Money transfer guidance and options Istanbul

What makes a money-transfer company licensed and safe?

Money-transfer services in Turkey are subject to strict regulation under Law No. 6493 on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions. Under this law, the Banking Regulation and Supervision Agency (BDDK) is the sole authority empowered to grant licenses to operate as a "payment institution" or an "electronic money institution" — the only two legal forms permitted to provide domestic and international money-transfer services within Turkey. BDDK publishes a public registry of licensed institutions on its official website.

Beyond licensing, licensed money-transfer institutions are subject to anti-money-laundering and counter-terrorism-financing obligations imposed by the Financial Crimes Investigation Board (MASAK) under Law No. 5549. These obligations include verifying the identity of the sender and the beneficiary, documenting the source of funds when required, and reporting any suspicious transaction to MASAK. These rules apply specifically to licensed institutions, and this is a core part of what distinguishes them from any unofficial transfer channel.

Important points to know

• Any money transfer conducted through a person or channel not licensed by BDDK — sometimes known as the traditional "hawala" system — falls outside the legal framework for financial services in Turkey, and MASAK treats it as an activity carrying money-laundering and crime-financing risks, regardless of the intentions of the parties involved
• If funds are lost or fraud occurs through an unlicensed channel, there is no regulatory authority or formal complaint mechanism available to recover the amount, because these channels are not subject to BDDK oversight or any other regulatory body in the first place
• Relying on unlicensed individuals or apps for cross-border money transfers, even if they seem convenient or fast, exposes the user to compounded risks: the absence of legal safeguards on the transaction itself, and the possibility of unintentionally becoming involved in a process subject to investigation by MASAK or law enforcement

Frequently asked questions

Is it permissible to transfer money through an unofficial person or channel? No. Under Law No. 6493, no party may provide money-transfer services in Turkey without a license from BDDK. Doing so outside this framework constitutes an illegal activity, and MASAK treats it as a potential money-laundering or criminal-financing risk.

What makes a transfer service provider legitimate and trustworthy? Holding a valid license from BDDK as a payment institution or electronic money institution under Law No. 6493, appearing in the public registry of licensed institutions published by BDDK, and complying with the identity-verification and anti-money-laundering rules that MASAK imposes on every transaction.

Last updated: 2026-09-07