In this article, we’re answering “can a bank transfer be reversed?” In short, the answer is… it depends. But, in most cases, it’s not possible to reverse a bank transfer.
We’ll discuss some of the nuances and circumstances when a transfer can be reversed below.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Can a Bank Transfer Be Reversed?
- How to Reverse Bank Transfers?
- Frequently Asked Questions
- Ready to Explore Your Options?
Can a Bank Transfer Be Reversed?
In most cases, a bank transfer cannot be reversed unless very specific conditions are met. These conditions include (a) if the bank made a mistake and sent the funds to the wrong account, (b) if the bank transfer was sent two (or more) times accidentally, or (c) if the bank made a mistake and sent the wrong amount to the recipient.
Canceling an International Wire Transfer
With this in mind, if you did send a wire transfer that you need to have reversed, you can consider the following steps:
1. Contact Your Bank
Immediately contact your bank as soon as you recognize the error. Inform them of the mistake and request that they place a hold on the transfer.
If you are dealing with a small bank and have direct contact with an account manager, contact that person and ask for their assistance. In most cases, smaller banks or private banks will be able to assist with reversing transfers much faster than large commercial banks.
2. Contact the Receiving Bank
If after contacting your bank, you confirm that the bank transfer has already been sent, you can contact the receiving bank to inform them of the situation. You will need to have the transfer information on hand and essentially ask them to stop the transfer from being deposited. That said, this is a very unlikely outcome and in most cases, after the transfer has been received by the receiving bank it will be deposited in the intended account.
3. Contact the Recipient
The final option that you have is to contact the recipient you sent the wire transfer to and ask that they reverse the transfer. In essence, they would be returning the money to you after it has been received.
Depending on the reason that the transfer needs to be reversed, this may be easier or more difficult to accomplish. However, if the recipient is amicable to your request, this may be the fastest solution available to you.
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How to Reverse Bank Transfers
In order to reverse a bank transfer that has already been sent, you will need to get the recipient to agree to refund the transfer. In other words, if you sent a wire transfer to someone and they already received the funds, you will need them to agree to send it back to you in order for a reversal to be possible.
What Happens if You Sent Money to the Wrong Account?
Unfortunately, if you sent money to the wrong account or the wrong person and it has already been received, the same steps described above still apply. In other words, your best chance of reversing the bank transfer is to get the person that received the money to send it back to you.
Frequently Asked Questions
Below are two of the most common questions we receive from people wondering if a bank transfer can be reversed. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Is It Possible to Reverse a Bank Transfer?
It might be possible to reverse a wire transfer if your bank hasn’t already released the funds. However, if your bank sent the funds, it is not possible to reverse the transfer. This is especially true if the funds have already been accepted by the receiving bank.
Can I Get Back the Money I Transferred?
In most cases, it is not possible to get back the money you transferred. That said, if the bank made a mistake and sent the transfer to the wrong account, it might be possible. Alternatively, it may be possible to get your money back if the transfer was sent in duplicate.
Ready to Explore Your Options?
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