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Old 3rd February 2020, 04:41   #21 (permalink)
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Re: Close Garanti Bank Account

As a frequent user of Transferwise I cannot praise them enough. However I believe the issue here is that due to Turkish internet banking restrictions you have not been able to allow Transferwise to do what it does best, that is, take your money in the currency of one country and transfer it to another country in their currency....ie give them TL and let them pay GBP into your UK account.
The reason TW is so good at what it does and such a cheap option is that it is generally dealing with smaller amounts and never actually "transfers" any money across any borders. Most of the time it uses a P2P system where you pay £ into its UK account and its algorithms find someone paying TL into its Turkish account and the money is swapped.
The other way is it simply banks your £ in its UK account and pays your TL from its Turkish account. In both scenarios no money crosses international borders or has international banks taking a cut. The transactions are purely local hence the small cost and speedy service - last week my TL arrived in my Turkish account 55 mins after I paid GBP into Transferwise's UK account.
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Old 3rd February 2020, 08:18   #22 (permalink)
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Re: Close Garanti Bank Account

Quote:
Originally Posted by villabaris1 View Post
As a frequent user of Transferwise I cannot praise them enough. However I believe the issue here is that due to Turkish internet banking restrictions you have not been able to allow Transferwise to do what it does best, that is, take your money in the currency of one country and transfer it to another country in their currency....ie give them TL and let them pay GBP into your UK account.
The reason TW is so good at what it does and such a cheap option is that it is generally dealing with smaller amounts and never actually "transfers" any money across any borders. Most of the time it uses a P2P system where you pay £ into its UK account and its algorithms find someone paying TL into its Turkish account and the money is swapped.
The other way is it simply banks your £ in its UK account and pays your TL from its Turkish account. In both scenarios no money crosses international borders or has international banks taking a cut. The transactions are purely local hence the small cost and speedy service - last week my TL arrived in my Turkish account 55 mins after I paid GBP into Transferwise's UK account.

Yes, I certainly recommend them too.Its a great system. They told me that they have agreements wıth most countries now but not with Turkey.


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Old 3rd February 2020, 16:24   #23 (permalink)
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Re: Close Garanti Bank Account

Quote:
Originally Posted by villabaris1 View Post
As a frequent user of Transferwise I cannot praise them enough. However I believe the issue here is that due to Turkish internet banking restrictions you have not been able to allow Transferwise to do what it does best, that is, take your money in the currency of one country and transfer it to another country in their currency....ie give them TL and let them pay GBP into your UK account.
The reason TW is so good at what it does and such a cheap option is that it is generally dealing with smaller amounts and never actually "transfers" any money across any borders. Most of the time it uses a P2P system where you pay £ into its UK account and its algorithms find someone paying TL into its Turkish account and the money is swapped.
The other way is it simply banks your £ in its UK account and pays your TL from its Turkish account. In both scenarios no money crosses international borders or has international banks taking a cut. The transactions are purely local hence the small cost and speedy service - last week my TL arrived in my Turkish account 55 mins after I paid GBP into Transferwise's UK account.
I have just got a transfer from TW into my finans bank account but i was surprised to find out it had come from Fibabank . So i was wondering have they got a TL account in Turkey?
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Old 3rd February 2020, 21:48   #24 (permalink)
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Re: Close Garanti Bank Account

Thanks for the answers/information regarding my query. I was actually thinking if it was worth putting the 2 other banks accounts I have in Turkey all into HSBC as I have an account with them in the UK also. Also I have online banking with Hsbc Turkey so not sure if it is possible to do the transactions myself. I did actually use the online account initially to transfer lira out of there into Vakif and Isbank. I have premier accounts with HSBC in both Turkey and UK so don’t know if that would make things more straightforward.

I will have a read up on Travelwise just to see how it works. Am I right in saying I would have to open an account with them, then get the Turkish banks to send my lira to them, for them to then convert back to GBP and send back to my Uk account.
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Old 4th February 2020, 03:42   #25 (permalink)
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Re: Close Garanti Bank Account

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Originally Posted by mike2909 View Post
Thanks for the answers/information regarding my query. I was actually thinking if it was worth putting the 2 other banks accounts I have in Turkey all into HSBC as I have an account with them in the UK also. Also I have online banking with Hsbc Turkey so not sure if it is possible to do the transactions myself. I did actually use the online account initially to transfer lira out of there into Vakif and Isbank. I have premier accounts with HSBC in both Turkey and UK so donít know if that would make things more straightforward.

