24/7 Money Transfer Through EFT: Make Payments without IBAN Through FAST!
24/7 money transfer in Turkey! With the FAST system that reinforces the digital transformation, there will be no difference between EFT and remittance in Turkey. Learn the FAST system whose test period will be started on December 18, 2020.
What is the “FAST System” that Eliminates the Difference between EFT and Remittance?
The expansion of the FAST system provides answers about the implementation. The FAST system eliminates the difference between the EFT and remittance and makes the money transfer possible 7 days and 24 hours a day!
The restriction of making money transactions until 17:00 in EFT will be history. Money transfer transactions between bank accounts start a new era in digital banking transactions. This system is known as Instant and Continuous Transfer of Funds.
So, what are the advantages and innovations of this system that will allow you to pay 24/7?
Payment Transfer Through IBAN is Over! Pay Via Your Phone or E-Mail
This new system allows you to make payments via your phone number or e-mail account in Turkey. The banking transactions in Turkey are accelerating with the digital transformation.
Let’s take a brief look at the EFT and remittance transactions in Turkey. Then let’s examine the details about the payment system available for 24/7 and will be tested as of 18th of December.
EFT Payment: EFT payment can be achieved at bank branches, but digital transactions are more practical.
The advantages of EFT: You can provide a secure money transfer of money between different banks.
Remittance Payment: The process of sending money between accounts in Turkey.
The Advantages of Remittance: Remittance transactions are money transfer transactions between accounts. You can only transfer money between your bank accounts.
It is declared that the difference between remittance and EFT will be eliminated. It is important to know the payment transactions with EFT and remittance in detail if you want to benefit from this new system.
What is the Difference Between EFT and Remittance?
Knowing the differences between EFT and remittance is crucial to make your payments with ease!
You can transfer money inter banks with EFT;
You can transfer your money to different banks with EFT. However, you cannot transfer your money to different banks through remittance.
Remittance transactions enable you to transfer your money between your accounts. The information required for the remittance is more complicated and causes loss of time.
Remittance transactions take longer times and cause a waste of time. You can have detailed information about banking transactions to save your time. Complete your transactions more easily in this way.
The officials of The Central Bank of the Republic of Turkey say that the FAST payment system will make the disadvantages of EFT and remittance transactions disappeared. The FAST system will be tested as of December 18, 2020.
EFT payment transactions can be made during working hours. However, the new system provides a 24/7 transaction opportunity. Money transfer through EFT has caused a loss of time or failures because of the fact that transactions between different bank accounts can not be done on weekends and public holidays. Yet, the new FAST system will make you achieve your Money transactions without any restriction of time in Turkey.
With the FAST system which offers 24/7 payments, you will be able to transfer money between bank accounts without any restrictions. The disadvantages of money transfer systems such as EFT or remittance will no longer exist during your payment and money transfer transactions. It is observed that the banking system in Turkey becomes gradually stronger. As a consequence, economic transformation and digitalization are started.