If you are living abroad and considering buying property in Turkey, this is probably your first question: how do you safely transfer the purchase funds into the country?
The short answer
You transfer funds via an international bank transfer (SWIFT) to a Turkish bank account, complete anti–money laundering checks with your bank, sell the incoming foreign currency to a Turkish bank to obtain a foreign exchange purchase certificate (döviz alım belgesi), and present that certificate to the Land Registry when finalizing the title deed if the transaction requires it. Turkish regulations govern currency conversion and banking compliance, and the Land Registry requires specific documentation for foreign buyers in defined cases. A local notary or attorney can act with a power of attorney (vekaletname) if you cannot attend in person. This information is general; for your specific situation, consult a licensed financial institution and a qualified attorney.
How international transfers for Turkish property transactions work
International property payments are commonly made through the SWIFT network to a buyer’s or seller’s account at a bank in Turkey that is authorized to handle foreign currency and Turkish lira accounts under the Banking Law No. 5411, which regulates banking activities and customer due diligence in Turkey [1]. Turkey’s foreign exchange regime is based on Decree No. 32 on the Protection of the Value of Turkish Currency and the Central Bank’s Capital Movements Circular, which set the framework for use, purchase, and sale of foreign currency and the conversion to Turkish lira within the banking system [2][3]. Banks in Turkey apply anti–money laundering rules under Law No. 5549 on Prevention of Laundering Proceeds of Crime, which mandates customer identification, recording, and reporting of suspicious transactions without a monetary threshold [4]. These rules apply to residents and non-residents transferring funds for real estate purchases in Turkey, and banks can request supporting documents such as the sale agreement, passport, and proof of source of funds to fulfill know-your-customer and transaction monitoring requirements under MASAK regulations, the Turkish Financial Crimes Investigation Board responsible for AML enforcement [4].
Currency conversion and the foreign exchange purchase certificate
For certain real estate acquisitions by foreigners, Turkish authorities require presentation of a foreign exchange purchase certificate (döviz alım belgesi) proving that the foreign currency equivalent of the purchase price was sold to a bank and converted to Turkish lira before title transfer. The Directorate General of Land Registry and Cadastre (Tapu ve Kadastro Genel Müdürlüğü, TKGM) has published guidance on obtaining and submitting this document as part of the title deed application for foreign real persons, and Land Registry offices implement this requirement at the registration stage [5]. The certificate is issued by the buyer’s bank in Turkey and includes the buyer’s identification, the amount and currency sold, the lira amount credited, and the statement that the sale was realized for the purpose of foreign real estate acquisition procedures as required by the Land Registry [5]. The legal basis for currency transactions, and the ability of banks to purchase foreign currency and sell it to the Central Bank when required, is set within Decree No. 32 and the Central Bank’s Capital Movements Circular, which provide the operative rules to the banking sector [2][3]. In practice, the buyer’s funds arrive in foreign currency, are converted to Turkish lira through a bank transaction that generates the certificate, and the lira proceeds are paid to the seller with proof of payment retained for the Land Registry file where requested by TKGM [5].
Practical steps with banks, compliance, and documentation
Before initiating a transfer, the buyer typically opens a Turkish bank account or confirms the seller’s account details, and ensures that the payment reference clearly identifies the property and parties to assist bank compliance checks under Law No. 5411 and Law No. 5549 [1][4]. The sending bank will process the SWIFT payment using the beneficiary bank’s BIC and the IBAN issued in Turkey, and may involve intermediary banks, which can affect fees and transfer time. Upon receipt in Turkey, the bank performs due diligence in line with MASAK rules, including identity verification, transaction purpose, and source-of-funds assessments based on documents such as a preliminary sales contract or notary-certified agreement if available, consistent with record-keeping obligations in Article 5 of Law No. 5549 [4]. When the currency conversion is performed, the bank issues the foreign exchange purchase certificate in the buyer’s name if required by the Land Registry for the transaction category, and the buyer or their attorney includes this certificate in the title deed application file submitted to TKGM [5]. The framework for accepting foreign currency, converting to lira, and processing cross-border payments is enabled by Decree No. 32 and elaborated through the Capital Movements Circular applicable to banks and customers transacting in Turkey [2][3].
Using cash, carrying funds, and customs declaration rules
While Turkey does not prohibit bringing foreign currency into the country, travelers carrying cash at or above a set threshold must declare it at customs. The Ministry of Trade states that travelers are required to declare cash of 10,000 euros or more (or equivalent) when entering or leaving, using the designated declaration channels at border points [6]. Banks in Turkey will still apply AML rules to cash deposits and may request documents explaining the source and the purpose of funds under Law No. 5549 and MASAK regulations, and Land Registry procedures do not accept physical cash as proof of payment without proper banking records [4][5]. For property transactions, wire transfers through regulated banks are the standard method that aligns with record-keeping, foreign exchange documentation, and Land Registry evidencing needs established under the banking, AML, and land registration frameworks in Turkey [1][4][5]. Travelers should consider the risks and the reporting obligations associated with carrying cash and use banking channels that create verifiable transfer and conversion records recognized by TKGM at the title deed registration stage [5][6].
Summary and final considerations
The compliant route to fund a Turkish property purchase is to send money by SWIFT to a Turkish bank, satisfy AML checks, convert the funds to lira through the bank to obtain the foreign exchange purchase certificate when required, and provide that certificate and payment records to the Land Registry at completion. The core legal framework is set by Banking Law No. 5411, Law No. 5549 on AML, Decree No. 32 on foreign exchange, the Central Bank’s Capital Movements Circular, and TKGM’s guidance on the exchange certificate and title procedures for foreign buyers [1][2][3][4][5]. Fees, exchange rates, and bank policies vary by institution and jurisdiction; consult your bank and a licensed attorney in Turkey to structure your payment and documentation correctly for your specific transaction.
Related Questions:
Q# Can foreigners open a bank account in Turkey for property purchases?
Q# What documents do I need for the Tapu (title deed) transfer in Turkey?
Q# Do I need a foreign exchange purchase certificate for every property purchase?
Q# How are payments structured in new-build property purchases in Turkey?
References:
[1] Republic of Turkey, Official Gazette. “Banking Law No. 5411.” https://www.mevzuat.gov.tr/mevzuat?MevzuatNo=5411&MevzuatTur=1&MevzuatTertip=5
[2] Central Bank of the Republic of Türkiye (CBRT). “Decree No. 32 on the Protection of the Value of Turkish Currency.” https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Legislation/Decree+No.+32
[3] Central Bank of the Republic of Türkiye (CBRT). “Capital Movements Circular.” https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Legislation/Capital+Movements+Circular
[4] Republic of Turkey, Official Gazette. “Law No. 5549 on Prevention of Laundering Proceeds of Crime.” https://www.mevzuat.gov.tr/MevzuatMetin/1.5.5549.pdf
[5] Directorate General of Land Registry and Cadastre (TKGM). “Guidance on Foreign Exchange Purchase Certificate for Foreign Real Persons in Real Estate Acquisitions.” https://www.tkgm.gov.tr
[6] Republic of Turkey Ministry of Trade. “Traveler Customs Procedures – Cash Declarations.” https://ticaret.gov.tr/gumruk-islemleri/yolcu-islemleri
Disclaimer: This article is for informational purposes only and does not constitute legal, financial, or investment advice. Property law and tax rules in Turkey change frequently. Consult a licensed Turkish lawyer, accountant, or real estate professional before making any purchasing decision.