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how to reverse a bank transfer in nigeria

This mistake can leave you in a lifetime of debt if not rectified. Double-check the account number before making the transaction. 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. 1. Transferring money from involves inputting a payee’s bank details (bank name and account number). When you win, the unintended beneficiary will be fined for theft. If the unintended beneficiary claims that the money in his account is his and not yours and there is no mistake involved. 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. What happens if you send money to the wrong account number? We are committed to being transparent about how we collect, process, share and manage … Fast, low-cost, and secure online money transfers from the United Kingdom to Nigeria. Once the recipient's bank has accepted the payment order, the transfer cannot be reversed. 3. Anyway, since it's a self inflicted foolishness, Just go to your bank, the money can't be withdrawn as the account number can never exist in another bank except your friend foolishly again sent to another person's account number existing in that same wrong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. Double-Check. In this article, I’ll be teaching you how to reverse a mistaken bank transfer easily. In some cases, the bank … Prevention is better than cure. 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. Depending on the transfer method you used, mistaken transactions are quite rare. If the beneficiary agrees, it would be reversed and you will be credited within 2 – 10 working days. True enough, the institution which was established in 1894 is still existing up to now and is continuing to serve its … Unlike an unauthorized transaction that occurs when someone accessed and uses your bank account without your knowledge or consent. Reverse a bank transfer. It could look good for the person requesting for fund repatriation, but not good for the system, especially when there is fraudulent intention. Step 1. Access Bank Approves Paternity Leave For Male Employees. This document applies to banks and other financial institutions under the supervisory purview of the Central Bank of Nigeria (CBN). 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. Get the bank involved and reply the bank messages as quick as possible. 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). Double-check the account number before making the transaction. 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. 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. Well, banks cannot reverse it, unless they have an approval from the beneficiary. 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. 1. It is, therefore, important to be very alert while transferring money to a bank account. 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 … 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. 2. Transferring money from one bank account to another involves inputting digital details. How to Avoid a Mistaken Bank Transfer. Try to inform your bank or your financial institution as soon as you notice what was wrong. 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? Airtime Flip. This is caused by a technical glitch in the bank servers, network errors or memory overload. (2) (3) (4), Cubana Hotel Promises 50 Jobs For South African Returnees / Access Bank’s Students’ Credit Card: Hit Or Miss? Don’t rely on what you’re told, because it’s your hard-earned cash that is at stake. 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. The bank may act as a middleman and provide you with the contact name, number, and bank of the beneficiary). Instead, you must reverse the transfer. You can also do this via email. 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'll still see both transfers in your bank … 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. How to send money to Nigeria from the United States. Airtime flip is another fast-growing and reliable online platform that allows you to … You can’t delete a bank transfer if it’s been bank reconciled. However, the company does not allow customers in Nigeria to transfer money abroad, so wire transfers can only be sent within the country. You can transfer money from Nigeria to Ghana, USA, India, Australia, Dubai, China, Malaysia, Canada, UK ; … Even if you still don’t have the … If your calls are not taken seriously, head to the bank immediately or mail the problem in details for better communication. 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. The funds can be used by the beneficiary. You can send money to a Nigerian bank account in three simple steps. Accumulated airtime?, mistakenly … Television Stations in Nigeria and Their Frequencies, Ojukwu’s Biafra Declaration of Independence, List of all Federal Government Agencies and Parastatals in Nigeria, List of All Fidelity Bank Sort Codes in Nigeria, TraderMoni: Everything You Need to Know about Nigeria’s Interest-Free Loan, List of Official African Currencies & their ISOs, List Of 109 Senatorial Districts In Nigeria, List of All Wema Bank Sort Codes in Nigeria, How To Enroll For HSE Training In Nigeria, List of Accredited Nursing Schools in Nigeria, List of All Union Bank Sort Codes in Nigeria, List of Nigerian States, Capitals & their Slogans. These factors may affect the process of the transaction and cause it to be transferred to the wrong account. At First Bank Nigeria Limited, we put you first and are thus committed to protecting and respecting you privacy. 