🇹🇷How to Receive International Payments in Turkey

The Central Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası — TCMB) governs all foreign exchange flows into and out of Turkey. For freelancers and service exporters, the key regulatory instrument is the obligation — introduced under Decree No. 32 on the Protection of the Value of Turkish Currency and subsequent TCMB circulars — to convert a portion of foreign currency earnings into Turkish lira (TRY) within a set period of receiving payment.

As of the rules that took effect in 2022 and remained in force through subsequent updates, Turkish residents receiving foreign currency for service exports are required to convert 25% of the gross amount to TRY through a Turkish bank within 180 days of receipt. The exact conversion percentage has been adjusted several times by TCMB circulars; always check the current circular (available on tcmb.gov.tr) before assuming the rate, as it can change with little notice. The remaining portion can be retained in a foreign currency deposit account (döviz hesabı) at any BRSA-licensed Turkish bank.

Turkish banks with robust foreign currency account infrastructure include Garanti BBVA, İşbank, Akbank, and Yapı Kredi. These institutions all offer EUR, USD, and GBP accounts and can receive SWIFT wire transfers. Processing times for incoming international wires are typically one to three business days.

The Banking Regulation and Supervision Agency (Bankacılık Düzenleme ve Denetleme Kurumu — BDDK, also known by its English initials BRSA) licenses and supervises all banks operating in Turkey. It also oversees payment and electronic money institutions. Platforms such as Payoneer must obtain a payment institution licence from BRSA to operate in Turkey, and the BRSA publishes the current list of licensed payment institutions on its website.

Decree No. 32, originally issued in 1989 and amended repeatedly, remains the foundational legal text for FX regulation. It permits Turkish residents to hold foreign currency freely but imposes the mandatory conversion obligation for export proceeds. Service exports — the category under which freelance income falls — are treated similarly to goods exports for this purpose. Your Turkish bank will typically ask you to complete a "Döviz Alım Belgesi" (Foreign Exchange Purchase Certificate) when you convert the mandatory portion; this document is part of the bank's own compliance records.

The TCMB's electronic data collection system (EVDS) tracks aggregate FX flows. Individual freelancers are not directly required to file with TCMB; their bank fulfils the reporting obligation on their behalf when processing the conversion. The practical implication is that your bank will identify and flag the transaction to you when the 180-day window approaches if you have not yet converted the required share.

Payoneer is widely used by Turkish freelancers and is licensed as a payment institution in Turkey. Funds received via Payoneer can be withdrawn to a Turkish TRY bank account (with Payoneer applying a TRY conversion rate that typically includes a 2–3% spread against mid-market) or, at some Turkish banks, to a foreign currency account. If withdrawing to a foreign currency account, you must still fulfil the mandatory TRY conversion obligation independently through your bank.

Wise operates in Turkey but its product availability is more limited than in Western Europe. It supports transfers to Turkish bank accounts in TRY. As of mid-2025, Wise does not offer TRY-denominated balances or local Turkish account details, which means you cannot use a Wise account number as your receiving account — you must direct clients to wire funds to your Turkish bank account directly, or to your Payoneer account.

For high-value transactions, the most efficient route is typically a direct SWIFT wire from the client to your Turkish bank's foreign currency account. Turkish Tier 1 banks charge incoming wire fees of approximately TRY 150–400 (around USD 5–15 at current rates). The bank will credit the foreign currency to your döviz hesabı and prompt you to convert the mandatory share within the 180-day window. Keeping a dedicated spreadsheet tracking each inflow date and the corresponding conversion deadline is practical hygiene for compliance.

Turkey's tax authority is the Revenue Administration (Gelir İdaresi Başkanlığı — GIB). Turkish tax residents (individuals domiciled in Turkey or present for more than six months in a calendar year) are taxed on worldwide income. Freelance income from overseas clients constitutes "commercial income" (ticari kazanç) or "self-employment income" (serbest meslek kazancı) depending on the nature of the activity.

Serbest meslek (professional freelancers — designers, writers, developers, consultants operating under their own name without forming a company) benefit from an expense deduction of 40% of gross receipts under Article 68 of the Income Tax Law, applied to arrive at net taxable income. Progressive income tax rates apply to the net figure: 15% up to TRY 110,000, 20% on TRY 110,000–230,000, 27% on TRY 230,000–870,000, 35% on TRY 870,000–3 million, and 40% above TRY 3 million (thresholds are indexed annually for inflation — verify current brackets on the GIB website before filing).

Annual income tax returns (Yıllık Gelir Vergisi Beyannamesi) are due by 31 March for the preceding calendar year and are filed electronically via the GIB İnteraktif Vergi Dairesi portal (ivd.gib.gov.tr). Freelancers must also register with their local tax office and obtain a tax identification number (Vergi Kimlik Numarası — VKN) before commencing commercial activity. For VAT (KDV), service exports to foreign clients generally qualify as zero-rated supplies, meaning no KDV is charged to the client, but registration and periodic filing are still required once your turnover exceeds the KDV registration threshold.