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|DenizBank Q & As - 1. International Money Transfers|
|Tuesday, 28 August 2012|
KTLN has teamed up with DenizBank Private Banking, to bring you a 'Question & Answer' feature, where you can ask general questions about Turkish banking.
From time to time, we will take a question that has been submitted by a KTLN reader, and provide you with our answer.
In this first Q&A response, we look at international money transfers.
Question: What's the best way of transferring money from the UK to Kalkan, or back the other way.
SWIFT stands for 'Society for Worldwide Interbank Financial Telecommunication'. It's a international system used by many banks to move money around.
You can ask your bank in the UK or in Turkey, to send a SWIFT payment for you, or if you have online banking you can probably send it yourself, providing it is within the limit set by your bank.
To send a SWIFT payment you need the IBAN (International Bank Account Number) for the account you want to credit. An IBAN is normally shown on bank statements.
The sending (remitting) bank will normally charge, but there may also be a charge from the receiving bank. (DenizBank does not charge for receiving a SWIFT payment).How long does a SWIFT transfer take?
There is no set time. You should allow 3 days at best, and maybe as long as a week if the payment has to be routed through an intermediary bank.
DenizBank Private Banking
This communication and all information contained in or attached is solely for informational purposes. The information is not, and should not be construed as, an offer, bid, recommendation or solicitation in relation to any financial instrument or investment or to participate in any particular investment strategy. Deniz Bank assumes no consequential liability if they lead to investment decisions.
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|Last Updated on Monday, 27 August 2012|