Introduction

Moving money across borders is an ordinary part of international business and private life.

A foreign investor may transfer USD 500,000 to Turkey to purchase real estate.

A Turkish company may pay a supplier in Germany or China.

A foreign-owned Turkish company may receive millions of euros in export revenue.

An expatriate working in Istanbul may send part of their salary to a bank account in the United Kingdom.

A Turkish resident may transfer personal savings to an overseas investment account.

A foreign shareholder may provide funding to a Turkish subsidiary.

A parent abroad may send money to a child studying in Turkey.

In principle, Turkish foreign exchange legislation permits both Turkish residents and non-residents to transfer foreign currency abroad through banks. The current text of the Turkish Currency Protection framework under Decision No. 32 expressly states that persons resident in Turkey and persons resident abroad may transfer foreign currency abroad through banks.

However, the fact that international transfers are generally permitted does not mean that every transfer must be executed immediately or without documentation.

Modern international banking operates under extensive rules concerning:

• anti-money laundering;
• terrorism financing;
• sanctions;
• customer identification;
• beneficial ownership;
• source of funds;
• source of wealth;
• tax reporting;
• foreign exchange regulations;
• export proceeds;
• payment institution licensing;
• criminal investigations; and
• fraud prevention.

For this reason, a lawful transfer can still be:

• delayed;
• investigated;
• returned;
• rejected;
• temporarily suspended; or
• subjected to additional documentary requirements.

The key distinction is therefore:

Sending money internationally is generally lawful, but the bank must be able to understand who is sending the money, who is receiving it and why the transaction is taking place.

For foreign individuals and international companies, the safest approach is to structure the transaction so that its legal and economic purpose can be documented before the bank requests an explanation.

This article explains the principal Turkish rules governing transfers into and out of Turkey, including bank transfers, company payments, investment funds, gifts, crypto transactions and physical cash.

Is It Legal to Send Money From Turkey to Another Country?

Generally, yes.

Turkey does not impose a blanket prohibition preventing individuals or companies from sending money abroad through the banking system.

The current text of Decision No. 32 on the Protection of the Value of Turkish Currency provides that both residents and non-residents may transfer foreign currency abroad through banks.

Therefore, a person may potentially transfer money abroad for legitimate purposes such as:

• purchasing property;
• paying tuition fees;
• supporting family members;
• paying foreign suppliers;
• making investments;
• repaying loans;
• paying professional fees;
• purchasing goods;
• funding a foreign company; or
• transferring personal savings.

However, the underlying transaction must still comply with:

• banking rules;
• tax rules;
• AML legislation;
• sanctions legislation;
• foreign exchange rules applicable to the particular transaction; and
• any sector-specific restrictions.

The legal question is therefore not merely:

“Can money leave Turkey?”

It is:

“What is the legal and economic reason for the transfer, and can that reason be demonstrated?”

Is There a Maximum Amount That Can Be Sent Abroad by Bank?

There is no general rule under Decision No. 32 imposing a universal maximum bank-transfer ceiling applicable to every legitimate international transfer.

Large transactions can therefore be transferred through banks where their legal basis and compliance requirements are satisfied.

However, this should not be confused with reporting obligations.

The current text of Decision No. 32 continues to require banks to report information concerning certain transfers exceeding the equivalent of USD 50,000 where those transfers fall outside the specified import, export and invisible-transaction categories.

This is an important distinction.

A reporting threshold does not necessarily mean:

“Transfers above USD 50,000 are prohibited.”

It means that certain transfers can generate regulatory reporting obligations for the bank.

Separately, AML rules apply regardless of whether a transaction is below or above a particular general transfer figure.

Sending Money Into Turkey

Foreign money can also generally be transferred into the Turkish banking system.

Common examples include:

• personal savings;
• foreign salary;
• investment capital;
• real estate purchase funds;
• company capital;
• shareholder loans;
• proceeds from a foreign property sale;
• inheritance;
• business revenue;
• dividends;
• or funds transferred between the same person’s own accounts.

The fact that the funds come from outside Turkey is not itself unlawful.

However, banks may ask the recipient to explain:

• who sent the money;
• relationship between sender and recipient;
• reason for payment;
• underlying contract;
• source of funds;
• source of wealth;
• and expected use of the money.

