Featured News Headlines
- 1 What Is the Electronic Funds Transfer (EFT) System? A Complete Guide
- 2 What Is the Electronic Funds Transfer (EFT) System?
- 3 How Does EFT Work?
- 4 What Is the Difference Between EFT and Wire Transfers?
- 5 EFT Hours in Turkey (Updated for 2025)
- 6 EFT Fees and Charges
- 7 Common EFT Delays and How to Resolve Them
- 8 EFT vs. FAST: Key Differences
- 9 Advantages of the EFT System
- 10 Who Can Use EFT?
- 11 Conclusion
What Is the Electronic Funds Transfer (EFT) System? A Complete Guide
With the rapid advancement of digital banking, financial transactions have become faster, more secure, and more accessible than ever before. At the heart of this transformation lies the Electronic Funds Transfer (EFT) system, a cornerstone of modern banking. Introduced in Turkey in 1992, EFT enables seamless money transfers between accounts held at different banks via electronic channels.
Whether for individuals or businesses, EFT plays a vital role in daily banking activities, offering convenience through internet banking, mobile apps, and ATMs.
What Is the Electronic Funds Transfer (EFT) System?
EFT is a system that facilitates the transfer of Turkish Lira between accounts at different banks through the infrastructure of the Central Bank of the Republic of Turkey (CBRT). When a customer from Bank A wants to send money to a recipient at Bank B, the transaction is processed securely via the EFT network under the oversight of the CBRT.
It’s important to note that EFT transactions can only be carried out on business days and during specified hours.
How Does EFT Work?
The EFT process is straightforward and efficient:
- The sender submits a transfer order through their bank by entering the recipient’s bank details and the amount to be sent.
- The sender’s bank forwards the request to the CBRT’s EFT system.
- The CBRT system verifies and approves the transfer, sending it to the recipient’s bank.
- The recipient’s bank deposits the funds into the designated account.
This entire process usually takes just a few minutes, although high-volume periods may occasionally cause brief delays.
What Is the Difference Between EFT and Wire Transfers?
These two methods are commonly confused. Here’s a clear comparison:
| Feature | EFT | Wire Transfer (Havale) |
|---|---|---|
| Bank Relationship | Between different banks | Within the same bank |
| Availability | Business days during EFT hours | Available 24/7 |
| Approval Mechanism | Via the Central Bank | Handled internally by the bank |
| Fee Structure | Usually higher | Typically lower |
Choosing between EFT and wire transfers depends on your specific transaction needs.
EFT Hours in Turkey (Updated for 2025)
The EFT system operates only during official business hours. The current EFT hours in Turkey are:
- Monday to Friday: 09:00 – 17:00
- Weekends and public holidays: Unavailable
Some banks offer a “Late EFT” service, allowing transfers beyond standard hours (usually up to 17:30 or 18:00) for an additional fee.
EFT Fees and Charges
Banks may charge various fees for EFT transactions, depending on the channel used and the amount transferred. As of 2025, the average EFT fees are:
- Mobile/Online Banking EFT: ₺1 – ₺5
- ATM-based EFT: ₺5 – ₺10
- Branch-based EFT: ₺10 – ₺60
Many banks also offer free EFTs as part of promotional campaigns or account privileges.
Common EFT Delays and How to Resolve Them
Though typically quick, EFTs can occasionally face delays due to:
- Incorrect IBAN or recipient information
- Network congestion at the recipient’s bank
- Technical issues in the CBRT system
- Transfers initiated outside EFT hours
To resolve delays, contact your bank’s customer support. Most issues can be identified and addressed promptly through transaction tracking systems.
EFT vs. FAST: Key Differences
The FAST (Instant and Continuous Fund Transfer) system was introduced in Turkey in 2021 to provide instant fund transfers between banks. Here’s how it compares to EFT:
| Feature | EFT | FAST |
|---|---|---|
| Operating Hours | Limited to weekdays | Available 24/7 |
| Transfer Speed | A few minutes | Instant |
| Transaction Limit | Higher limits | Typically capped (e.g., ₺50,000) |
| Use Case | Conventional transactions | Personal, fast payments |
FAST is particularly useful for real-time, low-value personal payments.
Advantages of the EFT System
- Fast and secure interbank transfers
- Regulated by the Central Bank of Turkey
- Accessible via digital banking platforms
- Fully trackable and documented
- Recognized for official and legal transactions
These advantages make EFT the preferred choice for both individuals and businesses.
Who Can Use EFT?
EFT is available to:
- Individual account holders
- Small and medium-sized enterprises (SMEs)
- Large corporations
- Public institutions
- Financial intermediaries
It is widely used for paying salaries, bills, supplier invoices, and more.
Conclusion
The Electronic Funds Transfer (EFT) system remains one of the most trusted and widely used payment infrastructures in Turkey. Thanks to its regulated structure, secure operations, and ease of use, EFT continues to be an essential component of both personal and corporate finance. Especially for interbank money transfers in Turkish Lira, EFT is an efficient and reliable solution.
