# International money transfer



## AlexDhabi (Aug 23, 2012)

What's the experience of those who have transferred money to Turkey for property purchase through an exchange company?
I am planning to purchase a property in Turkey soon and am getting prepared.
I've been trying to set up an account with Moneycorp but they seem to make it more difficult and bureaucratic than just doing it through my bank, such as wanting details of the property, letter from solicitor, etc. beforehand. Since it is my money and if I request to transfer that should be enough for them, surely. They talking of Turkey being a "high risk" country and so on, but why would the exchange company have any interest in what I am purchasing? They are not liable in any way. I have already provided them with my ID and address information but they are asking for more. Given I was thinking of using them for transfers to/from my accounts in Egypt, UAE and UK as well I am totally unimpressed with them.
Anyone know of a flexible company?


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## Ozsubasi (Mar 18, 2010)

We get many requests from foreign exchange companies to do business with us. We haven't used any of them yet so we don't have any reason to recommend any of them. 
The reason is simply that you can buy a home here and transfer from your overseas account and it doesn't cost a fortune. Just check with your bank how much they will charge to do it for you.
If you are making a number of small payments than it can be relatively expensive (i.e. the charge compared to the amount transferred) but for a single large payment you may find that it is reasonable. 
Also it means that there is no "middle man", it just goes from one bank account to another and the less that are involved, the simpler it usually is.


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## AlexDhabi (Aug 23, 2012)

Thanks, Ozsubasi. That's really useful to have an opinion from someone in the business.
Several websites giving advice on property purchase recommend using them. to save money (on the exchange rates).


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## Ozsubasi (Mar 18, 2010)

AlexDhabi said:


> Thanks, Ozsubasi. That's really useful to have an opinion from someone in the business.
> Several websites giving advice on property purchase recommend using them. to save money (on the exchange rates).


It depends on the circumstances, i.e. what currency you have and what currencies the seller will accept. 
If you have GBP, USD or Euros then you will usually be quoted a selling price that reflects current exchange rates. But for example, many of our resales are from British owners, they price in GBP and want payment in GBP and if the buyer is also British the exchange rate doesn't really come into it.
If your money is in other currencies then it may be worth talking to one of those companies to see how what they offer varies from what your own bank can do for you.


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## AlexDhabi (Aug 23, 2012)

Excellent news! The situation as you have described it is much more flexible than I was led to believe.
I cannot thank you enough for the useful information that "advice" websites have failed to point out.


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## Ozsubasi (Mar 18, 2010)

You are very welcome, I am glad my ınformation was useful.


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## AlexDhabi (Aug 23, 2012)

In the course of conversation recently another estate agent has also confirmed the same. Interesting as in some countries such practice would be illegal.


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## Lamplighter (Jul 20, 2010)

_Edit - sorry, wrong country forum!
_


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## AlexDhabi (Aug 23, 2012)

Update on this: I have had to pay in Turkish Lira for my new property. Just paid the deposit so far but I am going to check the rates available from money exchange services.


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