Compare money transfers from the Philippines to Turkey

Best way to transfer money from the Philippines to Turkey

In recent years, Turkey has emerged as a booming hub for business. As such, the country enjoys huge inflows of cash from all parts of the world. If you're looking for cheapest ways to transfer cash from the Philippines to Turkey, you're in luck. There are many ways of sending money between the two countries, ranging from the traditional bank transfers to digital cash transfer services. While some methods are praised for being fast and dependable, others are cheap but slow.

How to send money to Turkey

Anyone sending money to Turkey would be interested in knowing the various money transfer methods that are legally available in Turkey. Here are some of the most popular methods.

1. Bank transfers. When you're sending large amounts of cash to Turkey, nothing beats the traditional bank transfers. All that's needed is a bank account, especially one that has branches in Turkey. It's a reliable and trusted method that's used by millions of people. It's important to note that bank fees can shoot up sharply when small amounts of money are involved, so this method mostly favors bulk transfers.
2. Online cash transfers. Online remittance services have emerged as the most popular money transfer method because of their speed and convenience. The main online cash transfer services in Turkey include Ria, Remitly for debits and credit cards, Xpress Money, World Remit, TransferWise, and Small World. Online services bring convenience at your fingertips, as you can send money instantly at the touch of a button.
3. In-store cash transfers. There are many cash transfer agents working with reputable brands like Ria, Western Union and MoneyGram that you can use to transfer cash to Turkey. Using agents is simple; you only need to deposit cash to the agent, who then processes the transfer for you, at a small fee.

Which service to use

With so many options, you'll be spoilt for choice when you need to wire money from the Philippines to Turkey. To select the best service to use, you'll need to consider a few factors. First, you need to consider the amount of money you need to send. Bank transfers offer the best rates for bulk transfers. If you're looking at the fastest way of sending cash, some international money transfer services like MoneyGram and Ria are speedy. At the same time, most online services offer a cheap alternative for cash transfers to Turkey. The best service to use really depends on your needs, and preferences.

How much does it cost

When sending any amount from one country to another, you cannot ignore the costs associated with cash remittance. e transfer fee, exchange rates, and hidden charges all make up the total cost of cash transfers. Some online services charge a flat fee, while others charge a small commission. Other than the fees, you'll need to consider other factors such as;

1. Foreign exchange. The Turkish currency, Lira, doesn't have an enviable record of stability. In fact, it’s been subject to several stabilizing measures form the government. As such, it’s prudent to consider the short-term and long-term stability of the currency so you can time your remittance accordingly.
2. Taxes. Some countries charge a small tax on money remittances. In Turkey, Turkish residents earning a global income are taxed by the government. The good news is that remittances are exempted from tax as they are not considered as an income for the recipient.

All in all, online services are the cheapest methods of transferring cash to Turkey. These include OFX, which offers some of the lowest rates without any upfront fees, and a forex fee of between 0.4% and 1%. Other cheap options are TransferWise, Skrill, CurrenciesDirect and TransferGo.

Our advantages

Sifting through the many cash transfer methods can be confusing, that's why we do the heavy lifting for you. Our comparison engine allows to get the cheapest cash transfer method. Below are our key benefits.

• Secure and transparent
• We only compare legal companies
• We list the cheapest cash remittance services