↑ Currency & Exchange Rate Guide a section from the guide
The Difference Between Cash Rate and Transfer Rate
When you go to a bank to buy currency you see two separate rates: cash (efektif) and transfer (havale). The difference between them determines your cost depending on the transaction type.
Definitions
Cash rate: used for buying-selling physical banknote (cash) currency. The bank reflects the cost of holding cash in the vault + insurance + transport in the price.
Transfer rate: used for transfers of currency to accounts/abroad. No physical cash — a narrower spread.
Spread Difference in Practice
Typically the cash selling rate is 0.5–1.5% more expensive than the transfer selling rate. So taking 1,000 dollars in cash from the bank costs more than transferring the same amount to your account.
If you will send a transfer abroad, the transfer selling rate applies; if you will take cash from the vault, the cash selling rate applies.
Which Channel Is Cheaper?
For large amounts, authorised exchange offices or the free market are generally cheaper than banks' cash rate. For small amounts (1,000–3,000 TRY of currency), the bank is a faster practical solution.