Send Money to Turkmenistan

GCEN
Margin Rate: 0.8%
Minimum Transfer: £2000
Transaction Fees: £0
FCA Regualted: FCA Regulated
HIFX
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
IFX
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
World First
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Currency Solutions
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in Turkmenistan

Send Money Transfer to Turkmenistan

Whilst it is possible to move any currency including the local Turkmen new manat (TMT) without restrictions, there banking system is limited with few locals owning an account in a mainly cash based society. The banking sector is comprised of four state banks with local remits and inefficient processes that have led to a strong black market in currency. It is therefore possible to do a bank wire transfer provided the beneficiary has a bank account there but US dollars (USD) are often the preferred currency.

Money transfer bureaus do operate and can be found in some large towns. With this option however you will need to pay a significant commission on the transfer and it is worth looking around as fees can vary from just a few percent to as high as 15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

Bank Note System
Banknotes: 1, 5, 10, 20, 50, 100 500 New Manat

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