Receiving money from family and friends can be simple — just share your bank details and wait for the funds to arrive. However, if something goes wrong in the process, like a typo in your account number or bank code, it could lead to delays or even missing funds.

In this article, we will cover how to recall transfers when there is a mistake. But before we dive into the recall process, let’s look at why these issues happen

Incorrect account details:

A common reason for delayed or failed international money transfers is entering incorrect account details, such as IBAN or SWIFT code. When making a transfer; it’s important to accurately fill out all the necessary details. Always double-check your information or the recipient’s details before sharing it with your sender or hitting the send button to prevent mistakes.

Wrong payment scheme:

A payment scheme is the method used to transfer funds to an account. Different currencies have specific payment schemes that enable funds to be deposited correctly.

Not all currency accounts support the same transfer method, so it is important to choose the right payment scheme for each transaction. You can contact the support team if you need help with which to use.

Different currencies:

Receiving funds in another currency, such as USD, in a UK bank account is a common cause of transfer delays. The bank often won’t automatically convert the funds to local currency, leading to potential issues or hold-ups.

To avoid any hassle, we recommend sending funds to the correct currency account so your funds can be received seamlessly.

Compliance checks:

Doubling up security and carefully reviewing each transaction helps prevent fraud. The recipient bank might conduct thorough checks to ensure your funds are sent from a legitimate source.

The team may also request documents regarding your transaction for proper verification before they are processed into your bank. However, in cases where transactions do not meet the compliance standards, they are reversed back to the sender.

Now that we know why funds are not received, let’s cover how to recall a transfer.

How to recall a transaction in three steps

Contact the sending bank:

One way to recall your transfer is to send an email or message to the support team of the sending bank. You will need to provide all requested information regarding that transaction, such as the receipt of the transaction and the recipient’s account details.

Acknowledge the fee:

In recalling your transaction, you might be required to pay a processing fee for this process to be carried out.

Follow all instructions:

You must follow all instructions from your financial institution to ensure the funds are quickly recovered to your balance.

Wrapping up:

Recovering lost funds can be 50:50; unfortunately, there’s no guarantee of getting your money back. To protect yourself from this stressful situation, it’s important that you double-check all transaction details to reduce the risk of losing your money.

If you’re looking for a simple and safe way to manage your international transactions, we recommend Grey. You can open a foreign account in minutes and send money across the world. Create an account to get started.