KTLN has teamed up with DenizBank Private Banking, to bring you a 'Question & Answer' feature, where you can ask general questions about Turkish banking.

From time to time, we will take a question that has been submitted by a KTLN reader, and provide you with our answer.

In this first Q&A response, we look at international money transfers.

Question: What's the best way of transferring money from the UK to Kalkan, or back the other way.

The simplest way is to send an electronic payment, using the SWIFT system.

SWIFT stands for 'Society for Worldwide Interbank Financial Telecommunication'.  It's a international system used by many banks to move money around.

You can ask your bank in the UK or in Turkey, to send a SWIFT payment for you, or if you have online banking you can probably send it yourself, providing it is within the limit set by your bank.

To send a SWIFT payment you need the IBAN (International Bank Account Number) for the account you want to credit.  An IBAN is normally shown on bank statements.

Charges
You should check with your bank to see what the cost will be.  Normally there is a charge for sending the payment, but high net worth, private banking customers, may not be charged.

The sending (remitting) bank will normally charge, but there may also be a charge from the receiving bank.  (DenizBank does not charge for receiving a SWIFT payment).

DenizBank Private Banking
Mediterranean Private Banking Centre

This communication and all information contained in or attached is solely for informational purposes. The information is not, and should not be construed as, an offer, bid, recommendation or solicitation in relation to any financial instrument or investment or to participate in any particular investment strategy. Deniz Bank assumes no consequential liability if they lead to investment decisions.

More on charges
To give you some idea of charges, KTLN checked the costs for a transfer of a £5,000 from DenizBank to Nationwide, and vice versa.

• £5k from DenizBank to Nationwide - remitting bank charge = 30 TL, and receiving bank charge = nil.
• £5k from Nationwide to DenizBank - remitting bank charge = £25, and receiving bank charge = nil.

Your questions
Please note that we can't answer questions that are specifically about your own personal financial circumstances.  However, we can address questions that may be of general interest to KTLN readers.  Answers are generic, rather than being just about DenizBank products and services.  

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Katie-Ellen
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