General educational guidance. Confirm current requirements for your goods and procedure; no rates, deadlines or outcomes are guaranteed.
Paying and getting paid between Türkiye and the Middle East
Trading between Türkiye and markets such as Iraq and the United Arab Emirates is growing — but the payment step is where many deals slow down or fail. This guide explains the common ways companies pay each other on these routes, what banks usually ask for, and how to prepare before money moves.
The common payment methods
Bank transfer (SWIFT). The most common method for B2B trade. The buyer's bank sends money to the seller's bank through the international SWIFT network. Transfers involving Türkiye, Iraq or the UAE often travel in US dollars or euros, even when the invoice is in another currency.
Letter of credit (L/C). A bank guarantees the seller gets paid once the agreed documents (for example shipping papers) are presented. It protects both sides and is common for larger orders, but it has bank fees and strict document requirements.
Documentary collection. The banks handle the shipping documents and release them to the buyer against payment or a promise to pay. Cheaper than a letter of credit, with less protection.
Advance payment. The buyer pays part or all before shipment. Common for first orders and smaller deals, but it puts the risk on the side that pays first.
What banks usually ask for
Banks on these routes review trade payments carefully. Prepare before you send or receive:
- A commercial invoice describing the goods, quantities and values
- A contract or purchase order between the two companies
- Company registration documents for your business
- For the receiving company: bank details exactly as registered at the bank
- Sometimes: shipping documents and the origin of the goods
Missing or inconsistent documents are the most common reason a transfer is delayed or returned.
Currency and timing
- Many companies on these routes agree the price in USD or EUR to avoid currency surprises.
- International transfers are not instant. Plan for several business days, and longer if a bank asks questions.
- Exchange rates and bank fees vary between banks — compare before a large payment.
What Ratin does — and does not do
Ratin is an independent advisory firm. We help you plan the payment: choosing the method, preparing the documents banks ask for, and understanding the risks of each option. We do not transfer, hold or exchange money, and we are not a bank or payment provider. The actual payment always goes through your own bank.
Before your first payment on these routes
- Agree the payment method and currency in writing before shipping anything.
- Ask your bank early what documents they will require for the receiving country.
- Start with a smaller first order while the banking relationship is new.
- Keep every invoice, contract and transfer receipt organised — banks can ask about a payment months later.
This guide is general educational information. Rules and bank practices change and vary by bank and country; confirm the current requirements with your own bank before sending or receiving money.