The larger or more unusual the transfer compared with the customer’s ordinary financial profile, the more likely enhanced compliance questions become.

Why Do Turkish Banks Ask for Source of Funds?

Turkish banks are subject to Law No. 5549 on Prevention of Laundering Proceeds of Crime and the related MASAK regulations.

The rules require financial institutions to perform customer identification, understand business relationships, identify beneficial owners, monitor transactions and submit suspicious transaction reports where necessary.

Accordingly, a bank may legitimately ask:

“Where did this EUR 750,000 originate?”

or:

“Why is this Turkish company paying USD 1.5 million to a company in Dubai?”

The customer should be able to provide a coherent answer supported by documentation.

A verbal explanation alone may not be sufficient for a high-value transfer.

Source of Funds vs Source of Wealth

These concepts are related but different.

Source of Funds

This asks:

Where did the specific money used in this particular transfer come from?

For example:

• sale of an apartment;
• salary savings;
• dividend payment;
• business invoice;
• inheritance;
• company share sale;
• shareholder loan;
• or bank loan.

Source of Wealth

This asks a broader question:

How did the customer accumulate their overall financial position?

For example:

• 20 years of business ownership;
• professional income;
• inheritance;
• property portfolio;
• investment income;
• or sale of a successful company.

For large international investors, banks may examine both.

Example: Sending USD 500,000 to Turkey to Buy Property

Assume a British citizen intends to purchase an apartment in Istanbul for USD 500,000.

The buyer transfers funds from a UK bank to a Turkish bank account.

The Turkish bank may reasonably request documents such as:

• passport;
• Turkish tax number;
• foreign bank statements;
• Turkish property purchase documentation;
• evidence of the origin of the USD 500,000;
• and information concerning the seller.

If the funds came from selling a home in London, a strong source-of-funds file could include:

• property sale contract;
• land registry evidence;
• solicitor’s completion statement;
• purchaser payment;
• and bank statement showing receipt of the sale proceeds.

The purpose is not simply to show that the customer possessed USD 500,000.

It is to show how the money entered the customer’s financial system and why it is now being transferred to Turkey.

SWIFT Transfers to and From Turkey

International bank transfers are commonly executed through the global correspondent banking infrastructure, often using SWIFT messaging.

A typical international transfer may require information such as:

• recipient name;
• bank;
• IBAN;
• SWIFT/BIC details;
• recipient address;
• transfer currency;
• and payment explanation.

The sender should use accurate information.

A vague payment description such as:

“money”

is far less useful than a clear description such as:

“Payment under Invoice No. 2026/145 – machinery purchase”

or:

“Shareholder loan under agreement dated 5 August 2026.”

The description should match the underlying legal documents.

Inconsistency between the bank transfer and accounting or contractual documents can create avoidable compliance questions.

Use Licensed Banks and Payment Institutions

International transfers do not always have to be conducted through traditional banks.

Turkey also regulates payment and electronic money institutions under Law No. 6493.

The Central Bank of the Republic of Turkey states that payment services may be provided by legally authorized entities including banks, PTT, licensed payment institutions and licensed electronic money institutions. It also publishes current lists of authorized institutions and their permitted activities.

The CBRT has specifically warned that providing payment services without the legally required authorization is unlawful and that criminal authorities may become involved in unauthorized payment-service activity.

For this reason, foreign customers should be cautious about informal services offering statements such as:

“Give us USD 100,000 in Dubai and our partner will give your family the equivalent amount in Istanbul.”

Such arrangements may create substantial:

• fraud;
• AML;
• tax;
• evidentiary;
• and criminal risks.

Using a regulated payment channel creates a traceable financial record.

Can a Turkish Bank Refuse an International Transfer?

Potentially, yes.

A bank may delay or decline execution where it cannot satisfy its legal and compliance obligations.

Potential triggers include:

• missing customer identification;
• inconsistent beneficial ownership information;
• insufficient source-of-funds evidence;
• sanctions screening;
• suspicious transaction indicators;
• unusual transaction patterns;
• incorrect recipient information;
• suspected fraud;
• court or prosecutor orders;
• asset-freezing measures; or
• other statutory restrictions.

A bank may therefore ask for additional documentation even where the underlying money is completely legitimate.

