For instance, you wanted to transfer $36 to your brother, Dave Peters but the fund was sent to your uncle who also bears Dave Peters. If the beneficiary agrees, it would be reversed and you will be credited within 2 – 10 working days. Let the prescribed fund repatriation procedures be followed. You won’t get your money back. However, the company does not allow customers in Nigeria to transfer money abroad, so wire transfers can only be sent within the country. Note: The MTN Share and Sell transfer, which constitutes the pioneer transfer before transferring to your bank account proper attracts a charge of 30%, transfer to your bank … This is one problem that millions of people face worldwide. Bank transfers can be reversed for example you put in the wrong account number or BSB. These are the easiest ways to avoid and reverse a mistaken bank transfer. If the originating bank sends a cancellation notice to the recipient bank, and the cancellation … Nairaland Forum / Nairaland / General / Business / Wrong Bank Transaction, How Can I reverse it (25503 Views), My Wife Mistakenly Sent Money To A Wrong Bank Account / Bank Transaction Verification By Email / Is This Bank Transaction Legitmate? Just ask your friend more questions as she doesn't even know what her errors are and visit your bank in the long run. Reasons why mistaken bank transfer occurs, Easiest Ways Reverse a Mistaken Bank Transfer. Copyright © 2021. Transfer funds overseas to friends and family in Nigeria using an international money transfer service. Double-check the account number before making the transaction. Here the fund transferred is not to the intended but a close relative. Prevention is better than cure. So, the way around is to look for a reverse transaction. You can choose a money transfer to the recipient's bank … Note: The bank cannot return your money if the beneficiary/recipient, does not agree to it. 3. Court Order could be fast, but not encouraged…....the court attendants are only after the N 5k or N 1k irrespective of whether or not there is genuine motive behind such transaction. How to send money to Nigeria from the United States. Access Bank Approves Paternity Leave For Male Employees. This is the easiest way to reverse a mistaken bank transfer. Don’t rely on what you’re told, because it’s your hard-earned cash that is at stake. Then make a local payment to TransferWise, whether it's with a wire transfer… The problem your friend would face is if the owner of the account, does not visit the bank to ok the reverse.. Well, despite that mistakes are bound to happen, these are avoidable mistakes, if u said wrong amount, understandable but do people still transfer to wrong bank these days despite the validation always requested for both account name in correspondence with account number using mobile app or she used ATM instead? Double-Check. This document applies to banks and other financial institutions under the supervisory purview of the Central Bank of Nigeria (CBN). / Access Bank Approves Paternity Leave For Male Employees, Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10). Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. The name of this bank itself will tell you that it is the first bank in Nigeria. Try to inform your bank or your financial institution as soon as you notice what was wrong. About 11% of all bank transfers using an Atm & mobile phone end up as a mistaken transfer to another user’s bank account. At First Bank Nigeria Limited, we put you first and are thus committed to protecting and respecting you privacy. All Rights Reserved. You can’t delete a bank transfer if it’s been bank reconciled. Complain immediately you notice this error. I created a short video as an example on how you can do this, I withdrew a PayPal of $400 to my Nigeria bank account and PayPal charges a transfer fee of $5. The funds can be used by the beneficiary. In addition, sending more than $10,000, or the equivalent amount in Naira, the Nigerian currency, will be reported to the Central Bank of Nigeria. How to Avoid a Mistaken Bank Transfer. Accumulated airtime?, mistakenly … The best course of action is to take a legal decision, you’ll need a bank statement, calls, address, transactions messages, ID and intended beneficiary testimony as proof to win. It protects you every time you make an electronic payment. The bank call center will require the amount sent, account name, account number, transaction date, transaction time and you will have to prove the bank call center in details that you mistakenly transferred the money to a wrong beneficiary’s account (If you accidentally credited the account of an unintended beneficiary with the similar or the same name as your intended beneficiary, you’ll have to prove that it was a mistaken transfer before the bank can help). Unlike an unauthorized transaction that occurs when someone accessed and uses your bank account without your knowledge or consent. To recall a money transfer to another bank that you may have initiated in error, please follow the process below: Make a request for recall of funds at any GTBank branch or by contacting GTCONNECT, our 24/7 customer care service. See How To Advertise. Financial Institutions (OFIs) in Nigeria to their customers. One simple mistake when inputting the digits in an account number or even selecting a similar name is all it takes for a mistaken transaction to happen. How to Avoid a Mistaken Bank Transfer. During this time, your bank will have only 20 days to investigate the case, contact the unintended beneficiary or recipient who you credited and notify you of his action. There are a lot of reasons why mistaken bank transfer occurs some of them include: This is the most common reason for a mistaken bank transfer. When you win, the unintended beneficiary will be fined for theft. … By simply typing a wrong account number or beneficiary, your money is sent to the wrong bank account. Wrong Bank Transaction, How Can I reverse it, My Wife Mistakenly Sent Money To A Wrong Bank Account, Re: Wrong Bank Transaction, How Can I reverse it, Cubana Hotel Promises 50 Jobs For South African Returnees. It is important to keep a record of your complaints. Better, atleast the funds are safe, now the bank would get the customer to come and reactivate the account and the funds would be sent back to her, if the customer is delaying let her just go to the nearest court and get a court order necessitating the bank to reverse the … 3. That means, the beneficiary claims that the money in his account is his and not yours, there is no mistake involved, the bank can’t give you your money, no funds will be moved without the consent of the recipient. 2. The advantages of sending a bank transfer are that you do … If the unintended beneficiary claims that the money in his account is his and not yours and there is no mistake involved. Western Union has more than 2,700 agents in Nigeria. This is a more manual way of reversing a mistaken bank transfer. We are committed to being transparent about how we collect, process, share and manage … Use an e-payment code. One wrong … Intra-bank transactions may be complicated but follow similar procedures. NigerianWiki. Access Bank’s Students’ Credit Card: Hit Or Miss? You can also transfer in bits, after the intended recipient confirms the transaction, transfer the rest after he receives the first alert. It could look good for the person requesting for fund repatriation, but not good for the system, especially when there is fraudulent intention. But accidents happen. True enough, the institution which was established in 1894 is still existing up to now and is continuing to serve its … Quickly contact the wrong beneficiaries' bank to lien the amount in the (wrong) beneficiaries' account then go get a valid Court Order to enable the Bank holding the fund reverse it. Would love your thoughts, please comment. What if the Beneficiary/Recipient refuses to return the money? But to effect a … NIBOR is the Nigeria Inter Bank Offered Rate and it is determined by the Financial Markets Dealers Association (FMDA) with reference to various selected Banks. If he agrees that it was a mistaken transaction and make a formal reversal (by signing the required documents that will authorize the bank to reverse the transaction and refund your money). It is the average rate at which money is … Follow up the matter vigorously. You can transfer money from Nigeria to Ghana, USA, India, Australia, Dubai, China, Malaysia, Canada, UK ; … Transferring money from one bank account to another involves inputting digital details. This is caused by a technical glitch in the bank servers, network errors or memory overload. Double-Check. Choose how the recipient should receive his money in Nigeria: as a bank transfer to an account at one of over 0 banks in Nigeria, to a Mobile Wallet or to one of over 800 cash payout locations in Nigeria. Bank immediately or mail the problem in details for better communication transfer method you used, mistaken transactions are rare... The ordeal and request a refund immediately proven this, the unintended beneficiary that... 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