How Do You Send Money from Turkey to Buy a Home Abroad?
Written by: Marcus M. Araz, MBA, PhD · Updated:
In your own name, from your own bank account, by bank transfer (SWIFT), directly to the right account in the country where you are buying. Residents of Turkey are free to buy homes abroad and to send the money through banks. Your bank will ask for the purpose of the transfer and a supporting document (sale contract or reservation form). On the receiving side, the lawyer or developer must see the source of funds, so preparing documents showing where the money came from before you transfer is the step that speeds things up most.
Step by step
| Step | What to do | Watch out |
|---|---|---|
| 1. Verify the receiving account | Get the details of the receiving account (lawyer, escrow or your own account abroad) in writing | Confirm the details by phoning the recipient; do not trust last-minute changes sent by email |
| 2. Prepare the documents | Sale contract or reservation form, passport, documents showing the source of funds | A lawyer abroad usually asks for six months of bank statements and proof of source |
| 3. Buy the currency | Buy sterling, euros or dirhams from your bank | For large amounts, get exchange rate quotes from several banks; the spread is often the biggest cost |
| 4. Send the transfer | A SWIFT transfer from your own account; state the purchase, project and unit in the reference | Transfers from a third party’s account delay the process or are rejected |
| 5. Keep the confirmation | Get the SWIFT confirmation (MT103) from your bank and send it to the recipient | You may need it later for tax and source-of-funds questions both abroad and in Turkey |
Where the money goes in each country
| Country | Where the money is sent |
|---|---|
| England | The reservation fee to the developer; the exchange deposit and later payments to your solicitor’s client account. The purchase price is never sent to an intermediary’s account. |
| Greece | For the Golden Visa, payment is made by bank transfer from a Greek bank account in your name: first from Turkey to that account, then from there to the seller. |
| Dubai | For off-plan purchases, to the project’s escrow account registered with the Dubai Land Department (DLD); for ready homes, to the seller through DLD channels at registration. |
The source of funds question
Under anti-money laundering rules, the solicitor in the UK, the bank and lawyer in Greece, and the developer and bank in Dubai must see where the money came from. The documents most often requested are six months of bank statements, proof of the source (a property sale contract, a company dividend resolution, payslips, an inheritance document) and, if needed, certified translations. If a large sum has recently arrived in your account, its source will certainly be asked. With documents ready this step takes a few days; without them it can take weeks.
Costs
- Exchange rate spread: the gap between the bank’s buying and selling rates. For large amounts it is the most important item, and it is negotiable.
- Transfer fee: the bank’s SWIFT fee and correspondent bank charges. Ask for the option where you pay all charges (OUR) so the full amount reaches the recipient.
- Foreign exchange tax: Turkey applies a 0.2% banking and insurance transactions tax (BSMV) on currency purchases (Presidential Decision No. 9595, March 2025). Ask your bank to confirm the rate before the transaction.
What not to do
- Carrying cash: you must declare €10,000 or more at customs when leaving Turkey, and the receiving side will not accept cash anyway.
- Sending from someone else’s account: the owner of the money is expected to be the buyer; extra documents are required for funds from a family member.
- Splitting the amount into small transfers: it looks like avoiding checks and can trigger a suspicious transaction review at the bank.
- Informal channels: undocumented intermediaries and informal transfer routes carry legal risk and cannot answer the source-of-funds question in the destination country.
The tax side in Turkey
If you are fully tax liable in Turkey, rental income from your home abroad and any future gain on sale must also be declared in Turkey. Tax paid abroad can be credited against Turkish tax under the double taxation treaty between Turkey and that country; Turkey has such treaties with the UK, Greece and the United Arab Emirates. Ask your accountant for details.
Frequently asked questions
Can you send money from Turkey to buy a home abroad? Yes. Residents of Turkey are free to buy homes abroad and send the money through banks. Your bank will ask for the purpose and a supporting document.
Is there a limit on sending money abroad? There is no general cap on bank transfers; the larger the amount, the more documents the bank asks for. For cash, €10,000 or more must be declared at customs.
How long does the money take to arrive? A SWIFT transfer usually arrives in 1 to 3 working days. Document checks can hold it at the bank, so send it a few days before the payment date.
Which currency should I send? In the currency of the country where you are buying: sterling for the UK, euros for Greece, dirhams for Dubai. Converting in Turkey is often more transparent.
Can money be sent from a family member’s account? It is possible but needs extra documents: a gift declaration, proof of relationship and the sender’s source-of-funds documents. The smoothest route is to move the money into your own account first.
Is rental income from a home abroad taxed in Turkey? If you are fully tax liable in Turkey, yes, it must be declared; tax paid abroad can be credited under the double taxation treaty.
Related pages
What do I need to do to buy a home in the UK from Türkiye, What costs are added to the price when buying abroad and Which property firm should I use when buying in the UK.
Sources
The freedom to buy property abroad and transfer funds is based on Decree No. 32 on the Protection of the Value of the Turkish Currency, and the foreign exchange BSMV rate on Presidential Decision No. 9595. Payment routes are explained in detail on our pages about each country’s buying process. Rules can change.
Legal notice
capital.works® (YATIRIM UK LIMITED) is a property consultancy; it does not provide legal, tax or foreign exchange advice. This page is general information. Before sending money, confirm the details with your bank, with your accountant for tax, and with your lawyer in the country where you are buying.
The next step
Tell us which country and project you are buying in, and together we will map out the payment schedule, the documents you will need and the account the money goes to, step by step: Contact us.