Can transfers be made via wire transfer, EFT, and FAST during holidays? When does the transferred money reflect in the account during holidays?
The Ramadan holiday will begin this year on Sunday, March 30th, and will last for 3 days, ending on Tuesday, April 1st. Transfers made within the same bank are considered wire transfers, while transfers between different banks are referred to as EFT. Due to the closure of banks during religious and national holidays, those wanting to make payments or transfer money are researching the details. So, can transfers be made via wire transfer, EFT, and FAST during holidays, and when does the money reflect in the account? Here are the details regarding money transfers… People looking to transfer money during the holidays are curious about whether EFT, FAST, and wire transfer transactions will reflect in their accounts. On national holidays such as January 1st, April 23rd, May 1st, May 19th, July 15th, August 30th, October 29th, and during religious holidays like Ramadan and Eid al-Adha, EFT transactions do not reflect in the accounts. Transfers are processed after the official holidays are over. While bank branches are closed during holidays, they will resume activities on April 2nd. So, can wire transfers, EFT, and FAST be made during holidays, and when does the money reflect in the account? Here’s the answer to the question… EFT transfers made between different banks do not reflect in the accounts during official holidays. They are transferred to accounts once the official holiday ends and normal business hours resume. After the end of the Ramadan holiday, EFT transfers will be processed to accounts after 09:00 on Wednesday, April 2nd. Wire transfers, on the other hand, can be used 24/7 as they are transfers made within the same banks. Wire transfers can be made during national holidays and religious holidays. With FAST, transfers between different banks can be made 24/7 during official and religious holidays. Those looking to transfer money during the Ramadan holiday can use FAST for instant money transfers. As the Istanbul Stock Exchange operates differently from banks on public holidays, trading activities will not take place. The stock exchange will resume operations on Wednesday, April 2nd.