The correct response is usually to determine what documentation the bank needs rather than repeatedly resubmitting the transfer without addressing the compliance issue.

What Is a Suspicious Transaction Report?

Under Turkish AML legislation, banks and other obliged institutions must report transactions to MASAK where the applicable suspicion standard is satisfied.

A critical point is that suspicious transaction reporting is not dependent upon a fixed minimum transaction amount. MASAK’s rules provide that suspicious transactions are reportable irrespective of amount.

Therefore:

A USD 2 million payment is not automatically suspicious.

A much smaller payment can potentially be suspicious.

The determining factor is the character and context of the transaction.

Will the Bank Tell Me If It Reported My Transfer to MASAK?

Generally, no.

Turkish AML law prohibits obliged institutions from informing customers or transaction parties that a suspicious transaction report has been submitted except where disclosure is legally authorized.

This anti-tipping-off rule is an important part of the MASAK compliance framework.

This explains why a bank may tell a customer:

“The transaction is under review.”

without explaining every internal compliance step.

The absence of detailed information does not necessarily mean the bank has acted unlawfully.

Can MASAK Delay a Transfer?

Yes, in qualifying circumstances.

Turkey has a statutory mechanism allowing suspicious transactions involving assets believed to be connected with money laundering or terrorism financing to be postponed.

Under the relevant MASAK regulation, the postponement period cannot exceed seven business days following submission of the suspicious transaction report.

This short-term mechanism gives authorities time to assess whether additional legal measures are necessary.

However, the expiry of seven business days does not necessarily guarantee release of funds.

Another lawful measure may have been imposed in the meantime, including:

• criminal seizure;
• asset freeze;
• tax attachment;
• or another court/administrative order.

Foreign Companies Receiving Money in Turkey

International companies face additional compliance obligations because banks must understand the commercial transaction.

A Turkish company receiving EUR 1 million from abroad may be asked for:

• invoice;
• sales agreement;
• customs/export documentation;
• company registration;
• customer information;
• shareholder structure;
• beneficial ownership details;
• and accounting treatment.

The transaction should be consistent across all documents.

For example:

Invoice: consulting services.

Bank payment description: loan.

Accounting entry: capital contribution.

That inconsistency can immediately generate questions.

The company should decide what the transaction legally is before the money is sent.

Ultimate Beneficial Owner Requirements

Banks are required to identify the natural persons ultimately owning or controlling legal entities as part of customer due diligence.

Consider this structure:

Turkish Company A
↓ owned by
UAE Holding B
↓ owned by
BVI Company C
↓ owned by
two individual shareholders.

The bank may require documents tracing the ownership chain until the actual natural-person beneficial owners are identified.

Opaque company structures can delay both account opening and large transfers.

Foreign companies should maintain updated:

• shareholder registers;
• incorporation certificates;
• organizational charts;
• board documents;
• beneficial ownership declarations;
• and identification documents.

Shareholder Capital vs Shareholder Loan

Foreign investors frequently send money to Turkish companies.

The transfer must be legally classified.

It could represent:

• company capital;
• capital increase;
• shareholder loan;
• capital advance;
• reimbursement;
• payment for shares;
• or another form of financing.

These categories are legally and tax-wise different.

For example, if a shareholder sends USD 500,000 to a Turkish company as a loan, the transaction should ordinarily be supported by documentation showing:

• lender;
• borrower;
• loan amount;
• currency;
• repayment conditions;
• and other relevant terms.

If the payment is instead a capital increase, corporate-law procedures become relevant.

Using an arbitrary transfer description can create banking and tax complications later.

Sending Money Abroad From a Turkish Company

Turkish companies may pay foreign businesses for legitimate commercial transactions.

Examples include:

• imports;
• software licences;
• consulting;
• equipment;
• advertising;
• foreign professional services;
• loan repayment;
• interest;
• dividends;
• royalties;
• and group-company payments.

The transfer may be legally permitted but still have separate:

• withholding tax;
• corporate tax;
• VAT;
• transfer pricing;
• customs;
• or double-taxation treaty consequences.

The bank transfer itself should therefore not be confused with the tax treatment of the underlying transaction.

Before sending significant corporate funds abroad, the company should determine what the payment legally represents.

Sending Money Is Not the Same as Creating a Tax

A transfer of money between bank accounts does not by itself determine the applicable Turkish tax.

