Can you cancel an erroneous bank transfer? BBVA and BCP tell you what you should do

Bank transfers are a vital tool for moving funds between accounts. However, errors when entering recipient details are common and can result in money being sent to the wrong account. Although banks offer security measures to confirm the operation, many users do not pay enough attention and confirm the transfer automatically.

When a mistake is made in a transfer, it is essential to know the options available to try to recover the funds. BBVA and BCP offer alternatives to handle these situations. In this article, we explain in detail what you can do if you find yourself in this situation.

What does BBVA say about canceling bank transfers?

He BBVA clarifies that once a bank transfer is effective, it cannot be canceled. However, there are options to request a refund.

• Contact the recipient account holder: This is the most agile and direct option. It consists of communicating with the person who received the money in error and requesting a refund. This method is based on the recipient’s willingness to return the funds.
• Request a refund from the bank: If you do not have information about the owner of the wrong account, you can go to the bank and request that an interbank process be initiated. This process involves asking the beneficiary’s bank to return the money. The success of this method also depends on the recipient’s agreement to return the funds.
• Judicial procedement: If the above options fail, the only remaining alternative is to take the case to trial. Although this option may be more expensive and time-consuming, it is a legal way to try to recover the money.

To request a refund, BBVA offers two methods: Go to a branch with the information about the operation or call customer service. In both cases, it is crucial to act quickly to increase your chances of recovering your funds.

BCP: what should you do if you made a mistake when making a bank transfer?

He Credit Bank of Peru (BCP) suggests acting immediately if an error is detected in a bank transfer. Here we detail the steps recommended by the BCP:

1. Act quickly: Informing the bank of the error as soon as possible is vital. The sooner the problem is reported, the better the chances of fixing it.
2. Provide all necessary information: When contacting the bank, it is important to have all the details of the transfer at hand, including the time, amount and the details of the wrong recipient.
3. Follow bank procedures– Each bank has its own procedures for handling failed transfers. It is essential to follow the instructions provided by the bank to maximize the chances of recovering the money.

Why can’t I make a bank transfer?

There are several reasons why a bank transfer may fail. Some of the most common causes are the following:

• Incorrect data– Entering incorrect recipient information is the most common mistake. Therefore, you must verify the account number and name before confirming the transfer.
• Transfer limits: Banks set daily and per-operation limits for transfers. Attempting to send an amount that exceeds these limits will result in the transaction being declined. Knowing and respecting these limits is crucial to avoid problems.
• Fees and processing times– Failure to consider fees and processing times may cause delays or additional costs. Find out about these aspects to plan your transfers appropriately.
• Connectivity or platform issues: Technical glitches, such as a poor internet connection or issues with the mobile banking platform, can prevent a transfer from being completed.
• Destination account restrictions– Some accounts may have restrictions, such as receiving limits or security blocks. This is common in international transfers or to unverified accounts.