer funds to Turkey:

All the foreign nationalities who are interested in purchasing real estate in Turkey are obligated to transfer funds to Turkey in local currency in order to finish the process easily, generally, Arab countries citizens, Iran, Pakistan, Afghanistan, Russia, and Cyprus can transfer funds to Turkey fast and easily.

The most prominent ways to transfer money to Turkey to buy real estate:

  1. Transferring funds to Turkey trough fast mail: Fast mail is considered one of the safe systems that the foreign customer can transfer their funds through, as there’s multiple options which are:
  • Transferring through the electronic mail known as “EURO GIRO” especially in the European countries (Schengen space) and Brazil and Ukraine and others.
  • Cash transfer through PTT offices that include many countries among which is Arab countries, this method is adopted in Qatar, UAE, Syria, Macedonia, Malesia Etc.
  1. Transferring funds to Turkey through Banks: Transferring money to Turkey through banks with all their branches is one of the most popular methods for a long time among foreigners interested in real estate investment in Turkey, as it’s safe, official and trusted, and open for large amounts of money, this method relies on transferring money to Turkey in hard currency, whether in euro or in dollar, and this method is considered the most widely used, and transferring money through Turkish banks is more appropriate because Turkish law requires transferring money to the seller or the construction company exclusively through a branch of Turkish banks, but what the customer should know that not all countries allow their citizens to transfer money to Turkey through banks, including Algeria and Iran, for example: they prevent direct financial transfer through the bank, while other countries allow it on the condition that a copy of the purchase contract is submitted, such as Kuwait and Iraq.

 

  1. Transferring funds through western union: located in many Turkish areas especially in Istanbul western union offices which makes this method excellent, easy and fast for those willing to receive their funds from their home countries, you only need to come to the dispatch point (you can find the addresses of their offices on the official websites) or use the mobile application (for many of the listed systems that have already been developed), specify the recipient's data (name, surname, phone number, city, country and sometimes data of the recipient passport) in addition to the amount of the transfer.

But the disadvantage of this method is that the customer cannot receive more than $7,500 as a maximum for this financial transaction, and money transfers are made almost instantaneous within one day at most, but the commission is higher than the bank transfer, according to the different systems, ranges from 2 to 5% of the transfer amount.

 

  1. Transferring funds trough companies and offices: some companies in Turkey are specialized in financial transferring which is their main activity, they have their own customers and known as companies that allows money transfer in high amounts, as they work directly with dealers specialized in delivering funds in local currency to the customer, and receiving in hard currency, dollar or euro at any time suits the customer, the money transfer is carried out through companies or exchange offices by means of a secured agreement between the two parties of the transfer.

 

  1. Transferring funds through the internet: there are many apps on the internet specialized in money transfer to Turkey from all around the world, which allows the foreign customer interested in purchasing a property in Turkey to use it, but how reliable and secure it is depends on the customer's research and full audit.

 

  1. Transferring funds through banks through real estate agent: Since some countries does not allow their citizens to transfer money directly outside through national banks such as Algeria and Iran, the client can use a real estate agent authorized from the Turkish government and this is one of the safest methods, as most of the real estate agencies in Turkey such as Europ Homes Real Estate offers among their services money transfer service with its name through the bank, and that’s after receiving the amount from the customer, with the many years of experience that we have, we guarantee those who deal with us that they will be completely safe because we will ensure smooth transactions with all transparency.

 

  1. Transferring money through banks in the name of the buyer: The buyer can finish all the financial transactions by himself and transfer the funds through the banks in his own name directly through his own bank account to the account of the seller without any intermediaries.

 

Advices for those willing to transfer funds to Turkey:

Looking at the importance of the money transfer step during the real estate purchase process in Turkey, or apartments for sale in Istanbul and other cities, we offer some advices for our customers:

  1. Choosing the appropriate method of transfer according to the country in which the foreigner resides so that the customer does not face any kind of problems.
  2. Ensure the reliability of the party through which the funds are transferred.
  3. Opening a bank account in Turkey is a must to transfer the funds to and do the rest of the financial transactions with the seller easily.
  4. Do not do any transfer to Turkey unless you finished the initial purchase processes on top of that is signing the purchase contract with the construction company.

Europ Homes Real Estate company extracts all the documents related to the process of opening a bank account in Turkey, and extract the tax number which is needed in all the administrative transactions in Turkey, in addition to the translation of the passport, filling out forms and supervising the process of transferring and receiving funds in order to purchase a property in Turkey.

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