How To Deposit TRY

What are RTGS transfers and International Bank Transfers (SWIFT) for TRY?

There are two different transfer methods available for transferring TRY depending of the location of your bank.

RTGS (Real Time Gross Settlement System/domestic) transfers are available at banks located in Turkey for bank-to-bank transfers while banks located outside of Turkey will likely offer International Bank Transfers (SWIFT).

In both cases your bank may just require the IBAN and SWIFT code of our bank to process your payment.

RTGS payments

RTGS (Real Time Gross Settlement payment) is a special type of payment where the transfer of money takes place from one bank to another within Turkey on a real time and gross basis.

Settlement in real time means the payment is not subject to any excessive waiting period. You usually are required to know the IBAN and SWIFT of the receiving bank account. Your bank will automatically select the payment system based on your location and you will likely have no choice to select in your online banking. Otherwise, please consult with your bank for information about how they process your payment.

SWIFT payment

The Society for Worldwide Inter-bank Financial Telecommunication - SWIFT - is a network that allows banks to communicate financial information securely.

SWIFT payments are offered by most banks for international money transfers, and involve a series of banks which work together to make sure your money arrives at your account.

If you transfer TRY from a financial institution outside of Turkey, the payment would likely be routed via a correspondent bank located in Turkey before reaching your account. Such payments are known as cross-border payments and often take more time to complete because of the complexity associated with involving multiple banks.

Processing bank transfers involves a number of steps – particularly for cross-border payments. These are sent via the correspondent banking network and typically pass between several different banks along the way. After being initiated, a wire transfer is sent by the debtor agent to an intermediary bank before moving on to the creditor agent. Once these steps are complete, the recipient will receive their funds.

There are a number of reasons why cross-border payments may be delayed or held up. First, not all account balances can be updated outside the operating hours of local settlement systems. Delays can also arise if compliance checks need to be carried out, especially when a payment passes through different countries and jurisdictions.

Difference between domestic and international bank transfers

Banks make a domestic transfer to send funds to financial institutions residing in the same country or financial zone. When sending funds to financial institutions in a foreign country or financial zone, banks have to make an international bank transfer. The differences between these two bank transfers affect the number of fees banks charge and the duration it takes to complete the transfer.

How long does it usually take for my funds to arrive?

Payment Type Timing Approximate Cost*
RTGS (Domestic) payment same day up to 1 business day free of cost or very low cost
International bank transfer (SWIFT) from 1 to 4 business days vary by bank

*Please consult with the sending institution about the costs to process your payment as this may vary by financial institution. We do not charge fees for the deposit of funds.

We credit funds real time upon receipt. Please note that we do not have influence on the speed of transfer. You may consult with your bank regarding their processing times. Payments that are subject to additional review may take longer to credit.