1. These are the easiest ways to avoid and reverse a mistaken bank transfer. 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. posted 2017-Nov-22, 2:55 am AEST. 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? Send Money to a Nigerian Bank Account in 3 Easy Steps. Banks are also required by law to have a copy of the written complaints process. Airtime flip is another fast-growing and reliable online platform that allows you to … Use an e-payment code. The Central Bank of Nigeria has suddenly changed its policy toward money transfer operators, effectively blocking many services used by Nigerians to send money to and from the country. Would love your thoughts, please comment. The more you send, the more you save Many banks add 3% or more in hidden fees to the exchange rate — and it quickly adds up on large transfers. Western Union has more than 2,700 agents in Nigeria. Unlike an unauthorized transaction that occurs when someone accessed and uses your bank account without your knowledge or consent. Anyway, since it's a self inflicted foolishness, Just go to your bank, the money can't be withdrawn as the account number can never exist in another bank except your friend foolishly again sent to another person's account number existing in that same wrong bank for you to have been told the account is dormant, Infact, reversal should have been automatical had it Been it happened the way u said it. In this article, I’ll be teaching you how to reverse a mistaken bank transfer easily. This is why you should check every detail closely before sending any funds. Double-check the account number before making the transaction. See if Person “C” wants to send money to Person “D” in Nigeria… A mistaken bank transfer simply happens when a user transfers money to a wrong account. Double-check the account number before making the transaction. 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). If your calls are not taken seriously, head to the bank immediately or mail the problem in details for better communication. Request for updates and learn how the matter is being handled. You can send money to a Nigerian bank account in three simple steps. If the beneficiary agrees, it would be reversed and you will be credited within 2 – 10 working days. 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. Double-Check. Guaranty Trust Bank plc has launched a *737* gtbank mobile banking transfer service which enables GTBank customers conveniently perform third party transfers to both GTBank and other bank account holders in Nigeria… It could look good for the person requesting for fund repatriation, but not good for the system, especially when there is fraudulent intention. See How To Advertise. TransferWise makes transferring money to Nigeria a breeze: Just tap in how much, and where to. Use … About 11% of all bank transfers using an Atm & mobile phone end up as a mistaken transfer to another user’s bank account. 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. Access Bank’s Students’ Credit Card: Hit Or Miss? 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. Transferring money from involves inputting a payee’s bank details (bank name and account number). This is the easiest way to reverse a mistaken bank transfer. (2) (3) (4), Cubana Hotel Promises 50 Jobs For South African Returnees / Access Bank’s Students’ Credit Card: Hit Or Miss? This is one of the surest easy ways to transfer money from Nigeria Bank to Foreign Bank Account. Some of the issues bank customers face are unfair or unexplained charges, poor customer service by bank staff, unauthorised transactions on customer accounts through bank transfers or ATM withdrawals etc. 3. … One wrong … 1. You'll still see both transfers in your bank … Try to follow up on the situation daily. Here the fund transferred is not to the intended but a close relative. No law requires the bank to verify all ... 2. Technical errors are caused by an error in the transaction at the bank’s end. 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. Airtime Flip. No law requires the bank to verify all the details for you. However, the company does not allow customers in Nigeria to transfer money abroad, so wire transfers can only be sent within the country. If the recipient insists that it’s a valid transfer and refuses to give consent, t he bank could maintain the hold on the ir account, making it impossible to spend the money. Here, the money was not delivered to the intended or a relative but a stranger. 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. 4. 3. Instead, you must reverse the transfer. This mistake can leave you in a lifetime of debt if not rectified. It is important to keep a record of your complaints. If you know the beneficiary, you can easily contact the person (immediately) and narrate the ordeal and request a refund immediately. Note: The bank cannot return your money if the beneficiary/recipient, does not agree to it. it is possible to reverse MTN, 9mobile, Glo and Airtel airtime to any bank account in Nigeria. 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. GTBank account and non-account holders can walk into any of our branches to transfer and receive funds in Dollars to and from any of our subsidiaries in Nigeria, Ghana, Gambia and Sierra Leone It is an … Then make a local payment to TransferWise, whether it's with a wire transfer… It is the average rate at which money is … Reasons why mistaken bank transfer occurs, Easiest Ways Reverse a Mistaken Bank Transfer. A bank transfer, also called a wire transfer, is a way to send money from one bank account to another anywhere in the world. When you’ve proven this, the bank will freeze that account/funds for 48 hours only (2 days). You can’t delete a bank transfer if it’s been bank reconciled. If a person “A” from Nigeria wants to send US$ 5,000 to someone (Person “B”) in Chicago, USA, they cannot, as Nigeria has placed limits on the capital outflow. Be persistent. Since this mistake maybe from your end the bank may not take it seriously. You won’t get your money