Havale

Havale is a term used in Turkish banking to describe the transfer of funds from one bank account to another upon instruction. In everyday language it denotes remittances or money transfers and can refer to both domestic transfers within Turkey and international remittances sent abroad. The word is commonly used by individuals, businesses, and banks to describe moving money through the formal banking system. Havale generally requires the sender to provide identifying details, the recipient’s bank information, and the amount to be transferred.

Domestic havale refers to transfers between accounts within Turkey, or between Turkish banks. The sender provides the recipient’s name and bank details, often an IBAN, and the bank processes the transfer through the domestic payments infrastructure. Depending on the banks and service used, a domestic havale can be completed quickly, sometimes within the same day, and is typically settled in Turkish lira unless otherwise specified.

International havale, or uluslararası havale, is a remittance sent to an account in another country. This type of transfer uses international networks such as SWIFT and involves correspondent banks. Fees, exchange rates, and processing times vary by banks and currencies, with settlement commonly taking one to several business days. Details required usually include the recipient’s full name, IBAN or account number, the receiving bank’s SWIFT/BIC code, and the transfer amount.

Etymology and scope: havale derives from a family of words meaning transfer or forwarding and is cognate with similar terms found in other languages (often related to hawala). In formal Turkish banking, havale denotes legitimate, trackable transfers conducted through licensed financial institutions, distinct from informal, unregulated remittance networks.