Attention those sending money via IBAN: It will now be mandatory

The Ministry of Treasury and Finance is implementing significant changes to money transfers starting January 1, 2026, in an effort to prevent the rising number of fraud cases and illegal income flows in recent years. With the communiqué published today, it will become mandatory for users to write a description at least 20 characters long for every transaction of 200,000 TL and above.

DESCRIPTION REQUIREMENT INTRODUCED

The new regulation will apply to EFT, FAST, and wire transfers made via IBAN. When users select options such as 'other' or 'individual payment' to specify the purpose of the transfer, they will be required to provide a description of at least 20 characters. The description must include clear information regarding the purpose of the transaction.

The communiqué published by the Ministry included the following statements:

"Banks, as well as payment and electronic money institutions, shall offer the most frequently used transaction types as options to the customer for the declaration of the nature of the transaction in electronic transfers and wire transfers. However, it is mandatory that the headings offered to declare the nature of the transaction include real estate purchase payment, motor vehicle purchase payment, lending/debt repayment, gift/donation/aid, tax/duty/fee payment, compensation/insurance payment, legal/consultancy/advisory payment, health payment, crypto/digital asset, gambling/betting payment, and entertainment/social media payment."

ADDITIONAL DOCUMENTS MANDATORY FOR HIGH-VALUE TRANSACTIONS

For money transfers between 200,000 TL and 2 million TL, in addition to the description requirement, users will be asked to fill out a "Cash Transaction Declaration Form." This form will be necessary to verify the source of the transfer.

SOURCE DOCUMENTATION FOR TRANSACTIONS OVER 2 MILLION TL

For transactions exceeding 2 million TL, not only will a description be required, but additional documents and information regarding the source of the transfer will also need to be provided. If the explanation provided by the customer is not approved by the banks and payment institutions, the transaction will not be executed.

ATM TRANSACTIONS ALSO INCLUDED

These regulations will also cover money transfers made via ATMs starting in 2026. The same description requirement will be sought for money transfers made by users via ATMs, regardless of the bank, that exceed a total of 200,000 TL.