Attention to the Risk of Blokage in Foreign Currency Based Transfers
In the recent days, several banks are demanded an explanation from the receiver with blocking the foreign currency units over 50.000 USD which are Transferred from Abroad, because of their notification and explanation liability to the Turkish Central Bank.
The foreign companies to transfer money with foreign currency to Turkey, shall be provided against possible delays with respect to payment dates and contractual obligations. It is important to fulfill the obligation of declaration and statement by the receiver party not to be subject of any trouble.
The transfer of the foreign currency units among the countries and principals of the transactions are regulated by the "Decree no.32 on the Protection of the Value of Turkish Currency". You may reach the related regulations via this link: https://www.hazine.gov.tr/mali-sektorlerle-iliskiler-ve-kambiyo-mevzuati
According to the relevant decree "Banks shall notify authorities that will be determined by the Ministry, about Turkish Lira transfers to abroad except import, export and invisible transactions, that exceed the amount of 50.000 USD, within 30 days from the date of transfer." Besides, according to the GENERAL DIRECTORATE OF BANKING AND FINANCIAL INSTITUTIONS FOREIGN EXCHANGE LEGISLATION DIRECTORATE - CAPITAL MOVEMENTS CIRCULAR clause 19/6 "Banks are liable to control the compatibility of the loan usage with foreign currency which is mentioned in the clause 14 of this Circular, of the credits from abroad with the general rules. In this framework, a written statement shall be taken from related firm to determine whether or not the foreign currency units transferred to the firm account from abroad with the amount of 50.000 USD and above of which transfer reason is not determined, are credit. A notification shall be made to the Under-Secretariat of Treasury if a misleading statement of firm's regarding the transfer from abroad, is detected.
On the other hand, it is free to transfer foreign currency based units to abroad through banks for residents in Turkey and abroad. However, also in these transactions, there is a necessity for banks to notify CBRT under same conditions and within the same period of Turkish lira transfer transactions. Movements related to the capital transfers are also notified to the Ministry of Economy by the banks within 30 days.
Under this explanations, the receiver party shall negotiate with their banks in advance with regard to the foreign currency based amounts from abroad not to lead any delay and complete imperfect data if any and fulfill the transaction of written statement and declaration with a petition.