The legal nature of the underlying transaction matters.

For example:

A transfer may represent:

• repayment of the sender’s own money;
• taxable salary;
• sale proceeds;
• dividend;
• loan;
• service income;
• inheritance;
• or gift.

Each can have a different tax outcome.

This distinction is particularly important for transfers between relatives.

A payment described as:

“family support”

could in some circumstances constitute a genuine gift rather than repayment of a debt.

Turkish inheritance and gift tax legislation defines gratuitous transfers broadly, and the Revenue Administration confirms that gifts and other acquisitions without consideration may fall within the Inheritance and Gift Tax regime where its territorial and personal conditions are satisfied.

Foreigners should therefore not assume:

“Bank transfers are never taxable.”

The correct rule is:

The transfer mechanism itself and the taxation of the underlying economic transaction are separate questions.

Sending Money as a Gift to Someone in Turkey

Suppose a foreign parent sends EUR 300,000 to an adult child living in Turkey.

The bank may ask for source-of-funds documentation.

Separately, the transaction may need to be examined under Turkish inheritance and gift tax rules.

The Revenue Administration defines an ivazsız intikal, broadly, as an acquisition by gift or another means without consideration.

Accordingly, calling a substantial payment:

“personal transfer”

does not decide its tax classification.

The underlying relationship must be established.

Export Revenue Is Subject to Separate Rules

Companies engaged in exports should be especially cautious about relying on general explanations concerning free capital transfers.

Turkey maintains specific regulations governing the repatriation and processing of export proceeds.

The current Export Circular, updated by the CBRT in 2026, regulates how export proceeds are brought into Turkey and handled through intermediary banks under Decision No. 32 and the related Export Proceeds Communiqué.

The rules concerning export receipts have changed several times in recent years.

Therefore, exporters should check the current version at the time of the transaction rather than relying upon an old article stating a historical foreign-currency conversion percentage or repatriation requirement.

Import Payments

A Turkish company paying an overseas supplier should also ensure that the transfer corresponds to the underlying import transaction.

Bank documentation may include:

• invoice;
• purchase agreement;
• customs documents;
• advance-payment terms;
• or other evidence concerning the commercial relationship.

A legitimate import payment is different from transferring company money abroad for an unexplained purpose.

Accounting, customs and banking records should tell the same story.

Loan Transfers to and From Turkey

Loans create another specialist area of foreign exchange regulation.

A Turkish company receiving credit from a foreign shareholder, bank or group company may be subject to rules concerning:

• foreign currency borrowing;
• documentation;
• maturity;
• foreign exchange income requirements in qualifying cases;
• banking intermediation;
• tax;
• and reporting.

The CBRT’s current Capital Movements Circular, updated in 2026, contains detailed rules on foreign exchange loans, capital transactions and financing received from abroad.

Large cross-border loan arrangements should therefore be reviewed separately from an ordinary personal bank transfer.

Can Individuals Keep Money in Foreign Bank Accounts?

The Turkish foreign exchange framework generally permits residents to transfer Turkish lira or foreign currency abroad through banks, and historically the CBRT has expressly described residents as being able to hold deposits abroad following transfers through the banking system.

However, holding money outside Turkey can still create:

• Turkish tax-residency issues;
• foreign income reporting obligations;
• CRS/international information exchange implications;
• or inheritance considerations.

The right to transfer money and the obligation to properly declare taxable income are separate matters.

Does Turkey Control Which Countries Money Can Be Sent To?

International transfers are affected by sanctions and asset-freezing regimes.

Turkey maintains legislation combating terrorism financing and proliferation financing, including Law No. 6415 and Law No. 7262.

Banks also conduct sanctions and customer-risk screening.

A transaction involving a person or organization subject to a legally binding asset freeze can therefore be blocked even though transfers to that country generally remain possible.

The relevant issue may be:

• sender;
• receiver;
• beneficial owner;
• bank;
• transaction purpose;
• or a listed entity.

International companies should perform counterparty compliance before making high-risk transfers.

Cryptocurrency and Cross-Border Transfers

Cryptocurrency is sometimes presented as a way to avoid international banking compliance.

That is increasingly inaccurate.

Turkey has substantially strengthened the AML framework applicable to crypto-asset service providers.

