While many Amazon sellers primarily conduct business and make payments in the country in which you are located, a large percentage must also conduct transactions abroad for deliveries. Accordingly, if you make payments in Turkey, the following topic might be of interest to you: it’s about the falling lira exchange rate. We will first show you how the Turkish government is reacting to the downward trend of the exchange rate. Furthermore, we would like to introduce iBanFirst and explain what you should pay attention to when making payments in Turkey.
How Turkey reacts to the exchange rate loss
The Turkish government is reacting to the increasing exchange rate losses of the lira by requiring companies based in Turkey to sell a quarter of their export earnings in foreign currencies. They are then to receive the money from private banks in Turkish lira. The exchange rate is determined thereby by the Turkish central bank. In this way the national currency is to strengthen again. However, this measure is associated with coercion. Experts therefore believe that, although the measures are basically suitable, they could have a deterrent effect on companies that want to settle in Turkey or conduct foreign exchange transactions.
iBanFirst as a partner for foreign transactions
Nevertheless, in order to deal with the current developments around the Lira exchange rate in the best possible way, Amazon Sellers have a few options. iBanFirst recommends that you don’t request payments in another currency in the first place. This way, you’ll receive lira directly and won’t have to exchange it at the prescribed exchange rates.
If you don’t know how to receive payments in foreign currencies yet, you should take a closer look at iBanFirst. As a service provider, iBanFirst is particularly convincing in that payments are available in many currencies and to almost all countries. In addition, everything runs through a central platform, which makes one’s work easier and enables seamless monitoring of transactions. For Amazon sellers who have partners abroad, opening an account* with iBanFirst is therefore a sensible step towards optimizing payment processes.
That was our contribution to the current development of the Lira exchange rate. Do you have any further questions about the services of iBanFirst* or do you need other support in your online business? Then please feel free to contact us. We are always ready to help you with words and deeds. Feel free to send us a message – without any obligation, of course.
We look forward to hearing from you.