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Due to globalization and the acceleration of life and the unstoppable development of technology in today's world, the phenomenon of money transfer also began to change over time. Domestic money transfers made by hand, intermediary companies or public transport companies have evolved over time, giving way to effortless transactions from bank accounts. However, these effortless transactions can lead to quite distressing situations for the parties when it comes to carelessness or ignorance. In this article, we will look at the traditional and technological ways to transfer Turkish Lira or foreign currency in the country, we will be informed about it and with it we will also touch on the advantages of UPTION application.
First of all, we want to tell you what ways you can follow to send money in TL.
The system that allows the account that sends money to transfer money from the same bank to another, or to an account from the same bank of its own, is called remittance. Although this system is subject to a certain commission like any money transfer system, you can carry out transactions 24/7 because the transfer is made from the same bank accounts. The money reaches the recipient in a matter of seconds.
IBAN to be able to make a money transfer (International Bank Account Number) or branch, you must have your account number.
In the event that the sending account and the receiving account have accounts of different banks, you can transfer money through the bank account via Electronic FonTransfer (EFT). However, since EFT is a money transfer transaction between different banks, it cannot be carried out 24/7. EFT hours are available, which vary during the working hours of each bank. For example, Active Bank's EFT hours are from 09.00 to 16.00. What can be said for sure is that you will not be able to carry out EFT operations outside of working hours, weekends and public holidays. The transactions you make during these hours will be carried out within the next working day.
IBAN to be able to perform an Electronic Funds Transfer (EFT) transaction (International Bank Account Number) or branch, you must have your account number.
The FAST transaction, which provides the possibility to carry out money transfer between different banks 7 days 24 hours a day, without time limit, has the ability to transfer money between different banks, while it is similar to EFT in terms of making transfers between different banks in terms of time restrictions. Although it seems to be the best type of transaction from this perspective, there are also disadvantages, such as a high commission rate and a trading upper limit of 5,000 TL.
Instant and continuous transfer of funds (FIXED) You do not need to have an IBAN or branch or account number to perform the transaction. You can also transact with IBAN, but instead you can transfer money with FAST by matching your mobile phone number and email address with your IBAN number with your information such as TCKN or VKN.
So far, we have touched on ways to transfer domestic Turkish Lira through banks. Now we want to talk about how you can carry out foreign exchange transfer within the country.
The SWIFT system is the name given to all money transfer processes carried out in foreign currency to bank accounts at home or abroad. Thanks to a special international code called the SWIFT code, which is exclusive to the legal entity of each bank, it is ensured that the transfer of money to the currency accounts of banks is carried out.
The first 4 digits of the SWIFT code identify the bank code, the next 2 digits the country code, and the next digits identify the local code and branch code, respectively. This code consists of a total of 11 digits and all uppercase letters, if it does not reach 11 digits, the letter X is added at the end. To exemplify;
Active Bank Swift Code
Although this system appears to be a fairly simple and fast method of sending money in foreign currency domestically and abroad, events such as high commission rates and the lengthening of the transaction process make it unpleasant.
Apart from all this, there are also traditional ways to transfer money domestically, if we leave aside technology and banks.
These can be referred to as sending through tour companies, tourism companies or foreign trade cargo companies or sending through an acquaintance. However, these methods also have considerable disadvantages in terms of time. Shipping through some intermediary companies can both be subject to high commission rates and can significantly delay the time to reach the buyer to be sent. Today, when we consider the importance of the concept of time, it comes across as the last choice of the sending party, since the process of sending money through these means becomes a rather painful process.
So far we have talked about some technological and traditional ways of transferring money. Now we want to talk about another application that will come in handy in the domestic transfer process, with much more different advantages: UPTION.
With UPTION, you can perform many transactions in domestic money transfer effortlessly and quickly.
· UPTION Transfer
· Domestic TL Transfer
· Domestic YP Transfer
Let's talk about the conveniences and advantages of trading with UPTION by opening them one by one.
UPTION Transfer: UPTION Transfer is an UPTION feature that allows UPTION customers to make money transfers between themselves quickly and easily 24/7, free of charge in TL, USD, EUR currencies. If you know the account number of the person to whom you want to send money, you do not have to worry if you do not know it by entering the account number. After logging into the app, you can easily send money to that person's UPTION account by pressing the contact key and selecting the contact from the contacts or manually entering the phone number in the corresponding field. You can tell if the people in your directory are UPTION customers by the UPTION logo next to their name.
Domestic TL Transfer (EFT): With the domestic money transfer feature, you can easily send money to IBANs or credit cards of all banks in Turkey. You can save these operations if you want, and then you can quickly perform them again by selecting them from the saved ones in your next transactions. Thanks to the IBAN verification and hint feature of the app, you can check if the IBAN you entered is valid and to whom it belongs.
Domestic YP Transfer (USD/EUR): SWIFT OUT, UPTON UP! With the Domestic YP Money Transfer feature, you can instantly transfer money to IBANs in USD and EUR currency in contracted domestic banks 24/7. You can save these operations if you want, and then you can quickly perform them again by selecting them from the saved ones in your next transactions.
Thanks to the IBAN verification and hint feature of the app, you can check if the IBAN you entered is valid and to whom it belongs. For now, only Aktiv Bank and VakıfBank are supported.
However, you will not be charged any fees for transactions made on the basis of TL. Charges such as commercial usage fee and overuse fee are also not included in the UPTION application. Moreover, you can carry out all these transactions for free in TL and in foreign currency with a small amount without spending limit. UPTION aims to make your life easier by breathing new life into all money transfer transactions with its low or no commission fees, the ability to make transactions without costs and a quick and easy interface.
You can also immediately download the UPTION application and complete the registration process, and you can benefit from domestic money transfer and many other privileges. If you wish, you can immediately download Uption and become a member by clicking on the button below.
