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Sending Money from Turkey to Buy Property in the USA

Sending money from Turkey to the United States for a property purchase requires navigating Turkish bank procedures, managing the TRY/USD exchange rate at the time of transfer, and ensuring proper documentation of the transfer’s source. Turkey has managed currency controls at various points in its history; as of the current period, outbound transfers for international property purchases are generally permitted through authorized banks with proper documentation. Always confirm current Turkish Central Bank (TCMB) regulations with your Turkish bank before initiating a large transfer.

The TRY/USD Rate and Timing Strategy

The TRY has been on a long-term depreciation trend. For Turkish buyers, this creates two considerations: (1) The urgency case for buying now: many Turkish buyers feel that waiting means their TRY savings will be worth even fewer USD next year. The depreciating currency creates its own urgency. (2) Tactical timing within the trend: even within the overall depreciation trend, the TRY has short-term fluctuations. A 2–3% TRY rally against the USD before a major transfer saves meaningful amounts at scale. Consider using a currency specialist with a TRY/USD forward contract capability to lock a rate once an offer is accepted. (3) Convert what you need, when you need it: many Turkish buyers who have been managing TRY depreciation have already converted savings to USD in accounts outside Turkey. If you hold USD abroad (in a US brokerage, Swiss bank, or similar), the TRY-to-USD conversion may already be done.

The Turkish Bank Wire Process

Standard process for sending USD from Turkey to US escrow: (1) Turkish bank: Is Bankası, Garanti BBVA, Akbank, Yapı Kredi, Ziraat Bankası. All major Turkish banks facilitate international USD transfers. (2) Documentation: source of funds documentation (income tax returns, business income records, or other legal source). The Turkish bank’s compliance team may request this for large transfers. (3) TCMB compliance: verify current Turkish Central Bank regulations on capital outflows before initiating the transfer. Regulations can change with macroeconomic conditions. (4) US receiving account: wire to the US title company or escrow account. Include the property file reference number. (5) Timeline: SWIFT wire from Turkey: typically 2–5 business days. Initiate 10 business days before closing to allow for compliance delays.

Currency Broker vs Turkish Bank

Turkish banks typically charge 1–3% above interbank TRY/USD rates. On a $300,000 USD transfer, a 2% rate improvement saves $6,000. Specialist currency services with TRY/USD capability: OFX, Moneycorp, Currencies Direct, and some specialist Middle East/Turkey FX providers. For buyers who already hold USD (in offshore accounts, US brokerage, or elsewhere), the conversion step is already done — wire directly from the USD account to US escrow without a TRY conversion step.

Guides: Sending Money from Turkey — FIRPTA Guide — Find an Agent

Frequently Asked Questions

How do Turkish buyers send money to the USA for property purchases?

SWIFT wire from Turkish bank (İş Bankası, Garanti, Akbank) to US escrow. Verify current TCMB capital outflow regulations before initiating. Use currency brokers for 1-3% better rates than Turkish banks.

Can Turkish buyers hold USD abroad and use it to buy US property?

Yes. USD held in US brokerage accounts, Swiss banks, or other offshore accounts can wire directly to US escrow without a TRY conversion step.

Is there a Turkish capital control that prevents buying US property?

Turkey has had managed currency controls at various points. Current rules allow outbound transfers for international property purchases through authorized banks with proper documentation. Verify current TCMB regulations with your Turkish bank before any large transfer.

Should Turkish buyers use a currency broker or their Turkish bank?

Currency broker: 1-3% better rate than Turkish banks on large transfers. On a $300,000 transfer, that saves up to $9,000. OFX and Moneycorp serve TRY/USD well.