The era of IBAN instead of cash at weddings begins

Economic fluctuations in Turkey continue to change habits in daily life. Rising inflation, the depreciation of the Turkish lira, and the fact that the largest banknote of 200 TL is insufficient for large payments are leading both individuals and businesses to change their payment methods. Recently, the practice of adding IBANs to wedding invitations to facilitate direct bank transfers instead of gold jewelry or cash has been spreading rapidly.

Increasing prices and declining purchasing power make it necessary for citizens to carry large amounts of cash for both shopping and social events. However, the fact that 200 TL banknotes are often insufficient creates the necessity of carrying bags full of money for bulk payments. This situation creates both security concerns and practical difficulties.

In wedding organizations, the traditional custom of giving gold jewelry or cash had already evolved into more cash-based gift-giving after the sharp rise in gold prices in recent years. Recently, guests are being asked to contribute via direct bank transfer using IBAN numbers added to invitations with a note saying, "Please do not bring cash." This change reduces the hassle of carrying, storing, and counting money for both wedding hosts and guests, while also increasing security.

The fact that daily cash withdrawal limits at ATMs are insufficient for daily needs requires citizens to visit multiple ATMs, especially for high-amount payments. This leads to time loss as well as long queues in front of banks during salary periods. Furthermore, the problems experienced in carrying large sums are not limited to wedding events.

In the housing market, similar difficulties regarding cash payments for deposits, rent, and real estate commissions are coming to the fore. Especially in payments made by hand, the anxiety caused by the physical weight and security risks of carrying large amounts of money is notable. A similar picture is observed in high-volume cash transactions at jewelers; sometimes, even carrying money in trash bags can be encountered.

On the other hand, marketplaces and small tradespeople are also affected by the increasingly high-volume banknotes in payments. The difficulty in obtaining small change is challenging both sellers and customers.

Under the current economic conditions, the logistical and security concerns brought about by physically carrying cash are causing IBAN-based payment methods to gain wider acceptance in society. Weddings, which are unforgettable days, especially in social events, have become the symbol of this new payment habit.

News Source: 12punto