IBAN

A communique concerning the use of the International Bank Account Number (IBAN) was issued by the CBRT at the end of 2008. The aim of this communique is to ensure faster and more accurate transfer of money and minimize transaction costs arising from errors or delays in both domestic and cross-border money transfers.

Turkey’s IBAN format is available on the web page of SWIFT. All banks in Turkey shall validate and use the beneficiary’s IBAN in cross-border money transfers to accounts in the European Economic Area (EEA). Both in domestic transfers and cross-border transfers to accounts in the EEA, banks shall validate the beneficiary’s IBAN for incoming money transfers and use the sender’s IBAN for outgoing money transfers.

This regulation shall not apply to transactions of banks and institutions executing cross-border payments conducted between themselves, on their behalf and for their own account , and to transactions with the customer’s written declaration indicating that the beneficiary’s IBAN will not be notified even though it is demanded.