IBAN, SWIFT Code & Bank Address
To transfer money into Turkey or out of Turkey through banks you the following:
- Name of the Bank
- IBAN number of the receiver
- Swift code of the receiver bank
- Receiver’s name on the account
- Bank address
International Bank Account Number (IBAN)
An IBAN allows for easy identification of the country where the bank is located and the account number of the recipient of the money transfer. The IBAN also acts as a method of checking that the transaction details are correct. The number starts with a two-digit country code, then two numbers, followed by up to third-five alphanumeric characters.
Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) system is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. It was formed in 1973
SWIFT code is a term heard by almost everyone who wants to exchange money abroad. The question of how to get SWIFT code is often wondered by those who need this code. Below is the information about what the SWIFT code is.
SWIFT code is a special code system used by banks in international money transfers. If there is a money transfer between you and abroad, you will definitely need a bank SWIFT code.
‘SWIFT’ stands for Society for Worldwide Interbank Financial Telecommunication. If banks will exchange money among themselves, they need a code allocated to them by this association. IBAN alone is not sufficient for international money transfers. Codes called SWIFT codes, which are unique to each bank, are also required. For example, you work with Isbank and you will receive money from abroad; Isbank SWIFT code is required next to the IBAN number.
What is the BIC code?
BIC code stands for Bank Identifier Codes. It is also the code used to identify the bank in international money transfers. The bank SWIFT code and the bank BIC code are the same. Some foreign websites request for a SWIFT code, some request BIC code; these two are the same.
How to learn the SWIFT Code
You can easily find your bank SWIFT code from the list of Bank SWIFT codes below. You do not need to query any SWIFT code. When typing the codes, all letters must be capital. The SWIFT code consists of 8 or 11 digits. In exceptional cases, it may be more. The first 4 characters are the bank code. The next 2 characters show the ISO country code. (TR for Turkey). The next 2 characters are the local code, in some countries this may be 3 characters. The last 3 characters indicate the branch code. XXX is generally used for the central branch. The first 8 digits are the code of the bank and the last 3 digits are the branch code.There are banks SWIFT code traded in Turkey in the list below.
How Does the SWIFT System Work?
The purpose of the SWIFT system is to send or receive money from overseas accounts. A system called SWIFT has been developed in order to perform the transactions safely while performing these operations. When using this developed system, 3 banks are included in the transaction: sending bank, intermediary bank and receiving bank. The sending bank first sends the money to the intermediary bank, then the intermediary bank sends the money to the receiving bank. Since 3 banks are involved when making transfers, transactions slow down. In addition, costs also increase, because the sending bank, the intermediary bank and the receiving bank charge a commission separately.
How Much are SWIFT Fees?
There is no complete answer to the question of how much SWIFT fee is, because intermediary banks involved in SWIFT transactions can change, thus the SWIFT commission fee can change.
When you give a transfer order to your bank, your bank finds an intermediary bank and transmits the money sending process to that bank before contacting the bank of the person to whom you will send the money. The bank in between asks for a commission, the intermediary bank and the receiving bank also want commission for that transaction. Here, the commission to be requested by the intermediary bank is important. They often change the prices. SWIFT fees change when the intermediary bank changes. Therefore, a clear commission amount cannot be given. Sometimes the SWIFT fee can be $ 30, sometimes it can be $ 60.
How to Send Money with SWIFT Code?
To send money with SWIFT, you can either apply at bank branches or easily make transactions through online banking applications. If you want to send money in which currency to make SWIFT transactions, you need to open an account in that currency. Then you get the IBAN number and the SWIFT code of the bank. You will also receive the code of the bank branch. By combining all these, you can easily send your money from the money sending section.
SWIFT Operating Hours
Usually SWIFT transactions are completed within 2-3 days. Transactions made before 17.00 are completed within 2 working days, while transactions made after 17.00 are completed within 3 working days.
