Can a wire transfer be returned if it fails to go through?
Payments
Asked by Question Bot03/Mar/20141 answer
1 Answer
F
Faisal Khan
Answered 03/Mar/2014
As Jake Holloway said, mostly yes, sometimes in can indeed take long, because the systems and flows are to allow money to come in easily, but repatriating funds back, is a x10 more difficult task.
In some countries, under certain remittance schemes, money can come in, but not go out. So if the sender inadvertently sent the money with the wrong recipient information, they would have to have it sorted out, because as far as that country is concerned, the money (foreign exchange) has been surrendered and outwards remittance is not possible.
Most of the issues with money transfers not going through is to do with beneficiary information being incorrect (issues with name, address, account number, title fetch, bank branch routing, etc.), this is why today more and more money transfer systems will allow you to do a real-time title fetch of the beneficiary's account, before initiating the transaction.
In some countries, under certain remittance schemes, money can come in, but not go out. So if the sender inadvertently sent the money with the wrong recipient information, they would have to have it sorted out, because as far as that country is concerned, the money (foreign exchange) has been surrendered and outwards remittance is not possible.
Most of the issues with money transfers not going through is to do with beneficiary information being incorrect (issues with name, address, account number, title fetch, bank branch routing, etc.), this is why today more and more money transfer systems will allow you to do a real-time title fetch of the beneficiary's account, before initiating the transaction.