Transferring Money to Turkey to Buy Property: Currency Rules and Documents

Yes. Foreign nationals can transfer funds from overseas to Türkiye through authorised banking channels to finance a property purchase.

International transfers are commonly made through the SWIFT banking network. Depending on the sending and receiving banks, buyers may transfer funds in currencies such as US dollars, euros or British pounds.

Before initiating a transfer, it is important to coordinate with the receiving bank and the property seller or developer.

You should confirm:

• The beneficiary's full name and bank account details

• The accepted transfer currencies

• The bank's SWIFT/BIC code

• Any intermediary bank requirements

• Transfer fees and exchange rate arrangements

• The payment reference required for the transaction

• Whether additional source-of-funds documentation is necessary

A transfer reaching a Turkish bank does not automatically mean that all legal requirements for the property purchase have been completed.

2. Understanding Currency Rules When Buying Property in Türkiye

One important requirement applies to property purchases made by foreign individuals who do not have Turkish citizenship.

Under the applicable Turkish Central Bank and Land Registry procedures, foreign currency used for the purchase must generally be sold through a bank to the Central Bank of the Republic of Türkiye (CBRT) before the title deed transaction.

The buyer's foreign currency is converted into Turkish lira through the prescribed banking procedure. The bank then issues a Foreign Exchange Purchase Certificate, known as a Döviz Alım Belgesi (DAB).

This procedure is particularly important because the DAB serves as official evidence that the required foreign currency conversion has taken place.

What Is a Foreign Exchange Purchase Certificate (DAB)?

The Döviz Alım Belgesi is an official bank document confirming the foreign currency conversion carried out under the applicable property acquisition rules.

For foreign individual buyers, it is generally required during the title deed acquisition process.

The DAB records important transaction information, including:

• The foreign buyer's identifying details

• The foreign currency amount involved

• The applicable Turkish lira equivalent

• The bank transaction information

• The relevant property acquisition purpose

The document must be prepared in accordance with the applicable procedure and transmitted to the relevant Land Registry Directorate.

Important: A normal international bank transfer receipt and a DAB are not the same document. A SWIFT receipt proves that funds were transferred, while the DAB documents the prescribed foreign currency conversion for the property purchase.

3. How Does the Money Transfer and Currency Conversion Process Work?

Although the exact arrangements depend on the transaction and the banks involved, foreign buyers should generally understand the following sequence.

Step 1: Agree on the Property Price and Payment Schedule

Before transferring money, agree on the purchase price, payment deadlines and beneficiary details with the seller or developer.

Make sure the payment schedule is consistent with the signed agreement.

Step 2: Contact the Receiving Turkish Bank

Ask the bank how it handles incoming international transfers for property purchases by foreign nationals.

Confirm the documents it needs, the acceptable currencies and the procedure for obtaining the DAB.

Step 3: Transfer the Funds from Abroad

Send the agreed amount through an authorised banking channel.

Keep the SWIFT confirmation and the sending bank's transaction receipt. These records help establish where the money originated and how it entered Türkiye.

Step 4: Complete the Required Currency Conversion

The foreign currency must be processed through the applicable bank procedure for sale to the Central Bank.

The bank issues the DAB in accordance with the relevant rules.

Step 5: Complete the Property Payment and Title Deed Procedure

The payment must be coordinated with the seller and the Land Registry process.

The required documents should be checked before the title deed appointment to avoid discrepancies between the purchase agreement, bank records and official sale information.

4. Documents Required When Transferring Money to Türkiye

The documents requested may differ depending on the sending country, receiving bank, buyer's profile and transaction structure.

However, foreign property buyers should prepare the following records.

Personal Identification Documents

• Valid passport

• Turkish Tax Identification Number, where required

• Contact details and address information

• Additional identification documents requested by the bank

Banking and Transfer Documents

• Sending bank account statement

• SWIFT transfer confirmation

• International transfer receipt

• Beneficiary account information

• Source-of-funds documents, if requested

• Foreign Exchange Purchase Certificate (DAB), where applicable

Property Purchase Documents

• Property reservation or purchase agreement

• Payment schedule

• Seller or developer's payment instructions

• Relevant title deed transaction information

• Additional documents requested by the Land Registry

Keeping these documents organised can make the payment and title deed process easier to manage.

5. What Is Proof of Source of Funds and Why Is It Important?

Turkish banks may request information about the origin of funds as part of their customer identification and anti-money laundering procedures.

This is particularly relevant when transferring substantial amounts internationally.

Depending on your financial circumstances, the bank may ask for documents such as:

• Recent bank statements

• Employment or income documents

• Business ownership or company income records

• Property sale agreements and payment receipts

• Investment or savings statements

• Inheritance or gift documentation, where relevant

The purpose is to establish a clear and reasonable explanation of how the funds were obtained.