Swift codes of major Banks in Turkey
Garanti Bank TGBATRIS
Akbank AKBKTRIS
Is Bank ISBKTRIS
ING Bank INGBTRIS
Ziraat Bank TCZBTR2A
Halk Bank TRHBTR2A
VakıfBank TVBATR2A
Abank ALFBTRIS
AnadoluBank ANDLTRIS
SekerBank SEKETR2A
Albaraka BTFHTRIS
Odeabank ODEATRIS
TEB TEBUTRIS
Kuveyt Turk KTEFTRIS
Yapı Kredi YAPITRISFEX
Burgan Bank TEKFTRIS
CitiBank CITITRIX
Denizbank DENITRIS
Eurobank Tekfen TEKFTRIS
Fibabanka FBHLTRISXXX
Finansbank FNNBTRIS
HSBC HSBCTRIX
How to Send Money from Turkey to Abroad
There are many ways to transfer money internationally. Among these methods, it is necessary to consider speed, reliability, and commission factors to determine which one you prefer.
Sending money to abroad from Turkey include options such as SWIFT, Western Union, MoneyGram and TransferWise. The most important features that distinguish these options from each other are the speed and the commission fees charged for the transaction.
Sending Money Abroad via TransferWise
With TransferWise, you can see very transparently the commission to be received in addition to low commissions. In this way, the cost of sending money abroad is minimized. Compared to international EFT, SWIFT transfers, the transaction is completed much faster. Also, you do not lose money in currency exchange.
The biggest reason UK-based TransferWise can make this transaction very cheap is that it has a local account in every country. For this reason, the money you want to send abroad is first transferred to TransferWise’s domestic bank account, and then the transfer is made from the account in the country where the money will be sent to the recipient’s account.
TransferWise is realized like a bank, approved by the BRSA. Another advantage of this system is that money can be sent quickly. Most of the transfers made via TransferWise take place within 1-2 days. It is also possible that the transactions made in the morning hours are completed in the evening hours.
Sending Money Abroad via Western Union
Western Union is one of the most well-known methods of sending money abroad. However, another thing that comes to mind with Western Union is very high commission fees. The biggest advantage of Western Union, which works with PTT and various banks in our country, is that it is extremely common. However, the excessively high international remittance fees compared to its competitors cause Western Union to be less preferred in the recent period. Although the commission amount varies depending on the country and the amount of money, Western Union charges an international transfer fee of 15% on average.
Although Western Union provides the opportunity to send money to 200 countries around the world, the transfer process is a bit more complicated. A form needs to be filled in for the submission process, and then the system provides a payment number. The receiving party cannot receive the money without having this payment number called MTCN (Money Transfer Control Number). For this reason, this number must be recorded and forwarded to the recipient.
With Western Union, money transfers can be made through PTT and contracted banks, as well as through services such as internet and telephone banking of contracted banks. The biggest advantage of Western Union is that transfer transactions continue almost instantly. In addition, unlike other options, transfers can be made not only between EFT hours but also on public holidays and weekends.
Sending Money Abroad via MoneyGram
The recipient’s MoneyGram account is found, and the money is sent there. MoneyGram serves in more than 200 countries around the world including Turkey. The disadvantage of this method is that it has higher commission fees than Western Union. However, it is possible to send money abroad from MoneyGram agencies regardless of bank branches.
For MoneyGram transfers, buyers do not pay any fees for withdrawals. In this method, as the amount of money increases, the amount of commission varies. Similarly, the commission amounts vary from country to country. The money transfer process is very similar to Western Union. Shortly after the transfer is made, the money is transferred to the recipients’ MoneyGram account.
Money transfers from abroad to Turkey
Just like in domestic transfers, IBAN information is indispensable, but you also need SWIFT and BIC codes from banks when sending money to IBAN from abroad. Because the money you send will be in foreign currency.
You can also send money from abroad to Turkey with simple IBAN information. TransferWise and similar methods do not require codes such as SWIFT and BIC for international money transfers
Money Transfer to IBAN from Abroad
The only thing you need to ask from the other party is the recipient’s name and surname along with IBAN information while transferring money from abroad to Turkey. You can use TransferWise and its usage is explained in detail above.
written by Melisa Karayusufoglu / image: haberturk.com