MASAK’s updated guidance for crypto-asset service providers addresses:

• customer identification;
• enhanced due diligence;
• the Travel Rule;
• information accompanying crypto transfers;
• suspicious transaction reporting;
• and transfer-related compliance measures.

Accordingly, converting USD into crypto, transferring crypto to Turkey and converting it back into Turkish lira does not automatically eliminate questions about:

• original source of funds;
• wallet history;
• beneficial ownership;
• transaction purpose;
• or taxation.

A bank receiving substantial fiat proceeds from a Turkish crypto platform may still ask:

“Where did the funds used to purchase the crypto originally come from?”

Crypto Does Not Solve a Source-of-Funds Problem

Consider a foreign investor with USD 2 million of undocumented cash.

The investor converts it to crypto outside Turkey, transfers the crypto to a Turkish platform and sells it for Turkish lira.

The existence of a blockchain transaction does not transform an undocumented source into a documented lawful source.

Compliance authorities may still ask:

• who acquired the crypto;
• where;
• when;
• with what money;
• through which exchange or wallet;
• and what the economic reason for the transaction was.

Crypto should therefore be treated as a financial asset and transfer channel, not as a method of erasing the economic history of funds.

Informal Hawala-Style Money Transfers

Informal transfer systems can create serious legal risk.

For example:

Person A gives USD 100,000 to someone in another country.

That person’s associate gives an equivalent amount to Person A’s relative in Turkey.

No direct international transfer occurs.

While informal value-transfer mechanisms exist globally, providing regulated payment services in Turkey without appropriate authorization is unlawful. The CBRT states that payment services may only be offered through legally authorized banks, PTT, licensed payment institutions and electronic money institutions or their permitted agents.

Such informal arrangements can also create enormous evidentiary problems.

Later, the Turkish recipient may be unable to explain where TRY 4 million in cash came from.

Physical Cash Entering or Leaving Turkey

Physical movement of cash is legally different from a bank transfer.

Turkey applies customs declaration and reporting rules to cash carried by passengers.

The Ministry of Trade’s current passenger guidance specifically warns persons travelling to Turkey regarding the declaration/notification rule for cash amounts of EUR 10,000 or more.

Decision No. 32 and related regulations also contain separate rules governing physical export of Turkish currency and foreign cash.

Because physical-cash rules can depend upon:

• whether the person is entering or leaving;
• residence status;
• amount;
• currency;
• source;
• and documentary history,

persons carrying substantial cash should verify the current customs procedure before travelling.

Why Carrying Cash Can Create More Problems Than a Bank Transfer

A bank transfer creates a documentary trail.

Cash may create questions such as:

• Where was it obtained?
• Was it declared when entering Turkey?
• Was it withdrawn from a bank?
• Is there a customs declaration?
• Is it business revenue?
• Has tax been paid?
• Who owns it?

For legitimate high-value transactions, banking channels are usually much easier to document.

This is especially important for:

• citizenship investment;
• property purchases;
• corporate capital;
• shareholder loans;
• and major commercial payments.

Buying Property With Money Sent From Abroad

Foreign property investors should preserve the complete payment trail.

This includes:

• sender’s foreign bank;
• Turkish receiving bank;
• currency conversion documentation where applicable;
• property sale agreement;
• seller information;
• and title deed documentation.

This can later become relevant to:

• bank compliance;
• tax;
• citizenship applications;
• resale;
• inheritance;
• and proof of legitimate ownership.

Using unrelated third parties to move purchase money can complicate the legal record.

Third-Party Payments Are Higher Risk

Banks may examine transactions more closely where the payer does not match the contractual party.

For example:

A Turkish company purchases machinery from Germany.

The contract says the buyer is Company A.

But payment comes from the personal account of the CEO’s cousin in Qatar.

Even where everyone involved has an innocent explanation, the economic structure is unusual.

The bank may ask:

• Why did Company A not pay?
• Does the cousin have a loan claim?
• Is this shareholder financing?
• Who actually owns the money?
• Why is the third party involved?

Where possible, payments should follow the legal structure of the transaction.

What If My International Transfer Is Frozen?

The first step is to determine where the transfer stopped.