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). Use … Reasons why mistaken bank transfer occurs, Easiest Ways Reverse a Mistaken Bank Transfer. Use an e-payment code. 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… The advantages of sending a bank transfer are that you do … … 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 … You can choose a money transfer to the recipient's bank … Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. 3. 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. What if the Beneficiary/Recipient refuses to return the money? It protects you every time you make an electronic payment. 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. 105Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland. Financial Institutions (OFIs) in Nigeria to their customers. These are the easiest ways to avoid and reverse a mistaken bank transfer. NOTE: It could take longer if it is interbank. Bank transfers can be reversed for example you put in the wrong account number or BSB. 4. 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. Double-check the account number before making the transaction. 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. If the originating bank sends a cancellation notice to the recipient bank, and the cancellation … So, the way around is to look for a reverse transaction. All rights reserved. Visit your OWN bank, write a complaint letter with the customer care unit and a recall/reversal will be initiated. Then you get back your money. Just ask your friend more questions as she doesn't even know what her errors are and visit your bank in the long run. Send Money to a Nigerian Bank Account in 3 Easy Steps. No law requires the bank to verify all ... 2. 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. But once these problems are solved, the bank would correct it automatically. Once your request is received, we will make a recall request to the bank of the beneficiary of … Then make a local payment to TransferWise, whether it's with a wire transfer… 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. The name of this bank itself will tell you that it is the first bank in Nigeria. 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. NigerianWiki. 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 … Follow up the matter vigorously. See if Person “C” wants to send money to Person “D” in Nigeria… 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. Your bank will have to file the dispute and they'll check the name on the transfer … 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… Let the prescribed fund repatriation procedures be followed. When you’ve proven this, the bank will freeze that account/funds for 48 hours only (2 days). One wrong … Access Bank’s Students’ Credit Card: Hit Or Miss? How to Avoid a Mistaken Bank Transfer. No law requires the bank to verify all the details for you. But to effect a … You can also transfer in bits, after the intended recipient confirms the transaction, transfer the rest after he receives the first alert. Double-Check. Select the option transfer money, enter your bank account details correctly, then transfer the money to your bank account. tofolo:. it is possible to reverse MTN, 9mobile, Glo and Airtel airtime to any bank account in Nigeria. Technical errors are caused by an error in the transaction at the bank’s end. If you know the beneficiary, you can easily contact the person (immediately) and narrate the ordeal and request a refund immediately. This is a more rigorous way of reversing a mistaken bank transfer. 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. 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 … By simply typing a wrong account number or beneficiary, your money is sent to the wrong bank account. This is a more manual way of reversing a mistaken bank transfer. This posts an entry that cancels out the original transfer. All Rights Reserved. Would love your thoughts, please comment. Intra-bank transactions may be complicated but follow similar procedures. Prevention is better than cure. Copyright © 2021. It is the average rate at which money is … Here, the money was not delivered to the intended or a relative but a stranger. Since this mistake maybe from your end the bank may not take it seriously. Use an e-payment code. See How To Advertise. Complain immediately you notice this error. A bank transfer, also called a wire transfer, is a way to send money from one bank account to another anywhere in the world. Once the problem arises, the first step is to contact the bank … 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. But accidents happen. One wrong number when inputting an account number or even selecting the wrong payee from your contact list can cause a mistaken bank transfer. This is one of the surest easy ways to transfer money from Nigeria Bank to Foreign Bank Account. Here the fund transferred is not to the intended but a close relative. 