Error transferring money to a bank account: can the operation be cancelled?

Bank transfers are a way to send your funds to another person or entity. To do this, you need the recipient’s exact account number. However, due to haste or inattention, it is possible to make a mistake when entering the number, resulting in the money reaching the wrong person.

Although there are security measures that allow you to confirm the operation and see the recipient’s name before carrying it out, many people do not give them due importance and carry out the transfer automatically. In this article, we will explain what you can do if you make this mistake.

Is it possible to reverse a bank transfer if I made a mistake in the amount sent?

According to the Superintendency of Banks, Insurance and AFP (SBS), cited by La República, it is not feasible to cancel a bank transfer if an error has been made by the recipient. This is because the money becomes part of the other person’s fund and is therefore untouchable. Only in exceptional circumstances, such as in cases of fraud, can the transfer be reversed, as long as it is specified in a contract between the client and the bank.

What can I do if I make a mistake in a transfer?

If you make a mistake in a transfer, according to Ana Reátegui, professor of Finance at ESAN Graduate School of Business, the first thing you should do is go to your bank and request a refund of the money. The bank will be in charge of contacting the recipient of the money and will begin a refund process, which may be lengthy.

You can also use this option in cases of double payment for a service, but the bank must confirm that an error has occurred and you will be the one who must initiate the entire procedure. Since a transfer is a voluntary process, it cannot be reversed simply because the bank has not made a mistake, as he noted in a previous conversation with this medium.

How can I make sure I have entered the correct account number when making a transfer?

It is important to remember that when making a transfer, you must make sure you enter the correct account number. How can you obtain this information? The safest way is to request it directly from the recipient. Ask them to provide you with their account number along with their full name, or the full company name if it is a corporate transfer. This way, you can avoid errors and ensure that funds are sent to the correct recipient.

How to prevent errors when making a bank transfer?

First, make sure you have the recipient’s account number on hand. Next, go to your bank’s app and make sure you enter the number correctly. Verify that the account holder is correct before confirming the transaction. For added security, you can send the recipient a screenshot of the transaction so they are aware of it. This way, you can reduce the chances of making mistakes when making the transfer.