Possible situations include:

• sending bank has not released it;
• intermediary/correspondent bank has stopped it;
• Turkish receiving bank has placed it under compliance review;
• beneficiary details are incorrect;
• there is a sanctions match;
• MASAK-related postponement applies;
• a prosecutor has issued a seizure order;
• or another legal restriction exists.

Do not immediately assume that “MASAK froze the money.”

Ask the bank whether the problem is:

documentation

or

a formal external legal order.

Documents to Prepare for a Blocked Transfer

Depending upon the transaction, useful documents can include:

• passport;
• address documents;
• bank statements;
• employment contract;
• salary slips;
• tax returns;
• company accounts;
• share purchase agreement;
• property sale contract;
• inheritance certificate;
• loan agreement;
• invoice;
• customs documents;
• shareholder resolution;
• dividend resolution;
• and evidence tracing the funds through prior accounts.

The strongest file creates a continuous chain:

economic event → receipt of money → bank account → international transfer → legal purpose in Turkey or abroad.

Common Reasons International Transfers Are Delayed

Inadequate Source-of-Funds Documentation

The customer cannot show where the money came from.

Unclear Payment Purpose

The transfer description does not explain the transaction.

Third-Party Sender or Recipient

The person paying is not a party to the underlying contract.

Corporate Ownership Is Unclear

The bank cannot identify the ultimate beneficial owner.

Transaction Is Inconsistent With Customer Profile

A low-activity account suddenly receives millions.

Sanctions or PEP Screening

Additional checks may be needed concerning parties or beneficial owners.

Cryptocurrency History

The fiat money originates from crypto activity requiring additional tracing.

Suspected Fraud

The transfer may be connected to phishing, stolen bank credentials or another criminal investigation.

Conflicting Documents

Contracts, invoices and payment explanations do not match.

High-Risk Mistakes Foreigners Should Avoid

Splitting a Large Transfer Into Many Smaller Payments to Avoid Review

Attempting to structure transactions solely to avoid reporting or compliance controls can make the activity look more suspicious, not less.

Using Friends’ or Employees’ Accounts

This can obscure beneficial ownership and create serious accounting and AML questions.

Providing False Contracts

Creating fictitious invoices or loan agreements to explain money can transform a banking problem into a criminal problem.

Converting the Money Into Crypto Solely to Avoid Bank Questions

Crypto providers themselves are subject to extensive MASAK requirements.

Carrying Large Cash Amounts Without Checking Customs Rules

Cash movement has its own declaration framework.

Using an Unlicensed Money Transfer Operator

The CBRT warns that unauthorized payment service activity is unlawful.

Assuming Every Family Transfer Is Tax-Free

A genuine gift can fall within inheritance and gift tax rules depending upon the circumstances.

Practical Checklist Before Sending a Large Amount to Turkey

Before sending a substantial amount, determine:

• Who owns the money?
• Which account will send it?
• Who will receive it?
• Why is it being transferred?
• Is there a written agreement?
• Does the bank transfer description match that agreement?
• Can the origin of the money be proven?
• Are tax consequences understood?
• Is the recipient a company or individual?
• Is the transfer capital, loan, purchase price, income or gift?
• Are beneficial ownership documents available?
• Are sanctions concerns present?
• Does the transaction involve crypto?
• Is a Turkish bank expecting the transfer?
• Are foreign documents translated if needed?

For very large transactions, speaking with the receiving bank’s compliance or corporate banking team before sending the money can prevent unnecessary delays.

Frequently Asked Questions

Can I legally send money from Turkey abroad?

Generally yes. Decision No. 32 permits both Turkish residents and non-residents to transfer foreign currency abroad through banks.

Can I transfer USD or EUR from a Turkish bank?

Generally yes, subject to bank procedures, compliance and the legal nature of the transaction.

Is there a universal maximum bank-transfer amount?

There is no general universal ceiling prohibiting all legitimate transfers above a fixed amount. Certain larger outbound transfers are, however, subject to bank reporting requirements under Decision No. 32.

What is the USD 50,000 rule?

The current foreign exchange framework requires banks to report information regarding certain outbound transfers exceeding USD 50,000 equivalent outside specified transaction categories. It is not the same as a general prohibition on sending more than USD 50,000.

Can I send USD 1 million into Turkey?

Potentially yes, if the transaction is lawful and bank compliance requirements are satisfied.