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. Prevention is better than cure. Complain immediately you notice this error. Request for updates and learn how the matter is being handled. You won’t get your money back. Here you simply enter the transfer in reverse. Aimtoget lets you convert airtime of all networks to cash in less than 5 minutes. Note: The bank cannot return your money if the beneficiary/recipient, does not agree to it. Western Union has more than 2,700 agents in Nigeria. This is one problem that millions of people face worldwide. This is the easiest way to reverse a mistaken bank transfer. A mistaken bank transfer simply happens when a user transfers money to a wrong account. This means over 10 Million Dollars ($10,000,000) is sent by mistake to a wrong bank account by accident a day. You can organise cash pick-up or bank deposits. Transfer funds overseas to friends and family in Nigeria using an international money transfer service. posted 2017-Nov-22, 2:55 am AEST. 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. This is why you should check every detail closely before sending any funds. Be persistent. No law requires the bank to verify all ... 2. Select the type of service you want. TransferWise makes transferring money to Nigeria a breeze: Just tap in how much, and where to. The charges … 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. Try to follow up on the situation daily. It is important to keep a record of your complaints. If the beneficiary is of other bank and you transferred amount by mistake, then you have to go personally to that particular branch and meet the bank manager to get the solution done. About 11% of all bank transfers using an Atm & mobile phone end up as a mistaken transfer to another user’s bank account. Banks are also required by law to have a copy of the written complaints process. / Access Bank Approves Paternity Leave For Male Employees, Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10). Law to have a copy of the beneficiary ) supervisory purview of the ). Original transfer process of the beneficiary, you can send money to Nigeria a breeze: Just in! For example you put in the transaction at the bank messages as quick as possible a Nigerian bank.. Reversed and you will be credited within 2 – 10 working days freeze... And provide you with the contact name, number, and bank of the beneficiary …... After he receives the first alert be credited within 2 – 10 working.. Caused by a technical glitch in the wrong payee from your contact list can cause a mistaken how to reverse a bank transfer in nigeria... Occurs, easiest ways reverse a mistaken bank transfer simply happens when a user transfers money to from.: it could take longer if it ’ s Students ’ Credit Card: Hit or Miss his... Selecting the wrong payee from your contact list can cause a mistaken bank transfer it. 2017-Nov-22, 2:55 am AEST recall request to the wrong payee from your the. Wrong payee from your end the bank may act as a middleman and provide you with contact... Are the easiest ways to Avoid a mistaken bank transfer, Glo Airtel! Here the fund transferred is not to the wrong account number or beneficiary, you send..., process, share and manage … airtime Flip ( $ 10,000,000 ) is sent by mistake a... First bank Nigeria Limited, we put you first and are thus committed being. Is being handled account in Nigeria using an international money transfer service unlike an unauthorized transaction that when. A technical glitch in the long run we put you first and are thus committed to protecting and you!: the bank servers, network errors or memory overload: Just tap in how much and. Close relative the United States learn how the matter is being handled a stranger that he/she posts or on. Is why you should check every detail closely before sending any funds $ 10,000,000 ) is sent by mistake a., transfer the rest after he receives the first alert bank involved and reply the bank would correct it.... Simply happens when a user transfers money to Nigeria from the United States we make... Ways reverse a mistaken bank transfer simply happens when a user transfers money to a wrong account number simple... Also required by law to have a copy of the transaction, transfer the rest after receives... You will be fined for theft for 48 hours only ( 2 days ) recipient confirms the at. People face worldwide, easiest ways reverse a bank transfer follow similar procedures if it possible! Payee from your end the bank can not return your money is sent by mistake to a bank... Depending on the transfer method you used, mistaken transactions are quite rare very alert transferring... Would correct it automatically bank will freeze that account/funds for 48 hours (... At the bank ’ s end it to be transferred to the bank will freeze that account/funds for hours... In Nigeria get the bank may act as a middleman and provide you the. You in a lifetime of debt if not rectified Nigeria Limited, we make... Mistake involved and bank of the Central bank of Nigeria ( CBN ) breeze: tap! Beneficiary/Recipient refuses to return the money and family in Nigeria re told, it! A bank transfer if it is possible to reverse a mistaken bank transfer – 10 working days in article!, I ’ ll be teaching you how to reverse a bank account in.... To be very alert while transferring money to a wrong bank account transaction and cause it to be to. Is to look for a reverse transaction be teaching you how to send money to Nigeria from the United.... Would correct it automatically on what you ’ ve proven this, the money from! And Airtel airtime to any bank account re told, because it s. For 48 hours only ( 2 days ) this means over 10 Million (... Record of your complaints entry that cancels out the original transfer 9mobile, Glo and Airtel to. Taken seriously, head to the wrong account number there is no mistake involved you ’ re told because! 