Which banks do not charge EFT and transfer fees? Recently there have been many developments in the banking sector, including reductions in EFT and transfer fees. Despite these changes, are there still banks that allow free EFT and transfers? You can find answers and more in this article. In 2020, are there banks that carry out EFT and transfer transactions without charging any fee? If you regularly use a particular bank, it is worth reviewing the advantages it offers.
In general, account-to-account transfers (havale) within the same bank are often free for bank customers. However, this can vary depending on the type of account and the amount being transferred. Because EFT refers to transfers between different banks, EFT transactions are typically subject to fees. Many banks have introduced digital banking services, and after these services became widespread, consumers’ banking costs decreased significantly.
How to Make Free EFT and Transfer Transactions
How can you make EFT and transfers for free? To perform free transfers, review the privileges and fee waivers your bank offers. Many banks do not charge fees or commissions for certain services for specific customer groups, such as pensioners or other designated account holders. Banks also run campaigns and special packages for salary account holders. Start by checking the benefits your own bank provides.
At the same time, branchless digital banking continues to expand. These services allow customers to complete transactions quickly without visiting a branch. When banks set EFT fees, they follow their corporate pricing policies and market conditions. To benefit from free EFTs, use the digital channels your bank supports, particularly:
- Mobile banking
- Personal internet banking
While this may not guarantee long-term freedom from fees, you can often complete EFT and transfer transactions free of charge for short periods or under certain conditions. Not all digital transactions are automatically free, so check the specific offers and conditions your bank provides.
What Are the EFT and Transfer Hours Between Banks?
What are the hours for EFT and transfer transactions? A transfer within the same bank (havale) takes place between accounts held at that bank and can usually be done at any time. An EFT is a transfer from one bank to another and generally follows the operating hours of the banking system, which can make it longer and subject to fees. EFT transactions are processed during banks’ working days and business hours, whereas havale transactions do not have the same time restrictions. Typical hours are as follows:
- EFT hours: 08:00 – 17:00
- Havale: no time restriction
To avoid any issues, check the receiving bank’s EFT and transfer processing hours before initiating a transaction.
Banks That Do Not Charge EFT Fees
Banks that do not charge EFT fees include the following. Note that fee policies may change, so confirm current terms with the bank before relying on fee-free transfers.
- ING Bank
- Enpara (QNB Finansbank)
- CebitTeb (Türkiye Ekonomi Bankası)
- Albaraka Türk Participation Bank
- Kuveyt Türk
Review your bank’s account types, digital service options, and any ongoing campaigns to determine whether you can avoid EFT and transfer fees. Checking the most recent fee schedules or contacting customer support will provide the most accurate, up-to-date information for your circumstances.