Will the bank ask where the USD 1 million came from?

Very likely in a significant transaction. Turkish banks are subject to customer due diligence and AML obligations.

Is sending money from abroad taxable?

The fact of transferring money does not by itself determine the tax treatment. The underlying transaction—salary, gift, sale, dividend, loan or another category—must be examined.

Is money from my parents taxable?

A genuine gratuitous transfer may fall within Turkish inheritance and gift tax legislation depending upon the applicable territorial and personal conditions.

Can I use a money-transfer company instead of a bank?

Yes, where the service provider is legally authorized to provide the relevant payment service. The CBRT publishes licensed payment and electronic money institutions.

Is every money-transfer company legal?

No. The CBRT states that payment services can only be provided by authorized institutions and has warned against unauthorized providers.

Can MASAK stop my transfer?

A suspicious transaction may be postponed under the statutory framework for up to seven business days after submission of the relevant suspicious transaction report. Separate legal measures may then apply.

Does a transfer have to exceed a certain amount before MASAK becomes relevant?

No. Suspicious transaction reporting is not dependent upon a minimum amount.

Can I ask my bank whether it reported me to MASAK?

You may ask, but anti-tipping-off rules generally prevent banks from disclosing suspicious transaction reports to transaction parties.

Can I send money using cryptocurrency?

Crypto transactions are possible within the applicable regulatory framework, but they do not bypass AML rules. Turkish crypto-asset service providers are subject to MASAK customer identification, transfer information and suspicious transaction obligations.

Can I bring cash into Turkey instead?

Physical cash is subject to separate customs rules. Current Ministry of Trade guidance refers to notification requirements for travellers carrying EUR 10,000 or more into Turkey.

Can my Turkish company send money to its foreign shareholder?

Potentially, but the payment must have a lawful basis such as dividend, loan repayment or another corporate transaction, with appropriate tax and corporate documentation.

Can a foreign shareholder lend money to a Turkish company?

Potentially, subject to the applicable capital movements, foreign exchange, tax and corporate rules. The CBRT’s current Capital Movements Circular regulates cross-border financing issues.

Are export proceeds subject to special rules?

Yes. Turkey maintains a specific Export Circular regulating repatriation and processing of export proceeds.

What should I do if my transfer is blocked?

Determine whether the issue is a bank compliance review or an external legal restriction, then prepare documents tracing the source, ownership and purpose of the money.

Conclusion

Sending money to and from Turkey is generally legally possible, but large international transfers should be treated as documented legal transactions rather than simple banking instructions.

The starting point is relatively liberal.

Under Turkey’s current Decision No. 32 foreign exchange framework, Turkish residents and non-residents may generally transfer foreign currency abroad through banks.

This means that Turkey does not operate a blanket rule stating:

“You cannot send your money abroad.”

Nor does Turkish law generally prohibit foreign investors from bringing substantial legitimate funds into the country.

However, freedom to transfer money exists alongside an increasingly sophisticated financial compliance framework.

Banks must identify customers, understand permanent business relationships and investigate beneficial ownership under Turkey’s AML legislation.

For an ordinary monthly salary transfer, this may create little difficulty.

For a USD 2 million investment transfer, the bank may need substantial evidence.

A properly prepared international transaction should therefore answer four questions:

Who owns the money?

Where did it come from?

Why is it being transferred?

Who is ultimately receiving the economic benefit?

If these questions can be answered with reliable documentation, many international transfer issues can be resolved relatively efficiently.

If they cannot, even completely legitimate money may remain delayed while the bank investigates.

Corporate transactions require even greater care.

A Turkish company receiving or sending international funds should ensure that:

• the contract;
• invoice;
• accounting records;
• banking explanation;
• shareholder documentation;
• and beneficial ownership information

all describe the same economic transaction.

A shareholder loan should look like a shareholder loan throughout the corporate and banking records.

A dividend should be supported by appropriate corporate documentation.

An import payment should correspond with the underlying supplier relationship.

A capital contribution should follow applicable corporate procedures.

Attempting to fix the description only after the bank freezes a transaction is far more difficult.

Large transfers can also generate regulatory reporting without being prohibited.

The current Decision No. 32 framework contains bank reporting rules for certain outbound transactions exceeding the equivalent of USD 50,000.

