Your bank will have to file the dispute and they'll check the name on the transfer … This means over 10 Million Dollars ($10,000,000) is sent by mistake to a wrong bank account by accident a day. 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. Let the prescribed fund repatriation procedures be followed. We are committed to being transparent about how we collect, process, share and manage … No law requires the bank to verify all the details for you. No law requires the bank to verify all ... 2. Complain immediately you notice this error. Well, banks cannot reverse it, unless they have an approval from the beneficiary. One wrong … But once these problems are solved, the bank would correct it automatically. tofolo:. Just ask your friend more questions as she doesn't even know what her errors are and visit your bank in the long run. NOTE: It could take longer if it is interbank. 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 … This document applies to banks and other financial institutions under the supervisory purview of the Central Bank of Nigeria (CBN). You can also transfer in bits, after the intended recipient confirms the transaction, transfer the rest after he receives the first alert. But to effect a … Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. By simply typing a wrong account number or beneficiary, your money is sent to the wrong bank account. Step 1. Western Union has more than 2,700 agents in Nigeria. 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. It is the average rate at which money is … This is one problem that millions of people face worldwide. 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. Transfer funds overseas to friends and family in Nigeria using an international money transfer service. You can also do this via email. (2) (3) (4), Cubana Hotel Promises 50 Jobs For South African Returnees / Access Bank’s Students’ Credit Card: Hit Or Miss? Double-check the account number before making the transaction. About 11% of all bank transfers using an Atm & mobile phone end up as a mistaken transfer to another user’s bank account. 3. Double-check the account number before making the transaction. Would love your thoughts, please comment. You can organise cash pick-up or bank deposits. Double-Check. This is a more manual way of reversing a mistaken bank transfer. If you know the beneficiary, you can easily contact the person (immediately) and narrate the ordeal and request a refund immediately. Airtime Flip. 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. 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. It could look good for the person requesting for fund repatriation, but not good for the system, especially when there is fraudulent intention. 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. Intra-bank transactions may be complicated but follow similar procedures. Get the bank involved and reply the bank messages as quick as possible. In this article, I’ll be teaching you how to reverse a mistaken bank transfer easily. This is one of the surest easy ways to transfer money from Nigeria Bank to Foreign Bank Account. 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. Note: The bank cannot return your money if the beneficiary/recipient, does not agree to it. NigerianWiki. 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). It is, therefore, important to be very alert while transferring money to a bank account. Visit your OWN bank, write a complaint letter with the customer care unit and a recall/reversal will be initiated. Try to follow up on the situation daily. / Access Bank Approves Paternity Leave For Male Employees, Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10). Prevention is better than cure. Be persistent. These are the easiest ways to avoid and reverse a mistaken bank transfer. Complain immediately you notice this error. Once your request is received, we will make a recall request to the bank of the beneficiary of … You can choose a money transfer to the recipient's bank … Unlike an unauthorized transaction that occurs when someone accessed and uses your bank account without your knowledge or consent. Instead, you must reverse the transfer. Try to inform your bank or your financial institution as soon as you notice what was wrong. It is important to keep a record of your complaints. 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? If your calls are not taken seriously, head to the bank immediately or mail the problem in details for better communication. Prevention is better than cure. Here the fund transferred is not to the intended but a close relative. 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. Even if you still don’t have the … This posts an entry that cancels out the original transfer. Request for updates and learn how the matter is being handled. What if the Beneficiary/Recipient refuses to return the money? These factors may affect the process of the transaction and cause it to be transferred to the wrong account. The name of this bank itself will tell you that it is the first bank in Nigeria. 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. It protects you every time you make an electronic payment. TransferWise makes transferring money to Nigeria a breeze: Just tap in how much, and where to. Aimtoget lets you convert airtime of all networks to cash in less than 5 minutes. At First Bank Nigeria Limited, we put you first and are thus committed to protecting and respecting you privacy. In some cases, the bank … The advantages of sending a bank transfer are that you do … 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. The funds can be used by the beneficiary. Double-Check. Then you get back your money. 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. So, the way around is to look for a reverse transaction. Follow up the matter vigorously. See if Person “C” wants to send money to Person “D” in Nigeria… 2. Financial Institutions (OFIs) in Nigeria to their customers. 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. You'll still see both transfers in your 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. This mistake can leave you in a lifetime of debt if not rectified. 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. 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. 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). Fast, low-cost, and secure online money transfers from the United Kingdom to Nigeria. Double-check the account number before making the transaction. True enough, the institution which was established in 1894 is still existing up to now and is continuing to serve its … 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. A mistaken bank transfer simply happens when a user transfers money to a wrong account. All rights reserved. See How To Advertise. 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? 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. Select the type of service you want. The bank may act as a middleman and provide you with the contact name, number, and bank of the beneficiary). Copyright © 2021. 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. Once the recipient's bank has accepted the payment order, the transfer cannot be reversed. How to Avoid a Mistaken Bank Transfer. You can send money to a Nigerian bank account in three simple steps. This is a more rigorous way of reversing a mistaken bank transfer. Then make a local payment to TransferWise, whether it's with a wire transfer… This is why you should check every detail closely before sending any funds. Don’t rely on what you’re told, because it’s your hard-earned cash that is at stake. How to send money to Nigeria from the United States. 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. But accidents happen. How to Avoid a Mistaken Bank Transfer. … Prevention is better than cure. Here, the money was not delivered to the intended or a relative but a stranger. 1. Transferring money from one bank account to another involves inputting digital details. You can’t delete a bank transfer if it’s been bank reconciled. The charges … 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. Airtime flip is another fast-growing and reliable online platform that allows you to … No law requires the bank to verify all ... 2. Transferring money from involves inputting a payee’s bank details (bank name and account number). 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… One wrong number when inputting an account number or even selecting the wrong payee from your contact list can cause a mistaken bank transfer. Reasons why mistaken bank transfer occurs, Easiest Ways Reverse a Mistaken Bank Transfer. 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. 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 … 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. Use … 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. it is possible to reverse MTN, 9mobile, Glo and Airtel airtime to any bank account in Nigeria. posted 2017-Nov-22, 2:55 am AEST. 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. Technical errors are caused by an error in the transaction at the bank’s end. You won’t get your money back. 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