How to send money from Sweden to Turkey smoothly and easily

Nowadays, transferring money across borders has become a common necessity, whether for supporting family, conducting business, or personal investments.

For those looking to send money from Sweden to Turkey, understanding the best options, costs, and processes is crucial to ensure your funds arrive quickly and securely without unnecessary fees.

This article explores the most effective ways to send money from Sweden to Turkey, backed by practical tips, and finance insights.

Why send money from Sweden to Turkey?

Sweden and Turkey maintain strong economic and social ties. According to Statistics Sweden, as of 2023, over 51,000 individuals of Turkish descent resided in Sweden, many of whom regularly send remittances to family members in Turkey.

Additionally, trade between the two nations has been growing, with Sweden exporting goods worth approximately SEK (Swedish Krona) 8.9 billion (around USD 850 million) to Turkey in 2022, per the Swedish Trade & Invest Council.

These factors drive a consistent demand for affordable and reliable international money transfer services.

Whether you’re supporting loved ones in Istanbul, paying for goods from Ankara, or investing in Turkey’s burgeoning real estate market, knowing how to send money from Sweden to Turkey efficiently can save you time and money.

Full tips to send money from Sweden to Turkey

1. Compare providers to minimize fees and maximize exchange rates

The cost of transferring money varies widely depending on the provider. Fees and exchange rate markups can greatly reduce how much Turkish Lira (TRY) your recipient gets.

According to Monito’s data for the past 30 days (as of February 2025), the cheapest provider for sending money from Sweden to Turkey averaged a total cost of -0.6% (including fees and exchange rate margins), while the most expensive reached 31.8%. Traditional banks averaged 8.2% in costs, per the same analysis.

2. Time your transfer to leverage exchange rate trends

The SEK/TRY exchange rate fluctuates due to Turkey’s high inflation and economic policies, impacting how much TRY you get per SEK.

The SEK/TRY rate rose from 2.71 in August 2024 to 2.97 in February 2025, a 9.6% increase. Turkey’s annual inflation rate reached 61.78% in 2024 (Trading Economics), driving TRY depreciation.

You can wait for a stronger SEK or weaker TRY can boost value, especially for larger transfers.

3. Bonus tip: match delivery method to recipient needs

Turkey’s diverse financial landscape means recipients may prefer bank deposits, cash pickup, or mobile wallets, affecting speed and cost.

Western Union reported over 10,000 agent locations in Turkey in 2023, while the Central Bank of Turkey noted 81% of adults had bank accounts in 2022. Cash pickup transfers averaged a 0.6% cost over three months (Monito, February 2025).

Popular ways to send money from Sweden to Turkey

Sending money from Sweden to Turkey involves a variety of options, each shaped by factors like speed, cost, convenience, and the recipient’s specific needs.

Below, we explore three popular approaches - helping you make an informed choice tailored to your priorities.

1. Online money transfer services

When you need a fast, cost-effective way to send money from Sweden to Turkey, online services stand out as a modern solution.

Several providers offer platforms where you can initiate transfers via a website or mobile app, sending funds directly to a Turkish bank account or card.

Advantages:

• Lower Costs: These services consistently outshine traditional banks in affordability. The World Bank (2023) notes that online remittance services can cut costs by up to 40% compared to banks, a gap that widens with larger transfers.
• Speed: Transfers are lightning-fast, often completed within hours.
• Convenience: You can send money anytime, anywhere, using a smartphone or computer, bypassing branch visits. This flexibility suits Sweden’s tech-savvy population.
• Transparency: Providers like DNBC display exact fees and exchange rates upfront—e.g., SEK 2,000 becomes TRY 5,920 with no hidden costs—building trust in every transaction.

Disadvantages:

• Banking Restrictions: Some services require both you and the recipient to have verified bank accounts, which can exclude those without banking access in Turkey (19% of adults, per Central Bank of Turkey, 2022).
• Not Ideal for Cash Pickup : If your recipient needs cash instead of a bank deposit, these services fall short, pushing you toward alternatives like Western Union’s cash option.

2. Cash pickup services

For immediate access to funds, cash pickup services provide a lifeline, particularly in Turkey where physical currency remains vital.

Some popular providers like Western Union or MoneyGram allow you to send money from Sweden for collection at thousands of locations across Turkey.

Advantages:

• Fast Transactions: Speed is unmatched—Western Union reports that over 80% of cash pickups are available within 15 minutes, with 99% ready within an hour globally (Western Union, 2023). For SEK 2,000, funds could be collected in Istanbul minutes after sending.
• No Bank Account Needed: This is a critical advantage for recipients among Turkey’s unbanked 19%, offering a solution where online services falter.
• Widespread Availability: With over 10,000 pickup points in Turkey (Western Union, 2023), including post offices and banks, recipients in rural or urban areas alike can access funds easily.

Disadvantages:

• Higher Fees: Convenience comes at a cost. The World Bank highlights that cash-based remittances can reach 8% of the transfer amount.
• Security Risks: Carrying cash poses risks of theft or loss, a concern in busy pickup spots like Istanbul’s Grand Bazaar area.
• Exchange Rate Markups: Providers often apply less favorable rates—Western Union’s 2.90 TRY/SEK vs. the mid-market 2.97 TRY/SEK cuts the recipient’s amount by TRY 120 on SEK 2,000.

Cash pickup services bridge the gap for urgent needs or unbanked recipients, leveraging Turkey’s extensive agent network. However, their higher costs and security trade-offs make them less appealing for frequent or large transfers compared to online options.

3. Direct Bank Transfers

For a traditional approach, direct bank transfers through Swedish banks like SEB, Swedbank, or Nordea, to Turkish banks like Garanti BBVA or Ziraat Bankası, offer a familiar route. You initiate these via online banking or a branch, using the recipient’s IBAN and SWIFT code.

Advantages:

• Secure & Reliable: Backed by stringent banking regulations in Sweden and Turkey, these transfers provide peace of mind, especially for high-value transactions tied to trade or property.
• Direct to Recipient’s Account: Funds land safely in the recipient’s account, avoiding cash-handling risks, a plus for Turkey’s 81% banked population.

Disadvantages:

• Expensive Fees: Costs are steep—the European Central Bank (2023) pegs average international fees at €20-€40 (SEK 210–420). For SEK 2,000, Swedbank might charge SEK 75–150, delivering ~TRY 5,760 after a 3% markup (2.88 TRY/SEK).
• Slow Processing: SWIFT transfers lag, taking 2–5 business days. SEB and Swedbank average 3–5 days to Turkey (internal data, 2025), far behind Wise’s 24-hour norm.
• Poor Exchange Rates: Banks’ rates trail the market—e.g., 2.88 TRY/SEK vs. 2.97 TRY/SEK loses TRY 180 on SEK 2,000, amplifying losses on bigger amounts.

DNBC Financial Group for international money transfer

DNBC Financial Group offers a secure and efficient platform to streamline your financial operations.

Multi-currency management: Hold, transfer, and manage funds in over 20 currencies, including USD, EUR, and GBP. Unique IBANs: Operate like a local entity in multiple regions for seamless international transactions. Competitive exchange rates: Save on currency conversion costs and avoid hidden fees. Flexible transfers: Use SWIFT for international payments or local systems like ACH and RTGS for faster domestic transactions.