{"id":6728,"date":"2024-10-19T08:16:52","date_gmt":"2024-10-19T08:16:52","guid":{"rendered":"https:\/\/www.extravelmoney.com\/blog\/?p=6728"},"modified":"2024-10-19T08:16:55","modified_gmt":"2024-10-19T08:16:55","slug":"how-to-get-back-money-sent-wrong-overseas-account","status":"publish","type":"post","link":"https:\/\/www.extravelmoney.com\/blog\/how-to-get-back-money-sent-wrong-overseas-account\/","title":{"rendered":"How to Get Back the Money Sent to Wrong Overseas Account?"},"content":{"rendered":"\n
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\u2018Sending money to the wrong person\u2019 is the nightmare of everyone who does outward remittance. At this moment people often panic and lose hope. <\/p>\n\n\n\n

However, one must know that if a mistake occurs on the part of the sender or the sender’s bank, there is a chance to reverse the transaction and get the amount back. This process is called \u201crecall\u201d or \u201ccall back.\u201d You can even redirect it to the right receiver by the procedure of \u201camendment\u201d.<\/p>\n\n\n\n

However, the decision to recall an international money transfer is based on the discretion of the sender and beneficiary bank. <\/p>\n\n\n\n

Also Read: How Wire Transfer From India to Abroad Actually Works<\/a><\/strong><\/p>\n\n\n\n

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How to Reverse International Money Transfer?<\/h2>\n\n\n\n

1. Contact Your Bank or Money Transfer Agent<\/h3>\n\n\n\n

The first and foremost step is to visit your bank or transfer service provider as soon as possible. Explain the issue with necessary proof and request wire transfer reversal or redirection. Beneficiary identity and bank documents can be produced as proofs. In case of scams, submit adequate screenshots and other evidence.<\/p>\n\n\n\n

2. Wire Trace<\/h3>\n\n\n\n

A wire trace tracks the status of an international money transfer using a reference number or SWIFT copy. Banks and agents use this method to locate where the transaction request has reached in the banking system.<\/p>\n\n\n\n

3. Wire Transfer Recall or Wire Transfer Amendment<\/h3>\n\n\n\n

After tracing the current status of the wire transfer, a recall request is made by your bank. Wire transfer recall is the process of cancelling and reversing a wrong international money transfer back to your account. <\/p>\n\n\n\n

Wire transfer amendment is the process of editing the transaction details and redirecting the wire transfer from the wrong to the right beneficiary.<\/p>\n\n\n\n

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Steps to Take Before Wire Transfer Reaches the Wrong Beneficiary<\/h2>\n\n\n\n

When the outward remittance is initiated from the sender’s bank, it is not sent directly to the beneficiary\u2019s account. The money transfer order is sent to the intermediary bank, further passed on to the beneficiary bank, and finally to the beneficiary\u2019s bank account. So, you can freeze the transfer at any of these stages;<\/p>\n\n\n\n

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  1. Money Transfer is Not Initiated from the Sender Bank:<\/strong> In this case, on your request, the bank shall call back the transaction. After verifying and making the necessary changes, the amount shall be transferred to the right beneficiary.<\/li>\n<\/ol>\n\n\n\n
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    1. Money Transfer Request Reached the Intermediary Bank: <\/strong>\u00a0Upon your bank\u2019s recall request, instructions shall be sent to redirect the payment to the right beneficiary or reverse.<\/li>\n<\/ol>\n\n\n\n
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      1. Money Transfer Request Reached the Beneficiary Bank: <\/strong>When the transaction request reaches the beneficiary bank, they credit the amount after verifying the details. If there’s a mismatch or the account does not exist, they may hold the transaction. Some banks may contact the sender’s bank, while others won’t. In such a case, if you contact your bank, they will investigate and reverse the transaction.<\/li>\n<\/ol>\n\n\n\n
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        Steps to Take If the Money Reached the Wrong Beneficiary Account<\/h2>\n\n\n\n

        Even if money is credited to the wrong account, you can request a reversal. The sender’s bank will contact the wrong beneficiary’s bank. The bank will not refund the amount themselves but will contact the wrong beneficiary and ask for consent to debit the amount. If accepted, the amount will be returned to you. If the beneficiary has withdrawn the amount, the bank shall inform them to return the funds. Legal action can be taken if they refuse.<\/p>\n\n\n\n

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        Charges to Reverse a Wrong Wire Transfer<\/h2>\n\n\n\n

        On a recall or amendment, you shall always receive a lesser amount than the amount sent. This is due to several factors:<\/p>\n\n\n\n