Thousands of money transfers are made every day in both individual and corporate accounts. Thanks to technology, it is now possible to send money from one account to another without having to go to a bank branch or even an ATM. As a matter of fact, all money transfers can now be made via mobile banking by giving instructions.
Of course, not all money transfers are made for the same reason, and they all have different rules and limits. The existence of more than one method for money transfer and the increase in transactions that enter our lives can sometimes lead to confusion. It may not be easy to remember which operation does what, especially considering that abbreviations are now used for some terms.
What is an IBAN?
The account number standard that ensures that each bank account can be recognized both domestically and abroad is called IBAN. This means that every customer with a bank account has an IBAN that they can use to transfer money.
The IBAN number given to its customers by each bank in the Republic of Turkey consists of a 26-digit sequence with letters and numbers. At the beginning of this sequence is the country code. All IBAN numbers in our country start with the TR code.
The IBAN system also prevents the money transfer to be made to an incorrect account due to numerical errors. As a matter of fact, if the IBAN number is entered incorrectly during the transaction, the system automatically warns the user as it will not match the recipient name. Thus, money transfer is prevented from being made to the wrong account.
If you do not know your IBAN number, you can easily find out from mobile banking or internet banking branches.
What is a transfer?
Another transaction we encounter in money transfer is virman. A money transfer made by a bank customer, who has two different current accounts at the same bank, between their own accounts is called a transfer.
At this point, you can question why a person has more than one current account at the same bank and why he has to transfer between them. There are many reasons for this: Saving and allocating budgets are two of them.
With ATMs, internet banking and mobile banking, virman transactions can be carried out within minutes, 7/24, and at bank branches during working days and hours.
A bank customer who makes a transfer does not pay any fee for this transaction. In these transactions, which can usually be handled quite smoothly, errors may occur only if the person has more than two current accounts at the same bank or if the shipping amount is entered incorrectly or incompletely. In such cases, it is quite easy to rectify the situation by reverting.
What is the Difference Between Wire Transfer and EFT?
Perhaps the two most confused terms among mobile banking money transfer transactions are remittance and EFT.
The main reason for this confusion is that it is not sure which transaction is made between the same banks and which is between banks.
EFT, whose full name is Electronic Funds Transfer, means sending money to a person's account in a different bank or to a recipient in a different bank.
Wire transfer is the money transfer between two people using the same bank or the money transfer between the accounts of the person in different branches of the same bank.
The difference between these two transactions, of course, stems from the banks used. Since the money moves in different accounts of the same bank, the money transfer takes place in a much shorter time compared to the EFT, which is an interbank transfer. For this reason, EFT can be made during working days and hours.
For example, it takes 19.00 on Monday morning for an EFT order given at 09.00 on a Friday evening to be transferred to the buyer's account. In addition, transaction fees are higher in EFT, which is an interbank transaction.
What is Fast?
FAST technology enables money transfer transactions such as EFT and money transfer to be carried out regardless of the day and time. With FAST, which stands for Instant and Continuous Fund Transfer, amounts up to 5.000 TL can be transferred to another account/recipient 7/24. In this way, it is a great convenience for those who cannot find the opportunity to do these transactions during working hours.
What Should Be Considered When Transferring Money?
The most important thing to consider when transferring money is to enter the recipient account information correctly and completely.
In addition to the IBAN used for money transfers, in some cases, information such as the bank name of the recipient account and the bank branch code may be required.
With Easy Address Identification, a person's IBAN number can be matched with personal information. For example, information that is used more in daily life, such as mobile phone, e-mail address or TR ID number, is much easier to remember than IBAN, so this matching makes it easier for the person to transfer money.
Another issue to be considered during the transfer is the accuracy of the amount sent. If the money that is sent incomplete or in excess is between the person's own accounts, it can be corrected more easily; however, the situation may not be so easy for different buyers.
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