Make Payments and Receive Payments in TRY - Turkish Lira
Pay in Turkish Lira (TRY)
Mondial Change allows you to make international payments in TRY (Turkish Lira) with ease. Manage your Turkish Lira beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your TRY operations (a spread is applied on the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Turkish Lira (TRY)
Mondial Change allows you to receive payments in TRY (Turkish Lira). Payments in TRY are received in an account in your name with a dedicated IBAN. This TRY account with a nominative IBAN is provided to you free of charge. It allows you to receive payments in TRY from your clients or subsidiaries and also to hold Turkish Lira. The TRY can be reused to make payments in TRY. The TRY can also be converted into EUR or any other currency of your choice and repatriated to your bank account. The Turkish Lira (TRY) account can be located in France or in other countries (see possible locations).
Do you want to hedge your exchange risk on the Turkish Lira (TRY)? Check our dedicated page for TRY exchange hedging.
Mondial Change Answers All Your Questions About Payments in Turkish Lira (TRY)
What is the time frame for a TRY payment to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Turkish Lira transfer to be credited to the beneficiary's account. However, please note that these time frames are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if TRY payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Turkish Lira (TRY)?
The fees applied to Turkish Lira (TRY) transfers generally range from 0 to 10 euros, depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual TRY exchange volume and the number of Turkish Lira payments made during the year.
Are there minimum or maximum amounts for payments in Turkish Lira (TRY)?
Mondial Change and its partners verify that your Turkish Lira flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Turkish Lira (TRY)?
For TRY payments via the SWIFT network, simply provide the following information:
• Full name of the beneficiary
• IBAN
Is it possible to modify a payment in Turkish Lira (TRY) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Turkish Lira (TRY) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment has not been executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Turkish Lira (TRY) account provided to you a bank account, and is it nominative?
The Turkish Lira (TRY) account for which we provide you with the details is not a bank account per se because the account-holding institution is not a bank but a partner payment institution. These accounts are labeled in your name, and the IBAN associated with the account is unique. You thus have a guarantee of segregation of your funds in the books of our partners. The security guarantees for your funds are similar to those offered by traditional banks. The account can be located in different countries according to your operational needs. Please consult the page related to opening a Turkish Lira (TRY) account for more information.
Is it possible to hold Turkish Lira (TRY) in the TRY account provided to you?
You can use this Turkish Lira (TRY) account to receive or store Turkish Lira. The funds can then be reused to issue payments in Turkish Lira or be converted into other currencies. The account is also compatible for receiving TRY payments from e-commerce platforms like Amazon or payment systems like Adyen or Stripe.
What are the holidays when payments in Turkish Lira (TRY) cannot be executed?
January 1st: New Year's Day (Yılbaşı)
April 23rd: National Sovereignty and Children's Day (Ulusal Egemenlik ve Çocuk Bayramı)
May 1st: Labor and Solidarity Day (Emek ve Dayanışma Günü)
May 19th: Commemoration of Atatürk, Youth and Sports Day (Atatürk’ü Anma, Gençlik ve Spor Bayramı)
Variable Date: Eid al-Fitr – 1st day (Ramazan Bayramı)
Variable Date: Eid al-Fitr – 2nd day
Variable Date: Eid al-Fitr – 3rd day
July 15th: Democracy and National Unity Day (Demokrasi ve Millî Birlik Günü)
Variable Date: Eid al-Adha – 1st day (Kurban Bayramı)
Variable Date: Eid al-Adha – 2nd day
Variable Date: Eid al-Adha – 3rd day
Variable Date: Eid al-Adha – 4th day
August 30th: Victory Day (Zafer Bayramı)
October 29th: Republic Day (Cumhuriyet Bayramı)
History of the Turkish Lira
The Turkish Lira (TRY) is the official currency of Turkey, a country straddling Europe and Asia. Turkey is a rapidly growing emerging economy with a diversified industry, a flourishing tourism sector, and a developing financial sector. The Turkish Lira is used in all transactions in Turkey, whether for daily purchases, investments, or international trade.
Monetary Policy of the Turkish Lira
The monetary policy of the Turkish Lira is managed by the Central Bank of the Republic of Turkey (CBRT). The main objective of the CBRT is to maintain price stability and promote sustainable economic growth. To achieve this, the central bank monitors economic indicators, inflation rates, foreign exchange reserves, and foreign exchange market movements. The Turkish Lira is influenced by various economic, political, and geopolitical factors. Fluctuations in the exchange rate of the Turkish Lira can be observed based on these factors, making the foreign exchange market sometimes volatile.
Characteristics of the Turkish Lira
The Turkish Lira has certain unique characteristics. Firstly, it is subdivided into 100 kuruş, although kuruş are no longer commonly used in daily practice. Turkish banknotes are available in various denominations, ranging from 5 to 200 Turkish Lira, and are adorned with historical and cultural symbols of the country. It should be noted that the Turkish Lira has experienced periods of volatility and significant fluctuations in recent years. Factors such as economic policies, international relations, and geopolitical events can influence the value of the Turkish Lira on foreign exchange markets.