So I have a friend who wants to convert a large amount (probably around 30-50K worth of crypto) to fiat currency (preferably EURO though). He's not a Turkish citizen though but I believe he has a residency there. Obviously, he doesn't mind going through the KYC process.
I want to know what's the best (fastest/cheapest) way to convert those funds and what are some of the difficulties he might face.
1. Are there any local exchanges in Turkey that one could use but still get EUR or USD instead of Turkish Lira?
2. How about cash? Is it legal and is it possible to find people to trade with for such amounts? I checked Binance P2P. There are multiple offers but for TRY only. If you receive that, could you just withdraw the Lira directly in EURO?
3. I would imagine? that as a last resort, one could always use any exchange that supports SWIFT but I'm not sure what would that look like in terms of fees.
In Turkey, it can be challenging for foreigners to open a bank account and register on exchanges like BTC Turk to exchange their crypto for TRY/Lira. However, there is a reliable alternative. Foreigners can ask local residents in specific regions, such as Istanbul, where local exchanges (fiat exchanges) are located. These exchanges often work with SWIFT and facilitate crypto exchanges in various directions.
If your friend doesn't speak Turkish fluently, it's advisable to accompany them with a Turkish-speaking person to seek assistance in finding a reputable exchange for negotiation.
To check the price of cryptocurrencies like BTC/TRY, you can use
http://btcturk.com, which is the largest crypto exchange in Turkey. good luck
