What is Virman? How is it done?

3 min Read
What is Virman? How is it done?

Virman is a money transfer between two different accounts belonging to the same person at the same bank. Virman, a French word, means "remittance" or "transfer".

Example: You have a salary account and a foreign currency account in the same bank. After your salary is paid, you can make a virman transaction to transfer some of it to your foreign currency account.

Differences between virman transaction and wire transfer and EFT:

  • Bank Transfer: It is a money transfer between two people using the same bank.

  • EFT: Money transfer between different banks.

  • Virman: It is a money transfer between two accounts belonging to the same person in the same bank.

How Do I Make A Rollover?

The virman transaction can be easily carried out through various channels such as bank branches, ATMs, Internet banking and mobile banking. The steps required to perform this transaction are quite simple and provide great convenience to customers.

Transfer via bank branches

The transfer can also be done through bank branches. However, this method usually takes longer than other channels and depends on the bank's business hours. Customers who wish to perform a transfer transaction at a bank branch can perform the transaction by specifying the accounts to be transferred and the amount to be transferred to the bank officer.

ATM Transfers

Transfers can also be made through ATMs. However, there are a few details to consider with this method. Customers can go to the ATM, give the transfer instruction and perform the transaction. However, it is important to enter the correct accounts and amounts when making a transfer. Customer Service can be contacted to correct incorrectly entered information.

Transfers via Internet Banking and Mobile Banking

The fastest and most convenient way to complete a rollover transaction is through Internet banking or mobile banking applications. Customers can log in to these channels and complete the transfer transaction in a few easy steps. When making a transfer, it is important to select the correct accounts and enter the correct amount. In the event of an error, the transaction can be corrected using the reverse transfer feature.

Transfers between demand deposit and investment accounts

Transfers can be made not only between demand deposit accounts, but also to investment accounts. Customers can easily transfer funds from their demand deposit accounts to their investment accounts by logging into their Internet or mobile banking applications. Transfers are very important in today's financial world. It can be easily done through various channels such as bank branches, ATMs, Internet banking and mobile banking. Customers can complete their transfers quickly and securely by choosing the most appropriate channel based on their needs and preferences.

What should be considered in Virman transactions?

Things to consider when making Virman transactions:

  • Timing Consider your bank's business hours and holidays when placing a transfer order. Transactions made on weekdays and during business hours will be processed more quickly.

  • Channels: You can make a transfer through a bank branch, ATM, Internet banking, or mobile banking.

  • Fees: Wire transfers are usually free. It will be useful to check your bank's commission policy.

  • Correct information: Carefully check the sender and recipient account numbers, amount, and other information. You can do this by looking at your transaction history or checking your balance.

  • Reverse the transfer: If an error has been made, you can use the "Reverse Transfer" feature to cancel and restart the transaction.

Advantages of Virman Transaction

  • Fast: Transactions take place instantly or within minutes.

  • Simple: No need to deal with complicated procedures and paperwork.

  • Secure: It is a safe transaction because it is done through the same bank.

  • Free: Most banks offer free money transfers.

Uses of Virman Transaction

  • Transfer money between your various accounts: You can transfer money from your salary account to your savings account or to pay your credit card debt.

  • Automatic payment instructions: You can set up a transfer instruction to have your bills and other payments paid automatically.

  • Mutual funds: You can use a transfer to deposit or withdraw money from mutual funds.

Wire transfers are a convenient tool that makes your everyday financial transactions easier and saves you time. With the information in this guide, you can make transfers quickly, easily, and securely.

For more information

You can visit your bank's website or call their customer service department for detailed information about your bank's wire transfer services.

You can visit the website of the Turkish Banking Association (TBB) for information on the legal regulations regarding overdraft transactions.

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