Be careful when sending money with IBAN! Mistakes made in EFT, wire transfer, and fast transactions can lead to significant losses.

Following a growing number of complaints, banks have issued important warnings about money transfers made via IBAN. An incorrect IBAN entry for EFT, wire transfer, and FAST transactions can result in the money being transferred to a different account and make the refund process very difficult.

WHAT HAPPENS IF TRANSACTIONS ARE MADE WITH AN INCORRECT IBAN?

Even the slightest error with an IBAN can lead to significant losses for both individuals and businesses. Bank officials note that recovering money sent to the wrong account can often take a long time and require various procedures.

HOW TO MAKE EFT, MONEY ORDER AND FAST WITH IBAN?

Get the recipient's correct IBAN number in full.

Go to the “Money Transfer” menu and select the “Transfer by IBAN” option.

Enter the IBAN and the recipient's name (some banks check the name-IBAN match).

Enter the amount you want to send.

Confirm the transaction by entering the security password or verification code.

Get a receipt after the transaction is completed.

TIPS FOR SAFE MONEY TRANSFER

Check the IBAN at least twice.

Avoid sending money to people you don't know.

Keep mobile banking apps and passwords up to date.

Keep receipts after the transaction.