Send Money to Turkey with Peanut — Coming Soon
Peanut is expanding to Turkey. Soon you'll be able to send money and have recipients spend locally via FAST — Turkey's instant payment system.
Send Money to Turkey with Peanut — Coming Soon
Turkey is one of Europe's largest remittance destinations, with millions of people in Germany, the Netherlands, and the UK regularly sending money to family and friends. The traditional options — bank transfers, Western Union, PayPal — all take a cut through fees and unfavorable exchange rates. With the Turkish lira's ongoing volatility, every percentage point matters: a worse exchange rate means fewer lira in the recipient's pocket at a time when purchasing power is already under pressure.
Peanut is building a faster, cheaper way to send money to Turkey. Soon you will be able to send funds and have the recipient access them instantly through FAST — Turkey's central bank instant payment system that connects all major Turkish banks for 24/7 real-time transfers.
Why Peanut Will Be the Best Way to Send Money to Turkey
Better Exchange Rate
The Turkish lira has experienced significant depreciation in recent years, making exchange rate quality the single biggest factor in how much value actually arrives. Traditional services add their own markup on top of the mid-market rate. Peanut converts digital dollars directly to local currency at a competitive market rate, cutting out the extra conversion layers that services like Wise and PayPal build into their pricing. For a currency as volatile as TRY, that difference compounds with every transfer.
No Fees
Peanut charges nothing on deposits, sending, or local spending. No transfer fees, no receiving fees, no hidden currency conversion charges. Compare that to Western Union's flat fees of $5-$15 per transfer plus a marked-up exchange rate, or the 3-4% that PayPal quietly takes off the top of cross-border transactions.
Instant via FAST
FAST (Fonlarin Anlik ve Surekli Transferi) is Turkey's national instant payment system, operated by the Central Bank of Turkey. It enables 24/7 real-time transfers across all major Turkish banks — Ziraat, Is Bankasi, Garanti BBVA, Akbank, Yapi Kredi, and more. When Peanut launches, recipients will access their funds through FAST instantly, rather than waiting 1-3 business days for a traditional bank transfer to clear.
No Local Account Needed
Turkey's financial system typically requires a TC Kimlik No (Turkish national ID number) for full banking access. Foreigners need a residence permit or tax number (Vergi Numarasi) for even basic services. Peanut removes that barrier — recipients will verify with any passport, no Turkish ID or local bank account required.
Info
How It Will Work
- 1
Sign up and verify
Create a Peanut account and complete identity verification with your passport. Takes under 2 minutes for most users.
- 2
Deposit funds
Fund your Peanut account via SEPA (free, most arrive in under 20 minutes from Europe), ACH from the US, or send digital dollars from any major exchange.
- 3
Send to your recipient
Your recipient creates a Peanut account or receives funds to an existing one. Peanut-to-Peanut transfers arrive instantly.
- 4
Recipient accesses funds via FAST
The recipient uses their funds through Turkey's FAST instant payment system, transferring to any Turkish bank account in real time, 24/7.
What the Recipient Will Be Able to Do
Instant Transfers via FAST
FAST connects all major banks in Turkey and enables real-time transfers via IBAN, phone number, or Turkish ID number. When Peanut integrates with FAST, recipients will be able to move funds to any Turkish bank account instantly — day or night, weekdays or weekends. No more waiting for business hours or multi-day settlement windows.
Bank Withdrawal
Recipients will also be able to withdraw to a Turkish bank account, converting their digital dollar balance to lira at the point of withdrawal. This provides flexibility for larger amounts or transfers to specific accounts.
Growing QR Payments
Turkey is actively adding QR payment functionality to the FAST system. As this rolls out, Peanut recipients may also be able to make QR-based merchant payments directly, expanding beyond bank transfers into everyday retail spending.
How Much Will It Cost?
Peanut charges no fees on any operation. The only cost is the exchange rate — and Peanut's rate is designed to beat what traditional services offer by converting digital dollars directly to lira at a competitive market rate.
| Service | Fee | Exchange Rate | Recipient Gets |
|---|---|---|---|
| Peanut (planned) | $0 | Market rate | More lira |
| Wise | ~$3-6 | Mid-market with markup | Less |
| PayPal | ~$5 + 3-4% | Below mid-market | Significantly less |
| Western Union | $5-15 | Worst rate | Least |
With TRY volatility, the exchange rate gap between services is especially impactful. A 2-3% difference on a $500 transfer means thousands of extra lira for the recipient over a year of regular sending.
Sending from Specific Countries
Send Money from Germany to Turkey
The Germany-to-Turkey corridor is one of Europe's largest remittance flows, driven by a diaspora of approximately 3 million people. German senders will be able to deposit via SEPA (free, 90% arrive in under 20 minutes) and send to Turkey. The recipient accesses funds via FAST instantly — no multi-day wait, no Western Union queues.
Send Money from the United Kingdom to Turkey
The UK hosts a significant Turkish community. When Peanut launches, UK-based senders will deposit via SEPA (free) and send funds to Turkey. The recipient gets instant access through FAST, compared to the 1-3 business day wait with traditional bank transfers.
Send Money from the Netherlands to Turkey
The Netherlands is another key origin for Turkey-bound remittances. SEPA deposits from the Netherlands are free and fast, with most arriving in under 20 minutes. The recipient in Turkey then accesses their funds via FAST in real time.
