Paying a Turkish supplier from Russia: dollars or euros to an IBAN in the invoice currency, strict bank checks, Bayram holidays. Rate known before the debit.
Estimate the minimum fee
The final fee and rate are fixed in the payment order
Minimum amount: 10,000 USD or equivalent
This is a minimum, not an offer or a rate lock. The final figure depends on the country, amount and the banks involved and is fixed in the payment order.
Request a quoteFor Russian imports, Turkey is first of all clothing and textiles: ready-made garments, home textiles, footwear, and garments made to the customer’s samples under the customer’s own brand. Next come building materials (tiles, sanitary ware, panels), furniture, household appliances, car parts, chemicals and plastics. A separate large group is fresh vegetables and fruit, nuts and dried fruit, and sweets.
The national currency is the Turkish lira (TRY). Turkish factories set prices for foreign buyers in US dollars or euros: the lira fluctuates too much. Invoices in lira come from small workshops and for services.
A Turkish IBAN has 26 characters and starts with TR, with a five-digit bank code built into it. The sending bank also needs the SWIFT code. A Turkish company usually has separate accounts in lira, dollars and euros, each with its own IBAN. We check that the number in the bank details belongs to an account in the invoice currency.
Since 2024, Turkish banks have examined payments involving a Russian party noticeably more strictly. Transfers where the beneficiary’s name, the IBAN or the subject do not match are returned, and sometimes held until the supplier responds. The bank may ask the supplier for the customs declaration, the contract and the invoice. So we check the bank details, the company’s legal form (A.Ş. or Ltd. Şti.) and the tax number before the payment order.
Another point specific to Turkey: the exporter must show its bank which export declaration the proceeds relate to. The invoice and contract numbers in the payment reference help the exporter link the payment to the shipment. The Turkish company issues the export invoice itself in the tax authority’s electronic system, with the customs tariff code of the goods (GTİP). We check that this code and the description match your specification.
Turkish banks behave differently, and a route that works into one may not work into another. So we choose the agent for your supplier’s bank and the payment currency, as of the payment date. You learn the rate and how much the agent will take from the payment order while the roubles are still in your account. If you need a guarantee, the roubles wait in a special escrow account at a Russian bank until the supplier has received the dollars or euros: this is on request, for an additional fee. You do not pay VEDmost separately: the broker’s fee is paid by the agent.
Textile makers usually ask for an advance to buy fabric and the balance before the batch ships. Building materials and furniture are paid against a pro forma invoice. Vegetable and fruit suppliers work on prepayment for each truckload.
Banks are closed for Ramazan Bayram and Kurban Bayram. They follow the Islamic calendar and move to different months from year to year, and the government often extends a Bayram to nine days. Other days off: January 1, April 23, May 1 and 19, July 15, August 30, October 29. If the payment deadline falls during a Bayram, it is worth signing the payment order before the holidays begin.
Five steps, the same for every country. Country specifics are described above.
Beneficiary's country, amount, currency, the invoice and the contract or bill, your company's and the beneficiary's details. We review the request before any documents are signed.
We select a network company and a route and prepare the documents. You sign an agency agreement with that company, which sets the execution period, and a payment order: amount, exchange rate and fee. All of this before you transfer your roubles.
You transfer roubles to the network company from your account at a Russian bank. If you need a guarantee, they wait for execution in a special escrow account, for an additional fee.
The agent sends the currency to the beneficiary under this payment order. A sub-agent is engaged only with your consent. The route does not change without a payment order.
We send you the payment confirmation, and a SWIFT confirmation on request. Then the completion certificate, the agent's report and the currency control package. The deal is not closed until the currency has been sent to the beneficiary.
If you need a guarantee, the payment goes through a special escrow account at a Russian bank: the roubles wait there until the agent sends the currency to the beneficiary and are released only upon execution. This scheme carries an additional fee, shown in the quote before the agreement.
The agent executes the payment within 3 business days: the period is written into the agency agreement.
If the beneficiary's bank accepts payment only from a specific payer, the agent engages a sub-agent. Only with your consent. Your agency agreement does not change.
For large volumes, on request, we assign an agent backed by a large exporter's surety; some companies in our network have one. It can be combined with escrow.
Tell us the rate you pay now or send your current agent’s documents. We’ll calculate the all-in cost with the FX markup and charges and look for a lower rate in our network. If there isn’t one, we’ll say so. The comparison is free.
Since 2024, Turkish banks have checked incoming payments connected with Russia in detail and returned transfers where something does not match: the name, the IBAN, the subject. That is why we check the bank details and the payment reference before the payment order, and choose the agent for the supplier's specific bank.
Almost always in dollars or euros: exporters dislike the lira because of its swings. Payment goes out in the invoice currency. If the supplier does not mind, we will tell you which currency has a working route to its bank on the payment date.
An exporter in Turkey must show its bank which export declaration the proceeds relate to. When the payment reference contains the invoice and contract numbers, it is easy for the exporter to link the payment to the shipment.
Yes, this is an ordinary manufacturing contract. The advance for the fabric and the balance before shipment go under separate payment orders within one agency agreement.
During Ramazan Bayram and Kurban Bayram, whose dates shift with the lunar calendar, and on public holidays: January 1, April 23, May 1 and 19, July 15, August 30, October 29.
Describe the payment. We'll reply with a proposed route and terms. We name the agent in advance, and the rate and fee go into the payment order before your roubles are debited.