I will have a read up on Travelwise just to see how it works. Am I right in saying I would have to open an account with them, then get the Turkish banks to send my lira to them, for them to then convert back to GBP and send back to my Uk account.

Thats more or less how it works yes. You join Transferwise online its not an account like a bank account. I'm helping a friend send TL to UK tomorrow with them so i'll report back with how easy it is.
Regarding HSBC Premier accounts, I think someone posted on here a while ago about having those accounts and sending money from one to the other easily so hopefully theyll look in and be able to help.

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Old 4th February 2020, 09:00   #26 (permalink)
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Re: Close Garanti Bank Account

Thank you Alison appreciated.
I look forward to your update re helping your friend.
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Old 6th February 2020, 10:11   #27 (permalink)
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Re: Close Garanti Bank Account

Im back! Yesterday I helped my friend here send TL to UK with Transferwise. It turns out that the reason I had so many problems when I sent my own was because I was sending Euro not TL. If you send TL Transferwise do have an account inside Turkey to handle it for them, ıt actually goes to FİBA Bank. We were told by Yapı Kredi that the limit to send in internet is 200.000 TL because ıts actually staying inside Turkey at that point - but I dont know for sure that this figure is correct in this case because everyone has told us different beforehand and she was sending more. The bank sent ıt manually at 2pm and it was in her account in UK before 4pm. I think the charges by Transferwise were considerably more than I was charged to send almost the same amount in Euros, almost 1800tl . The bank charged almost 900tl. We worked out that the amount she got wasnt a great deal more than if shed just let the bank send it to UK bank directly. So for some reason sending TL to UK with Transferwise doesnt seem to pay as well as sending it the other way. It will be helpful ıf anyone sending TL with Transferwise through the bank branch tell them that its going to Fiba Banka. They question the account name as there is NO persons name.


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Old 6th February 2020, 10:25   #28 (permalink)
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Re: Close Garanti Bank Account

Could you not have changed your Lira into your Garanti Sterling account and done the transfer in Sterling through Transferwise.
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Old 6th February 2020, 11:32   #29 (permalink)
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Re: Close Garanti Bank Account

Quote:
Originally Posted by A89 View Post
Im back! Yesterday I helped my friend here send TL to UK with Transferwise. It turns out that the reason I had so many problems when I sent my own was because I was sending Euro not TL. If you send TL Transferwise do have an account inside Turkey to handle it for them, ıt actually goes to FİBA Bank. We were told by Yapı Kredi that the limit to send in internet is 200.000 TL because ıts actually staying inside Turkey at that point - but I dont know for sure that this figure is correct in this case because everyone has told us different beforehand and she was sending more. The bank sent ıt manually at 2pm and it was in her account in UK before 4pm. I think the charges by Transferwise were considerably more than I was charged to send almost the same amount in Euros, almost 1800tl . The bank charged almost 900tl. We worked out that the amount she got wasnt a great deal more than if shed just let the bank send it to UK bank directly. So for some reason sending TL to UK with Transferwise doesnt seem to pay as well as sending it the other way. It will be helpful ıf anyone sending TL with Transferwise through the bank branch tell them that its going to Fiba Banka. They question the account name as there is NO persons name.


alison
So was right Alison,it goes through Fiba bank .The charges or considerably more .If the bank had done it she would have got extra charges because it goes through a third party. But a god result and info . Just been onto TW they are asking 2670 tl to send 400000 , I have one acc in Fibabank i checked the ex rate it was slightly better than TW after all deductions .

Last edited by enoch; 6th February 2020 at 11:54..
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Old 6th February 2020, 11:57   #30 (permalink)
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Re: Close Garanti Bank Account

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Could you not have changed your Lira into your Garanti Sterling account and done the transfer in Sterling through Transferwise.
I think they only transfer foreign currency.
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