International wire transfers in TRY (Turkey)

Understand how to process Turkish lira payments in Smartcat, including supported currencies, commissions, payout amounts, and beneficiary details, along with solutions to common queries.

Learn how to process Turkish lira payments in Smartcat.

Supported currencies

Turkish lira (TRY)

Please note that if the currency of your balance in Smartcat is different from TRY, the funds will be converted to TRY at the Smartcat exchange rate on the day of the payment.

Commission

TRY 9

You can view a list of companies that are reimbursing your commission in the My Payouts section (click on the Details button on your payout method).

Additional commissions of correspondent banks may be applied. You can learn more about the reasons why correspondent banks charge commissions in the FAQ below this article.

Minimum payout amount

TRY 1,000

Smartcat allows setting the minimum amount, starting from when the payment will be sent to you. You can learn more in the article, "Minimum payout amount".

Required details

Field

Individual

Company

Description

Beneficiary type

Individual or company beneficiary

Beneficiary first name

Name of the individual beneficiary

Beneficiary last name

Last name of the individual beneficiary

Birth date

Beneficiary's birth date

Beneficiary company name

Beneficiary's company legal name

SWIFT

8-11-digit code identifying the country, city, bank and bank branch of the beneficiary

Recipient’s IBAN

The beneficiary's international bank account number, up to 34 characters long (including numbers and letters)

Recipient’s country

Beneficiary's country

Recipient's city of residence

City or town from the beneficiary's address

Recipient's address

Beneficiary's address, including building number or name

Recipient's postal code

Beneficiary's postal code

Document type

Identity document. Identification (ID) card or passport or driving license

Number

Identification document number

Issuing country

Country that issued the identity document

Issue date

Date of issue of the identity document

Expiration date

The date of expiration of the identity document

Frequently Asked Questions

I chose this method, but the payment was rejected. Why?

Here are some steps to take if your payment was rejected.

  • Make sure you have provided payment details for an international SWIFT bank transfer, not a local wire transfer.

  • Make sure that the postal code, city, street and house number are specified in the corresponding fields of the details. Make sure that you do not enter a PO box or email address instead of your residential address.

  • Double-check that the specified IBAN details are correct.

  • Make sure that the name of the account holder is entered in the details exactly as it is in the bank details, including all spaces and symbols.

I cannot find the payment. What does the payment look like on the bank statement?

The purpose of the payment indicates the payment ID in the format PO-XXXXXX-XXXXX, which you can find in the Payout History section.

SMARTCAT EUROPE B.V. or THE CURRENCY CLOUD LIMITED is displayed as the sender, depending on the beneficiary's bank.

For which countries is this method available?

The method is available exclusively for receiving funds to a Turkish bank account.

I received a payout from Smartcat. I need to invoice for this payment. What details should be used for issuing such invoices?

When receiving funds by local bank transfer in TRY, enter the following Smartcat details in your account:
Full name: Smartcat Europe BV
Legal address: Strawinskylaan 613, 1077 XX Amsterdam, the Netherlands
VAT no.: NL859832880B01.

Why using the international wire transfer payout method may involve additional fees?

Please keep in mind that if you choose to receive payouts using the “International wire transfer” method, Smartcat will deduct $3 fee per payout unless you and the customer have agreed otherwise.

Additionally, intermediary banks that process the transaction may also charge a fee which can be between $5 and $40.

Why are intermediary banks involved in the process?

If the two banks that process the payment from Smartcat to the recipient don’t have a direct relationship, one or more intermediary banks must be found to facilitate the transfer. This is done automatically without Smartcat’s involvement.

 Since there are more operations happening behind the scenes, this kind of transfer is more expensive and may take a bit longer to complete.

Unfortunately, we do not have an impact on intermediary banks’ policies, nor are we able to provide accurate information on the amount of fees applicable.

Please consider this information and, if this doesn’t suit your needs and expectations, use a different available option for receiving payouts.