Money Transferred to Wrong Account Number? Here’s How to Get it Back

• If the account number you transferred money to is invalid, then your money will automatically be transferred back into your account. In case the account number exists, you will have to take an immediate action.
• If you execute a bank transfer to the wrong bank account, you should immediately inform your bank and its concerned manager, and also provide them bank details of the incorrect bank transfer.
• It is important to understand the process of a bank transfer and double-check the details of the transaction to avoid any financial mishaps.

There may be instances when you unknowingly transfer funds to a wrong bank account. It could happen if you have manually typed the wrong account number; if you have introduced a typo in the account number, IFSC code or both; or due to technical errors from the bank’s side.In case such an instance happens, there are lots of questions you may have regarding the next steps - Is it possible to get your money transferred back to your account? Or is the bank authorised to reverse the transaction?In this blog, you will find out what you should do if you accidentally carry out a bank transfer to the wrong bank account.

If you execute a bank transfer to the wrong bank account, you can take the measures listed below:

• Inform your bank: You should immediately inform your bank and its concerned manager.
• Provide your bank details: You should provide the respective bank details to prove that you transferred funds to the wrong account.
• Prove that the transfer was accidental: If the amount has been credited to an unintended beneficiary’s account, you will have to provide proof to support that the transfer was made accidentally.
• Send a detailed mail: For enhanced communication, write a detailed mail about the incident to the bank.
• Seek help from the bank: The bank acts as a facilitator and can provide you details like branch name and contact number of the unintended beneficiary.
• Reversal of transaction: The bank may approach the recipient on your behalf in case the transfer is intra-bank. It may request for a reversal of transaction. If the beneficiary agrees, the transaction will be reversed back within 7 working days.
• Visit the branch if it is a different bank: In case the beneficiary is from another bank, you should personally visit the branch to meet the bank manager for a solution.

Note : You should know that if the account number typed by you does not exist, then your money will automatically be transferred back into your account. In case the account number exists, you will have to take an immediate action.

Generally, it is not possible to get your money back without the consent of the wrong beneficiary. However, here's what you can do if your money is sent to the wrong bank account and the beneficiary refuses to return your funds:

• The wrong beneficiary will have to accept that a wrong transaction was made to their account. Then, you will need to contact your bank and communicate the matter in detail. You may also have to provide an ID proof, address, and other details.
• You can also communicate the matter in detail via mail, which also helps to keep a track of your complaint.
• If the wrong beneficiary refuses to return your money, you can take a legal action. Though, it may be difficult if your bank and the beneficiary’s bank are different.

If the beneficiary accepts the wrong bank transfer and agrees to return your amount, it will then take 8 to 10 working days to reverse the bank transfer.

Before making any payment, it is necessary to double check the account number and IFSC code of the beneficiary. This helps you avoid any kind of mistakes. Even then if you transferred money to the wrong account, immediately request your bank to look into the matter and ask for a transaction reversal.While the bank cannot directly reverse the amount that has been transferred, you must still file a written complaint with the bank. If the bank also fails to provide you with a solution, you can move to a court and seek legal help. Timely action is crucial.Thus, while a wrong bank transfer can be stressful, quick and appropriate action may limit the damage. Also Read: How to Open a Savings Account Online & Offline: Step by Step Process