A Practical Banking Glossary for Türkiye: IBAN, SWIFT, FAST, EFT and Havale

سفير تركيا

سفير تركيا

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Turkish banking apps and payment forms use a small set of terms repeatedly. This practical glossary explains the ones you are most likely to need.

1. IBAN: International Bank Account Number
A Turkish IBAN starts with TR and has 26 characters in total. It identifies a payment account. You may need it for salary payments, transfers or account-related instructions. An IBAN alone does not establish the currency, fees or eligibility of a particular transfer; check the bank's instructions.

2. SWIFT / BIC
A BIC identifies a financial institution within international messaging arrangements commonly called SWIFT. For a transfer from abroad, the sending institution may request the recipient's IBAN, the bank's BIC and other details. Confirm these with the receiving bank. Intermediary fees and processing times can vary.

3. FAST: instant domestic transfers
FAST is Türkiye's continuous instant-payment system for eligible Turkish-lira transfers between participating institutions. It operates around the clock, including weekends and holidays. Successful payments normally complete within seconds; bank controls, outages and transaction limits still apply.

Limit update — 8 October 2026: The ordinary FAST system limit became TRY 300,000 per transaction on 26 August 2026. Your bank may apply lower channel, daily or customer limits. Special payment services have separate rules; do not assume the ordinary transfer limit applies to every FAST-based product.

4. EFT: transfers between different banks
EFT is commonly used for domestic transfers between different banks. Conventional EFT processing depends on the payment system's operating arrangements and the bank's cut-off times. An instruction accepted outside those times may be queued. Some apps route an eligible payment through FAST instead, so check the actual method and status.

5. Havale: transfers within the same bank
Havale generally means transferring between accounts at the same bank. It is often convenient and quick. Charges and availability depend on the bank, account and channel; the name does not guarantee a free transfer.

6. Debit card
A debit card normally pays from the available funds in its linked account and can be used for eligible purchases and ATM services. An attached overdraft, where agreed, can create borrowing rather than spending only your own balance.

7. Credit card
A credit card provides an approved borrowing limit, with repayment governed by its statement and terms. Eligibility and limits can depend on the bank's assessment, income, existing debts and credit record. Interest and charges may apply when amounts are not paid as required.

8. 3-D Secure
An authentication framework for eligible online card payments. Verification may involve an app approval, a code or another method; not every transaction requires the same visible challenge. It is an additional safeguard, not a guarantee about the merchant or a promise that a transaction will be approved.

9. ATM and POS
An ATM is a cash machine. Depending on the machine and account, it may support withdrawals, deposits and other services. A POS terminal is the payment device used by a merchant.

10. Dekont
A dekont is a transaction receipt. Keep it for transfers, rent and other important payments, and check whether it records a completed transaction. A bank statement serves a different purpose by showing activity across a period.

Start with the essentials
Understanding IBAN, FAST, EFT, havale and dekont will make everyday banking easier. Always read the amount, recipient, fees and confirmation screen before authorising a payment.

Official references: TCMB FAST information and FAQ, TCMB's August 2026 FAST limit announcement and TCMB's IBAN communiqué.
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