Can the transfer be cancelled?

Making a bank transfer is one of the most common procedures we do when dealing with any payment and it can be done in different ways, from going to the office where we have the account to electronic banking. Although, be careful, making a mistake when referring to the amount or recipient is not so strange and if this happens, the immediate question that arises is “What should I do if I made a mistake in the transfer?”. Acting quickly is important when it comes to getting your money back and it’s also important to be clear about the difference between canceling a transfer or requesting a refund (it’s different). In this article from HOWTO we clarify doubts about the question of whether Transfer can be canceled or not.

Is it possible to cancel the transfer or not?

In most cases, Bank transfer refund possible It is also not complicated, especially if you quickly realize your mistake and act quickly. It should be clarified that it is always possible to request a cancellation or refund for the amount of money you sent in the wrong way, but the issue is whether the transfer is being processed or was made effectively when you requested it to cancel.

That is, if the recipient / beneficiary already has the funds in his account, the transfer cannot be canceled, because it has already been done, what you can do is explain the error and ask to return the money to your account. In this sense, the key is to know What time is there to cancel the bank transfer, which will depend on Transfer type And the way you used to do it.

Instant Transfer

It is a process that takes place when the two users (who makes and receives the transfer) work in the same bank, i.e. accounts from the same bank. In this case, the error must be reported to the bank as soon as possible, asking the beneficiary to return the money he received that was not his share. the transfer Not canceled, money required.

The bank cannot take money from the beneficiary’s account, it must be the one who voluntarily returns it. If this is a mistake, then you should do it, otherwise you may commit embezzlement. If the issue is not satisfactorily resolved, a refund may be requested through the courts. You can also be the one to immediately request your transfer. If so, be careful not to make a mistake.

Transfer from an ATM

Any management that takes place through the ATM of a bank works practically as if you had done it at the counter, in the branch itself. If it is not an instant transfer, you can cancel it as long as No money sent yet.

Keep in mind that each bank has its own “downtime”, that moment when all the operations launched by its customers are carried out. If you request to cancel the transfer before that time, the money will not come out of your account. Many ATMs allow ‘Cancel Transfer’ option So that, in the event of an error, you can cancel it immediately.

Online Transfer

For a few years now, online banking has allowed many transactions to be done through the bank’s website or using the options you provide Application. Canceling a false transfer in this way is simple, since most applications allow you to do this with personal passwords and across the client area. It will simply Select the executed process and the option “Cancel”, but, as in the previous cases, this will be possible as long as the conversion has not yet taken place.

Can the transfer be cancelled?  Online Transfer

international transport

Can an international transfer be cancelled? The answer is yes, but again it depends on how quickly you react to the mistake in sending the money. If the payment is made in the SEPA (European Union and other countries such as Norway, Switzerland or the United Kingdom), the transfer will arrive on the next business day at the latest, although it was made on paper (in a bank office) it can be delayed another day. This is the time frame you need to do to cancel. Outside the SEPA area, this period can be prolonged, and when in doubt, you should Check with your bank.

How to cancel the transfer

Follow these tips to be able to cancel the bank transfer properly:

  • As a conclusion, it can be said that except for instant transfers, in other cases, there is a possibility of cancellation, but it is necessary Know the deadline To cancel the bank transfer and do so as quickly as possible.
  • If you realize the error quickly, your bank’s website may be the best way to remedy it by choosing ‘Cancel’ option under Transfers section and choose the one you want to cancel.
  • Another possibility is to go to the phone service Customer service from your bank Or personally go to your branch, so that if there is still time, the transfer is canceled by following your instructions.
  • If this is not possible, because the deadline has passed, you can also view the status at your bank office and request the start of an interbank process for Request your money back. Remember that the legal time to do this is 10 days.

Now that you know that some transfers can be canceled and what needs to be done for it, you may also be interested in knowing how to open an online bank account.

If you want to read more articles similar to Can the transfer be cancelled?, we recommend entering our Personal Finance category.

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