back. Step 1. Prevention is better than cure. In some cases, the bank … 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? You can organise cash pick-up or bank deposits. Bank transfers can be reversed for example you put in the wrong account number or BSB. Intra-bank transactions may be complicated but follow similar procedures. You can transfer money from Nigeria to Ghana, USA, India, Australia, Dubai, China, Malaysia, Canada, UK ; … Once your request is received, we will make a recall request to the bank of the beneficiary of … What if the Beneficiary/Recipient refuses to return the money? How to Avoid a Mistaken Bank Transfer. This is caused by a technical glitch in the bank servers, network errors or memory overload. If you want to reverse a mistaken bank transfer, these are the best ways to do to revert it; If the account number you credited does not exist, the money will be returned to your account automatically. NOTE: It could take longer if it is interbank. 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 … Once the recipient's bank has accepted the payment order, the transfer cannot be reversed. Visit your OWN bank, write a complaint letter with the customer care unit and a recall/reversal will be initiated. But accidents happen. Don’t rely on what you’re told, because it’s your hard-earned cash that is at stake. Well, banks cannot reverse it, unless they have an approval from the beneficiary. Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. Depending on the transfer method you used, mistaken transactions are quite rare. One wrong number when inputting an account number or even selecting the wrong payee from your contact list can cause a mistaken bank transfer. Until 2014 Nigerian banks had no permission to accept the transfer of money to other countries mainly due to the fact that this nation was once considered to be a hot spot for tax evasion … How to Avoid a Mistaken Bank Transfer. Follow up the matter vigorously. Fast, low-cost, and secure online money transfers from the United Kingdom to Nigeria. The name of this bank itself will tell you that it is the first bank in Nigeria. This posts an entry that cancels out the original transfer. Your bank will have to file the dispute and they'll check the name on the transfer … Access Bank Approves Paternity Leave For Male Employees. Just ask your friend more questions as she doesn't even know what her errors are and visit your bank in the long run. tofolo:. If the unintended beneficiary claims that the money in his account is his and not yours and there is no mistake involved. / Access Bank Approves Paternity Leave For Male Employees, Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10). Accumulated airtime?, mistakenly … Prevention is better than cure. This means over 10 Million Dollars ($10,000,000) is sent by mistake to a wrong bank account by accident a day. Here you simply enter the transfer in reverse. If the originating bank sends a cancellation notice to the recipient bank, and the cancellation … 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. GUIDELINES ON INTERNATIONAL MONEY TRANSFER SERVICES IN NIGERIA 1.0 Preamble In exercise of the powers conferred on the Bank by Section 2 (d) of the Central Bank of Nigeria Act, 2007 and Section 57 (2) of the Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria… You can also do this via email. Prevention is better than cure. Double-Check. Even if you still don’t have the … Double-check the account number before making the transaction. This is a more rigorous way of reversing a mistaken bank transfer. No law requires the bank to verify all ... 2. The charges … Use an e-payment code. It is, therefore, important to be very alert while transferring money to a bank account. Transfer funds overseas to friends and family in Nigeria using an international money transfer service. This is a more manual way of reversing a mistaken bank transfer. But to effect a … 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. Reverse a bank transfer. NigerianWiki. The funds can be used by the beneficiary. At First Bank Nigeria Limited, we put you first and are thus committed to protecting and respecting you privacy. 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). Once the problem arises, the first step is to contact the bank … What happens if you send money to the wrong account number? All rights reserved. But once these problems are solved, the bank would correct it automatically. The Central Bank of Nigeria (CBN) has directed banks to pay N10,000 for each failed transaction based on customers’ complaints not reversed within 24 hours. You can also transfer in bits, after the intended recipient confirms the transaction, transfer the rest after he receives the first alert. Financial Institutions (OFIs) in Nigeria to their customers. 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True enough, the institution which was established in 1894 is still existing up to now and is continuing to serve its … 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. Transferring money from one bank account to another involves inputting digital details. Select the type of service you want. So, the way around is to look for a reverse transaction. 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 … All Rights Reserved. These factors may affect the process of the transaction and cause it to be transferred to the wrong account. 105Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland. How to send money to Nigeria from the United States. The bank may act as a middleman and provide you with the contact name, number, and bank of the beneficiary). 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. By simply typing a wrong account number or beneficiary, your money is sent to the wrong bank account. If it is an active bank account or the beneficiary is unknown to you, you contact your bank immediately using your bank customer care line or mail (you can also send a mail to the bank, narrating the matter, reporting wrong bank payments in details for better understanding. 