Check the details again with the beneficiary to ensure they’re correct. If they don’t match your bank provides you with a warning – don’t simply ignore this if it pops up. Now, when you type in the sort-code, account number and name of the beneficiary through online banking, your bank conducts a check to see if the name on the account matches the sort-code and account number. On a wider note, open banking APIs have improved the payment process for domestic wires in the UK, reducing the chances of paying the wrong account.
If you request to cancel a wire transfer by the middle of day two then this should be successful. The remitting bank receives the order on day one, processes the BACS file on day two and makes payment on day three. In the UK, payments made via BACS are processed on a 3-day cycle. There are some payment networks which process payments a little slower and you’re more likely to be able to cancel a wire transfer. The chances are that by the time you’ve realised you’ve paid the wrong account, the funds have already credited it. Thus, the possibility of canceling a wire transfer is low. Make payments within the eurozone and it’s a similar story with SEPA instant credit transfers where funds are available in the beneficiary account in under 10 seconds. If you send money in the UK via faster payments, the chances are your funds will hit the beneficiary account within a matter of seconds. The issue with looking to cancel wire transfers, particularly domestic wires, is the speed in which payments are transacted these days. 28% of those who sent a payment to the wrong account never saw their money again.Over a third had to go through their bank to cancel a wire transfer – typically taking six days to see their money again.One in four people had the money bounced straight back to them (this would have been when incorrectly input details belonged to nobody or when the beneficiary bank identified that the account name supplied didn’t match the account details).In the VibePay survey, the results of those looking to cancel a wire transfer were:
Research from VibePay, an account-to-account payment specialist, shows that a quarter of people have accidentally transferred money to the wrong bank account at some point in their life, whilst one in ten have accidentally input the wrong information in the last year alone. It can happen to any of us – whether it’s a small amount you’re looking to send to a friend, or worse, a significant amount for a new car or house – you accidentally key in a wrong number and end up sending a wire to the wrong account. Can you cancel a wire transfer mid-payment? Can a wire transfer be reversed? And for those who have sent money internationally, can you cancel international wire transfers? Horrors of an Error In this article we look at this scenario from three angles. Normally international wire transfers get to your destination just fine, but what if you’ve made an error and inputted the wrong beneficiary details? You’ll want to know if a wire recall is possible. MoneyTransferComparison specialises in international money transfers and international payments and we get the following question quite often – “ can a bank wire transfer be reversed?“. Wire transfers, another term for electronic money transfers, are the backbone of modern bank-to-bank payments.
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