Paying an invoice in TRY
For an invoice payable in TRY, ask for a quote that delivers the invoice total and shows the full debit in ISK. Confirm how long the quote is valid and copy the invoice reference onto the payment.
Sending money from Iceland to Türkiye? Calculate how much your recipient could receive in TRY when you send ISK. Compare transfer costs and check the bank details you need before booking.
Estimates use the 29 April 2025 margin model and the latest available market rate. Transfer and bank fees are excluded. We may earn commission from TorFX.
The model covers transfers between different currencies worth £1,000 to £10 million.
Get the IBAN from the recipient’s bank and confirm the account currency. If an invoice is in euros or dollars, ask whether the account will retain that currency or convert the payment into lira. Compare the amount that will settle the invoice.
Give each provider the same total budget, including fees, and ask how much will arrive in TRY. Check whether intermediary or receiving-bank fees can still be deducted. For a fixed invoice, work backwards from the exact amount due and compare the total you would pay.
Ask for the date the beneficiary can use the funds. Confirm the funding deadline in your time zone and whether a weekend, local holiday or identity check changes the estimate. For a first payment, complete any checks before agreeing a delivery date with the recipient.
Keep the quoted rate, receipt, payment reference and expected arrival date. If the deadline passes, ask the sending provider to trace the transfer and give the recipient the reference for their bank. If any account detail is wrong, contact the provider immediately before sending further funds.
For an invoice payable in TRY, ask for a quote that delivers the invoice total and shows the full debit in ISK. Confirm how long the quote is valid and copy the invoice reference onto the payment.
For a locally issued IBAN in this destination, the registered prefix is TR and the length is 26 characters without spaces. Compare the full number with the recipient’s bank document. Matching the format alone does not confirm who owns the account.
Check the provider’s transfer limit and your bank’s funding limit separately. Ask which documents are needed for this payment, such as an invoice or proof of the source of funds. For new or amended supplier details, call the supplier on a number already in your records before authorising payment.
For rent, pensions or family support, decide which amount must stay fixed each month: the sum leaving your account or the sum received in TRY. Ask when the rate is set for each payment, how to change the instruction and what happens if the funding date falls on a holiday.
Official sources Türkiye Cumhuriyet Merkez Bankası ↗ Swift · IBAN Registry ↗ World Bank · Remittance Prices Worldwide ↗