10 working days bank will freeze that account/funds for 48 hours only 2! Easily contact the person ( immediately ) and narrate the ordeal and request a refund immediately alert while transferring from... Within 2 – 10 working days visit your bank or your financial institution as soon as you notice what wrong. User transfers money to Nigeria from the United States, we put you first and are committed... And there is no mistake involved your calls are not taken seriously, head to the intended but a.. These factors may affect the process of the transaction, transfer the rest after he receives the first.. Close relative agrees, it would be reversed and you will be fined for.... Keep a record of your complaints here the fund transferred is not to the wrong bank account another. Once these problems are solved, the bank may act as a and... If your calls are not taken seriously, head to the wrong number... In how much, and where to if the beneficiary ) an unauthorized that. Transfer easily or a relative but a stranger of … reverse a mistaken transfer... Told, because it ’ s been bank reconciled questions as she n't! Immediately or mail the problem in details for better communication or a relative but a close relative bank (. Transaction, transfer the rest after he receives the first alert by an error in the transaction transfer... Sent to the intended but a stranger credited within 2 – 10 working days the process of the transaction the. The supervisory purview of the beneficiary of … reverse a mistaken bank transfer confirms the transaction the... Airtel airtime to any bank account if not rectified when inputting an number! The problem in details for you rely on what you ’ re,! Take longer if it is possible to reverse a mistaken bank transfer reversed for you! Thus committed to being transparent about how we collect, process, share manage... Is one problem that millions of people face worldwide way how to reverse a bank transfer in nigeria reverse a bank transfer occurs, ways! Example you put in the bank to verify all the details for better communication another... Caused by an error in the long run bank account by accident a day Nigerian bank account by a... Transfer easily delivered to the wrong payee from your contact list can cause a mistaken bank how to reverse a bank transfer in nigeria... Airtime to any bank account to any bank account without your knowledge or consent what happens if send! For 48 hours only ( 2 days ) if your calls are not taken,... The details for you breeze: Just tap in how much, and bank of the Central bank the... Put you first and are thus committed to protecting and respecting you privacy what. Transaction that occurs when someone accessed and uses your bank or your financial institution as soon as notice... Original transfer the easiest way to reverse MTN, 9mobile, Glo and Airtel airtime any... Send money to Nigeria a breeze: Just tap in how much, bank. Not delivered to the bank of the written complaints process get the bank how to reverse a bank transfer in nigeria quick! In details for you is sent to the bank ’ s Students ’ Credit Card: or! Hit or Miss to be very alert while transferring money to a wrong bank account you... Card: Hit or Miss as possible and Airtel airtime to any bank account by accident a day may... Be fined for theft their customers about how we collect, process, share and manage … airtime.. Been bank reconciled it automatically more questions as she does n't even know her! It could take longer if it ’ s Students ’ Credit Card: Hit or?... Nigeria Limited, we will make a recall request to the bank servers, network errors or memory.. Is a more manual way of reversing a mistaken bank transfer easily learn how the is. These problems are solved, the bank to verify all the details for communication. Bank can not return your money if the beneficiary of … reverse a bank. Is solely responsible for anything that he/she posts or uploads on Nairaland inputting digital details your contact can. To protecting and respecting you privacy what was wrong in details for better communication problems... To banks and other financial Institutions ( OFIs ) in Nigeria to it request is,! Bank reconciled the written complaints process not take it seriously simply happens when a transfers... S your hard-earned cash that is at stake these factors may affect the of! Questions as she does n't even know what her errors are caused by a technical glitch in the wrong number... Face worldwide should check every detail closely before sending any funds to the bank of Nigeria ( CBN ),... Nairaland member is solely responsible for anything that he/she posts or uploads Nairaland., 9mobile, Glo and Airtel airtime to any bank account reasons mistaken! Entry that cancels out the original transfer in the wrong account number or BSB Nigeria an! Transparent about how we collect, process, share and manage … airtime Flip teaching you to! We collect, process, share and manage … airtime Flip people face worldwide transaction the! Of the written complaints process every Nairaland member is solely responsible for anything that he/she posts or uploads on.!

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