Prevention is better than cure. Since this mistake maybe from your end the bank may not take it seriously. 3. Select the option transfer money, enter your bank account details correctly, then transfer the money to your bank account. The advantages of sending a bank transfer are that you do … Fast, low-cost, and secure online money transfers from the United Kingdom to Nigeria. 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. 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. 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). Aimtoget lets you convert airtime of all networks to cash in less than 5 minutes. Use an e-payment code. 2. We are committed to being transparent about how we collect, process, share and manage … 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. A bank transfer, also called a wire transfer, is a way to send money from one bank account to another anywhere in the world. In some cases, the bank … You can send money to a Nigerian bank account in three simple steps. You can transfer money from Nigeria to Ghana, USA, India, Australia, Dubai, China, Malaysia, Canada, UK ; … When you win, the unintended beneficiary will be fined for theft. Step 1. Anyway, since it's a self inflicted foolishness, Just go to your bank, the money can't be withdrawn as the account number can never exist in another bank except your friend foolishly again sent to another person's account number existing in that same wrong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. But accidents happen. Follow up the matter vigorously. These are the easiest ways to avoid and reverse a mistaken bank transfer. 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. Financial Institutions (OFIs) in Nigeria to their customers. Well, banks cannot reverse it, unless they have an approval from the beneficiary. What happens if you send money to the wrong account number? It protects you every time you make an electronic payment. About 11% of all bank transfers using an Atm & mobile phone end up as a mistaken transfer to another user’s bank account. 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… Transferring money from involves inputting a payee’s bank details (bank name and account number). Access Bank Approves Paternity Leave For Male Employees. Here you simply enter the transfer in reverse. 3. One wrong number when inputting an account number or even selecting the wrong payee from your contact list can cause a mistaken bank transfer. / Access Bank Approves Paternity Leave For Male Employees, Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10). 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 … This means over 10 Million Dollars ($10,000,000) is sent by mistake to a wrong bank account by accident a day. This mistake can leave you in a lifetime of debt if not rectified. 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. One wrong … This posts an entry that cancels out the original transfer. 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. If the unintended beneficiary claims that the money in his account is his and not yours and there is no mistake involved. Use … You can’t delete a bank transfer if it’s been bank reconciled. At First Bank Nigeria Limited, we put you first and are thus committed to protecting and respecting you privacy. Try to follow up on the situation daily. Instead, you must reverse the transfer. This is caused by a technical glitch in the bank servers, network errors or memory overload. Intra-bank transactions may be complicated but follow similar procedures. It is important to keep a record of your complaints. Try to inform your bank or your financial institution as soon as you notice what was wrong. You can also do this via email. 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. The bank may act as a middleman and provide you with the contact name, number, and bank of the beneficiary). This is the easiest way to reverse a mistaken bank transfer. Double-Check. Would love your thoughts, please comment. You can also transfer in bits, after the intended recipient confirms the transaction, transfer the rest after he receives the first alert. 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 … All Rights Reserved. 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… The charges … 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 $5. You won’t get your money back. Once your request is received, we will make a recall request to the bank of the beneficiary of … How to Avoid a Mistaken Bank Transfer. This is one problem that millions of people face worldwide. The funds can be used by the beneficiary. it is possible to reverse MTN, 9mobile, Glo and Airtel airtime to any bank account in Nigeria. Double-Check. Complain immediately you notice this error. Bank transfers can be reversed for example you put in the wrong account number or BSB. Banks are also required by law to have a copy of the written complaints process. Don’t rely on what you’re told, because it’s your hard-earned cash that is at stake. posted 2017-Nov-22, 2:55 am AEST. Note: The bank cannot return your money if the beneficiary/recipient, does not agree to it. The name of this bank itself will tell you that it is the first bank in Nigeria. Request for updates and learn how the matter is being handled. Technical errors are caused by an error in the transaction at the bank’s end. If it is an active bank account or the beneficiary is unknown to you, you contact your bank immediately using your bank customer care line or mail (you can also send a mail to the bank, narrating the matter, reporting wrong bank payments in details for better understanding. Nairaland Forum / Nairaland / General / Business / Wrong Bank Transaction, How Can I reverse it (25503 Views), My Wife Mistakenly Sent Money To A Wrong Bank Account / Bank Transaction Verification By Email / Is This Bank Transaction Legitmate? If a person “A” from Nigeria wants to send US$ 5,000 to someone (Person “B”) in Chicago, USA, they cannot, as Nigeria has placed limits on the capital outflow. See How To Advertise. 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. Prevention is better than cure. This is a more manual way of reversing a mistaken bank transfer. 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. Transfer funds overseas to friends and family in Nigeria using an international money transfer service. This document applies to banks and other financial institutions under the supervisory purview of the Central Bank of Nigeria (CBN). Double-check the account number before making the transaction. 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. Then make a local payment to TransferWise, whether it's with a wire 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. 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. If your calls are not taken seriously, head to the bank immediately or mail the problem in details for better communication. Get the bank involved and reply the bank messages as quick as possible. Transferring money from one bank account to another involves inputting digital details. It is the average rate at which money is … 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. Error in the bank can not return your money if the unintended beneficiary will be fined for theft user. Nigeria to their customers send money to a Nigerian bank account to another involves inputting a payee s... His and not yours and there is no mistake involved Million Dollars ( $ ). 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