Buyers should contact their bank before initiating a large transfer to confirm which documents are acceptable.

6. Can You Transfer Money in US Dollars or Euros?

Foreign buyers commonly use major international currencies such as US dollars, euros and British pounds when arranging property payments.

However, the currency used for the international transfer and the currency processed under the DAB procedure are separate considerations.

Under the applicable Central Bank instructions, banks sell US dollars, euros and British pounds to the Central Bank for this procedure. Other foreign currencies may need to be converted into an eligible currency through the bank's prescribed exchange-rate mechanism.

The final amount in Turkish lira depends on the applicable conversion process and transaction date.

Before sending funds, ask your bank to explain:

• Which currencies it accepts

• Whether an intermediary conversion is required

• The exchange rate applied

• The total bank charges

• The amount expected to be recorded in the DAB

7. What If You Are Buying Property for Turkish Citizenship?

Foreign investors purchasing property as part of Türkiye's citizenship-by-investment programme should pay particular attention to payment documentation.

A DAB alone does not replace all the evidence required for a citizenship-related property acquisition.

Additional banking documents demonstrating the payment from the buyer to the seller may be required under the applicable citizenship procedures.

The transaction must also comply with the programme's investment amount, property eligibility, ownership and holding-period requirements.

These requirements should be checked with qualified legal professionals before transferring the purchase funds.

8. Common Mistakes Foreign Property Buyers Should Avoid

A poorly organised payment can create unnecessary delays and documentation problems.

Here are some common mistakes to avoid:

Transferring Money Before Confirming the Payment Route

Do not send the full purchase amount before confirming the receiving account and the bank's currency conversion procedure.

Confusing a SWIFT Receipt with a DAB

A bank transfer receipt and a Foreign Exchange Purchase Certificate serve different purposes. Make sure you obtain the document required for the title deed transaction.

Using Incorrect Beneficiary Details

Incorrect account information can delay payments or create difficulties when documenting the transaction.

Failing to Keep Financial Records

Save all bank statements, SWIFT confirmations, conversion records and payment receipts.

Making Payments Through Unclear Third-Party Arrangements

Payments involving unrelated third parties can complicate the verification of the buyer, source of funds and payment history. Agree on the correct payment structure with your bank and legal representative before transferring money.

9. Can Foreign Buyers Transfer Their Money Back Abroad?

Foreign property owners may generally transfer eligible property income and net sale proceeds abroad through banks, subject to applicable taxes, deductions and banking requirements.

Article 16 of Türkiye's Decree No. 32 on the Protection of the Value of Turkish Currency addresses the transfer of income and sale proceeds from real estate owned by persons resident abroad.

The actual amount transferable may depend on taxes, outstanding obligations, documentation and the owner's residency status.

For this reason, investors should retain their original purchase and payment records throughout the ownership period.

Frequently Asked Questions

How can I transfer money to Türkiye to buy property?

You can generally use an international bank transfer, such as SWIFT, to send funds to a Turkish bank account. Before transferring, confirm the beneficiary details and the required currency conversion procedure with the receiving bank.

Do foreign buyers need a DAB certificate?

Foreign individual buyers who do not have Turkish citizenship are generally required to complete the prescribed foreign currency conversion and provide the resulting DAB for property acquisition.

Can I send money directly from my overseas bank account?

Yes, international transfers are commonly used. However, the transfer route and subsequent currency conversion must comply with the applicable banking and Land Registry procedures.

Is a SWIFT receipt sufficient for buying property?

No. A SWIFT receipt confirms the transfer of funds but does not replace the DAB required under the foreign currency conversion procedure.

Can I transfer US dollars to Türkiye?

Yes. US dollars are commonly used for international transfers and are among the currencies covered by the Central Bank's DAB-related procedures.

What documents should I keep after transferring the money?

Keep your SWIFT receipts, bank statements, source-of-funds documents, DAB, payment confirmations and property purchase agreement.

Can I use a Turkish bank account to pay for my property?

A Turkish bank account can make it easier to coordinate payments and retain transaction records. The exact payment arrangement should be confirmed with the receiving bank and your legal representative.

Final Thoughts: Plan Your Property Payment Before Sending Money

Transferring money to Türkiye to purchase property is a manageable process when the banking arrangements and legal documentation are prepared in advance.

Understanding the DAB requirement, confirming the correct payment route and keeping clear records of the source and movement of funds can help foreign buyers avoid unnecessary complications.

Every property transaction has its own circumstances, so it is important to verify the applicable requirements with the bank and legal professionals before making a payment.

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