This should not be misunderstood as a USD 50,000 maximum.

Reporting and permission are different legal concepts.

AML monitoring is also independent of transfer size.

MASAK’s suspicious transaction framework does not require a fixed minimum amount before a bank can report a transaction.

A smaller transfer can therefore be investigated where circumstances are unusual, while a far larger transaction can proceed normally when its source and purpose are clear.

Where serious suspicion exists, a transaction may also be temporarily postponed for up to seven business days under the MASAK framework while authorities assess whether further legal action is necessary.

The result is that a foreign account holder should not automatically interpret a delayed payment as confiscation.

There is a major difference between:

bank compliance review,

MASAK transaction postponement,

and

formal criminal seizure.

The bank should be asked, to the extent it is legally permitted to answer, whether additional customer documentation is required or whether an external legal order affects the transfer.

Another critical issue is the payment channel.

Turkey regulates payment and electronic money services under Law No. 6493.

The CBRT states that payment services may be offered by banks, PTT and properly authorized payment or electronic money institutions and publishes the current list of authorized providers.

International clients should therefore avoid unlicensed intermediaries that promise to transfer large sums outside the normal banking system.

Informal money transfer arrangements can produce:

• fraud risk;
• inability to prove payment;
• tax problems;
• AML concerns;
• and potential criminal exposure.

Cryptocurrency does not eliminate these risks.

MASAK’s current crypto compliance framework includes customer identification, transfer-information requirements, the Travel Rule and suspicious transaction obligations.

Converting unexplained cash into USDT and later converting it to Turkish lira does not automatically turn the money into a legally documented investment.

The economic history of the funds remains relevant.

Tax must also be separated from banking.

The fact that a bank permits money to enter Turkey does not mean the underlying transaction is tax-free.

A transfer can represent:

• personal savings;
• income;
• loan;
• dividend;
• inheritance;
• sale proceeds;
• or gift.

Each has a different legal character.

For example, Turkish law defines gratuitous acquisitions broadly for inheritance and gift tax purposes.

Therefore:

“My father transferred the money from abroad.”

is not, by itself, a complete tax analysis.

Commercial payments can also be subject to specialized foreign exchange rules.

Export proceeds are governed by the current CBRT Export Circular, while international financing and foreign currency borrowing issues are addressed through the Capital Movements Circular.

These rules change over time.

Companies should therefore be particularly cautious about using historical online articles for current export or foreign-currency conversion requirements.

Finally, physical cash should not be treated as an easier alternative.

Customs rules apply independently to money carried across the border, and current Ministry of Trade guidance specifically refers to the notification rule for EUR 10,000 or more in cash carried by travellers entering Turkey.

For significant legitimate transactions, traceable banking channels generally provide much stronger evidence of:

• ownership;
• origin;
• timing;
• amount;
• recipient;
• and purpose.

The safest structure for sending substantial money to or from Turkey can therefore be summarized as:

identify the legal purpose → document the source → use a licensed financial institution → accurately describe the transaction → preserve the complete banking trail → address tax and corporate consequences separately.

When millions of dollars or euros are involved, the transfer should be legally prepared before the payment is sent, rather than after a bank compliance department has already blocked it.

For foreign investors, international companies and individuals with substantial cross-border assets, proper documentation is often the difference between a routine international payment and a prolonged banking, tax or AML dispute.

Legal Disclaimer

This article provides general legal information concerning sending money to and from Turkey, international bank transfers, Turkish foreign exchange rules, MASAK compliance and cross-border payment risks as of August 2026.

It does not constitute legal, banking, investment or tax advice concerning a specific transaction.

The applicable rules can vary depending upon:

• amount;
• currency;
• sender and recipient;
• nationality;
• tax residence;
• corporate structure;
• beneficial ownership;
• transaction purpose;
• source of funds;
• export or import status;
• financing structure;
• sanctions;
• cryptocurrency involvement;
• and the bank or payment institution used.

Foreign exchange, export-proceeds, crypto and AML regulations may change.

Individuals and companies planning significant transfers into or out of Turkey should obtain transaction-specific advice before moving the funds, particularly where the payment involves investment capital, shareholders, loans, gifts, crypto assets, high-risk jurisdictions or complex corporate structures.