Turkey Mandates the Use of an IBAN
Starting January 1, 2010 Turkey requires the use of an IBAN (International Bank Account Number) to identify beneficiaries on specific payments.
The official Web site of the Central Bank of the Republic of Turkey states:
"Effective from 01.01.2010, both in domestic transfers and cross-border transfers towards EEA, banks shall validate the beneficiary's IBAN for incoming money transfers and use the sender's IBAN for outgoing money transfer."
For complete information and Frequently Asked Questions concerning the use of the IBAN in Turkey, please consult the Central Bank of the Republic of Turkey.
Turkey Mandates Full Originator Information
Starting January 1, 2011, all wire transfers sent to banks in Turkey or transiting via banks in Turkey (acting as an intermediary bank) must include the following information in field 50 of any MT103, MT202COV or in the respective equivalent message:
For more information on payment formatting, please visit the section titled "Turkey" in J.P. Morgan's Treasury Services' Global Payment Guide 2013-2014.
For complete information and Frequently Asked Questions concerning the use of the IBAN in Turkey, please consult the FAQ section found on the IBAN section of the Central Bank of the Republic of Turkey.
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