Critical decisions have come from Wise and TransferGo, where money exchange in return for services and products in Turkey and around the world. Both platforms have subsequently restricted their services in Turkey.
Freelancers and small-scale exports while a service like PayPal is still not available in Turkey, Alternatives like Wise and TransferGo was oriented. But this week, sad news came from both platforms for Turkey.
UK-based TransferGo, in its statement in Turkish, emphasizing that current events and financial markets show instability He announced that he has stopped all transfers from Turkey.
TransferGo’s statement stating that transactions from Turkey have been stopped:
“Financial markets show instability due to current events in Turkey. This poses a risk to our customers and us in money transfers.
It’s one of our company policies not to take risks with our customers’ money, so we need to be cautious. As a result, we had to stop all transfers from Turkey.
We are closely monitoring the situation, as soon as the environment is stable, we will start money transfers from Turkey again.”
On the Wise side, things are a bit complicated:
Wise shared that he made a change in the platform that concerns users living in Turkey, due to local regulations. In the statement, foreign currency can no longer be kept in the accounts, Foreign currency cannot be traded. reported.
In other words, users would only be able to trade in Turkish Lira (TRY). Change, from 4th of July would be valid.
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In addition, some users began to be unable to convert the balance in their accounts to TRY or a different currency. Wise says in conversion processes “The exchange rate is very volatile at the moment, so we cannot guarantee the rate. We will use the live rate when your money reaches us.” was warning.
Another statement from Wise on May 4:
“We have closed TL payments for maintenance, but we are working to restart it as soon as possible. By the way, it is still possible to send money from Turkey if you pay in EUR or USD. In addition, you can still send TL transfers to Turkey from your foreign currency account.”
After these confusions in Wise, a new statement was shared on May 5:
Wise started to include a new statement by updating its blog post on the changes on July 4th. The following statements were used in that statement:
“An earlier version of this article included preliminary information on how customers in Turkey might use Wise in the future due to a change in local regulations.
We are still evaluating the impact and will notify affected customers of any changes as soon as possible and will update this page. We apologize for any inconvenience.”
Latest situation at Wise:
Money transfers from Wise in Turkish Lira are still not possible. Money transfers are requested in USD or EUR.
We will report developments as they occur.