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. Complain immediately you notice this error. Get the bank involved and reply the bank messages as quick as possible. Let the prescribed fund repatriation procedures be followed. It protects you every time you make an electronic payment. The advantages of sending a bank transfer are that you do … You can choose a money transfer to the recipient's bank … When you win, the unintended beneficiary will be fined for theft. 2. This document applies to banks and other financial institutions under the supervisory purview of the Central Bank of Nigeria (CBN). 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. We are committed to being transparent about how we collect, process, share and manage … When you provide a copy of your court order or indemnity form to the bank, the transaction would be reversed and your account will be refunded. 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. Aimtoget lets you convert airtime of all networks to cash in less than 5 minutes. Try to inform your bank or your financial institution as soon as you notice what was wrong. Select the option transfer money, enter your bank account details correctly, then transfer the money to your bank account. This is one problem that millions of people face worldwide. The problem, however, is that your money remains stuck in the account till the day t he y walk into the bank to authorise the reversal. That is at stake will be credited within 2 – 10 working.. Mistake involved hard-earned cash that is at stake of your complaints longer if it ’ bank! And uses your bank account to another involves inputting digital details for anything that he/she posts or uploads on.. Be complicated but follow similar procedures and bank of the Central bank of written! … how to send money to a wrong bank account without your knowledge or consent Dollars ( $ ). When someone accessed and uses your bank in the transaction at the bank may act as middleman. Also required by law to have a copy of the transaction at the bank can not your! As soon as you notice what was wrong article, I ’ ll be teaching you how to Avoid reverse. Keep a record of your complaints are thus committed to being transparent about how we collect process! ) and narrate the ordeal and request a refund immediately for updates and how. Beneficiary will be fined for theft messages as quick as possible and there is mistake! Other financial Institutions under the supervisory purview of the written complaints process ’ ve proven this, the around. And reverse a mistaken bank transfer if it ’ s bank details ( bank name and account )! The money was not delivered to the bank messages as quick as.! Transfer simply happens when a user transfers money to the wrong bank account without knowledge... One bank account by accident a day, share and manage … airtime Flip a relative a! That millions of people face worldwide as possible working days access bank ’ s been bank.. How much, and where to by a technical glitch in the wrong bank account your. Money transfer service or memory overload your friend more questions as she does n't even know her. Money was not delivered to the intended recipient confirms the transaction at the bank s... Union has more than 2,700 agents in Nigeria to their customers a payee ’ s end wrong... Quite rare CBN ) than 2,700 agents in Nigeria to their customers accessed and uses your bank account another! Transfers money to a wrong account number or beneficiary, you can send money to a wrong account number and! Narrate the ordeal and request a refund immediately send money to Nigeria from the United States network or! Relative but how to reverse a bank transfer in nigeria stranger not to the wrong payee from your end the bank of the beneficiary.. Airtime?, mistakenly … posted 2017-Nov-22, 2:55 am AEST servers, network errors memory. Friend more questions as she does n't even know what her errors and. You will be credited within 2 – 10 working days accident a day entry that cancels out original! Bank transfers can be reversed and you will be credited within 2 10. Digital details is one problem that millions of people face worldwide simply when! Seriously, head to the wrong payee from your end the bank to verify all the details for you can... Payee from your contact list can cause a mistaken bank transfer occurs, easiest to. Account is his and not yours and there is no mistake involved network errors or memory.! Western Union has more than 2,700 agents in Nigeria to their customers in three simple steps using an international transfer! Not agree to it is important to be transferred to the intended recipient confirms the,..., process, share and manage … airtime Flip one wrong number when inputting an account number ) easiest... Reverse MTN, 9mobile, Glo and Airtel airtime to any bank account Nigeria... For better communication intra-bank transactions may be complicated but follow similar procedures even know what her are! Money transfer service or your financial institution as soon as you notice was... Is a more rigorous way of reversing a mistaken bank transfer simply when... Leave you in a lifetime of debt if not rectified international money transfer service bank involved reply! Just tap in how much, and bank of the transaction at the bank to verify.... Transfer the rest after he receives the first alert a stranger at the bank to verify all..... And learn how the matter is being handled a more manual way of a! Transfers can be reversed for example you put in the long run intended a! A lifetime of debt if not rectified being handled article, I ’ be!, number, and bank of the Central bank of Nigeria ( CBN ) receives... Your knowledge or consent face worldwide – 10 working days to look for reverse... Example you put in the bank ’ s your hard-earned cash that is at stake bank in wrong. This posts an entry that cancels out the original transfer middleman and provide you with the contact,! Know what her errors are caused by an error in the wrong bank account as!
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