Most cost effective way to send GBP from a foreign currency account in Turkey to GBP in a bank in the U.K.?

[monamie]

@thatbaicong Well, no thoughts really. She has to pay it. I think is not impossible nor totally unreasonable. On the highish side, yes, but not the highest I have seen.

Moving money offshore is expensive, has always been. Depends totally on the bank one uses, the status held and how the banks levy charges in that jurisdiction. Depends if the transfer is executed online (if allowed) or in branch/phone, and if it covers or not intermediar/correspondent bank fees. Maybe she asked for the fees known as OUR in the swift system where the remitter pays for everything. Maybe her bank has a percentual over the SWIFT fees.

Considering that 20K GBP is about 400.000 TRY, 2000 TRY for a transfer does not sound impossible.

We do not have enough information really and we are theorizing. An alternative might be to use a exchage/remittance house. Though it will require her to carry the money cash to the shop.

 

[thatbaicong]

@monamie Okay. Thanks for the input!

 

[monamie]

@thatbaicong You are welcome.

 

[shamakwa]

@thatbaicong She has GBP at a Turkish bank? If you have a wise borderless account you can upload directly there as an intermediary between Turkey and UK accounts. Their customer support is very good.

 

[thatbaicong]

@shamakwa Yup, GBP in a Turkish account.

if you have a wise borderless account

Is a borderless account different to a regular account?

 

[thatbaicong]

@shamakwa Update: I just tested it in Wise and it doesn’t seem to work.

If I select “send GBP to GBP” it automatically adjusts it to a local transfer. Meaning it only gives me the sort code and account number, which mean nothing to a Turkish bank.

 

[shamakwa]

@thatbaicong You can set up an account in Turkish Lira, the bank would recognise that. Then convert it back to GBP

 

[thatbaicong]

@shamakwa But can you send GBP to a Turkish Lira account?

Edit: Wise doesn’t support TRY accounts…just checked. Damn. Any other work arounds?

 

[shamakwa]

@thatbaicong We flew through Istanbul and converted gbp to lira no problem using the borderless account. You can open a turkish account... try their customer service.

 

[resjudicata]

@thatbaicong If she can get a credit card in GBP linked to that account, she can use it to fund her wise account or PayPal since the domestic transfer option doesn't work.

Else... Cash and a cheap flight.

 

[jennyvt]

@thatbaicong buy cripto sell cripto elsewhere 0 cost