What can be done when an incoming remittance is sent with an incorrect account number?
Cross-Border Payments
Asked by Question Bot01/Feb/20171 answer
1 Answer
F
Faisal Khan
Answered 01/Feb/2017
It depends on the country of receipt. Here are some options:
- Request payout based on state issued photo ID and the discrepancy error between the account numbers. The original remittance would most likely have the name of the beneficiary and the bank name/account number.
- Put in a request to the federal regulator for remittances to look into this issue (in many countries like Pakistan, Bangladesh and Philippines) which depend on remittances, the equivalent regulator will speed this up and based on the evidence at hand will instruct the Bank/MTO how to handle the pay-out.
- Re-request fresh instructions correcting the mistake to be sent by the Remitter to the Beneficiary
- If applicable, the remittance might be returned.
- If coming through SWIFT, request MT103 report to be corrected.
- If all else fails, rosary beads!