Use … Access Bank Approves Paternity Leave For Male Employees. This mistake can leave you in a lifetime of debt if not rectified. If your calls are not taken seriously, head to the bank immediately or mail the problem in details for better communication. 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. 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 … You can also do this via email. Then make a local payment to TransferWise, whether it's with a wire transfer… Select the option transfer money, enter your bank account details correctly, then transfer the money to your bank account. Note: The bank cannot return your money if the beneficiary/recipient, does not agree to it. 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. But accidents happen. But to effect a … How to Avoid a Mistaken Bank Transfer. One wrong … 105Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland. You can send money to a Nigerian bank account in three simple steps. Intra-bank transactions may be complicated but follow similar procedures. It is the average rate at which money is … 3. Try to follow up on the situation daily. 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 win, the unintended beneficiary will be fined for theft. This is a more rigorous way of reversing a mistaken bank transfer. It protects you every time you make an electronic payment. How to send money to Nigeria from the United States. Double-Check. If you know the beneficiary, you can easily contact the person (immediately) and narrate the ordeal and request a refund immediately. 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? 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. 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. Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. Don’t rely on what you’re told, because it’s your hard-earned cash that is at stake. 1. Then you get back your money. When you’ve proven this, the bank will freeze that account/funds for 48 hours only (2 days). 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 … 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. 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. Reasons why mistaken bank transfer occurs, Easiest Ways Reverse a Mistaken Bank Transfer. 4. Double-check the account number before making the transaction. 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 … If you want to reverse a mistaken bank transfer, these are the best ways to do to revert it; If the account number you credited does not exist, the money will be returned to your account automatically. Just ask your friend more questions as she doesn't even know what her errors are and visit your bank in the long run. Airtime Flip. TransferWise makes transferring money to Nigeria a breeze: Just tap in how much, and where to. Your bank will have to file the dispute and they'll check the name on the 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. Try to inform your bank or your financial institution as soon as you notice what was wrong. 3. By simply typing a wrong account number or beneficiary, your money is sent to the wrong bank account. Double-check the account number before making the transaction. 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). One wrong number when inputting an account number or even selecting the wrong payee from your contact list can cause a mistaken bank transfer. Use an e-payment code. Double-Check. Double-check the account number before making the transaction. In some cases, the bank … This is a more manual way of reversing a mistaken bank transfer. Technical errors are caused by an error in the transaction at the bank’s end. 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. (2) (3) (4), Cubana Hotel Promises 50 Jobs For South African Returnees / Access Bank’s Students’ Credit Card: Hit Or Miss? These factors may affect the process of the transaction and cause it to be transferred to the wrong account. So, the way around is to look for a reverse transaction. it is possible to reverse MTN, 9mobile, Glo and Airtel airtime to any bank account in Nigeria. About 11% of all bank transfers using an Atm & mobile phone end up as a mistaken transfer to another user’s bank account. 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. Reverse a bank transfer. It could look good for the person requesting for fund repatriation, but not good for the system, especially when there is fraudulent intention. 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… Even if you still don’t have the … True enough, the institution which was established in 1894 is still existing up to now and is continuing to serve its … 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. But once these problems are solved, the bank would correct it automatically. 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. However, the company does not allow customers in Nigeria to transfer money abroad, so wire transfers can only be sent within the country. A mistaken bank transfer simply happens when a user transfers money to a wrong account. Use an e-payment code. Financial Institutions (OFIs) in Nigeria to their customers. Accumulated airtime?, mistakenly … This is one of the surest easy ways to transfer money from Nigeria Bank to Foreign Bank Account. If the unintended beneficiary claims that the money in his account is his and not yours and there is no mistake involved. This means over 10 Million Dollars ($10,000,000) is sent by mistake to a wrong bank account by accident a day. You can organise cash pick-up or bank deposits. Follow up the matter vigorously. Prevention is better than cure. 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… Copyright © 2021. This is the easiest way to reverse a mistaken bank transfer. Depending on the transfer method you used, mistaken transactions are quite rare. All Rights Reserved. Access Bank’s Students’ Credit Card: Hit Or Miss? It is important to keep a record of your complaints. Transferring money from one bank account to another involves inputting digital details. Prevention is better than cure. 1. What happens if you send money to the wrong account number? For instance, you wanted to transfer $36 to your brother, Dave Peters but the fund was sent to your uncle who also bears Dave Peters. If a person “A” from Nigeria wants to send US$ 5,000 to someone (Person “B”) in Chicago, USA, they cannot, as Nigeria has placed limits on the capital outflow. Complain immediately you notice this error. Transfer funds overseas to friends and family in Nigeria using an international money transfer service. How to Avoid a Mistaken Bank Transfer. This document applies to banks and other financial institutions under the supervisory purview of the Central Bank of Nigeria (CBN). Here you simply enter the transfer in reverse. Prevention is better than cure. Would love your thoughts, please comment. tofolo:. / Access Bank Approves Paternity Leave For Male Employees, Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10). Airtime flip is another fast-growing and reliable online platform that allows you to … NOTE: It could take longer if it is interbank. See How To Advertise. No law requires the bank to verify all ... 2. You can transfer money from Nigeria to Ghana, USA, India, Australia, Dubai, China, Malaysia, Canada, UK ; … 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. Once the recipient's bank has accepted the payment order, the transfer cannot be reversed. You'll still see both transfers in your bank … In this article, I’ll be teaching you how to reverse a mistaken bank transfer easily. Request for updates and learn how the matter is being handled. Complain immediately you notice this error. 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. … 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. Aimtoget lets you convert airtime of all networks to cash in less than 5 minutes. This is why you should check every detail closely before sending any funds. See if Person “C” wants to send money to Person “D” in Nigeria… Well, banks cannot reverse it, unless they have an approval from the beneficiary. Instead, you must reverse the transfer. 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. We are committed to being transparent about how we collect, process, share and manage … Get the bank involved and reply the bank messages as quick as possible. 2. You won’t get your money back. 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. Since this mistake maybe from your end the bank may not take it seriously. The charges … 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. You can choose a money transfer to the recipient's bank … Transferring money from involves inputting a payee’s bank details (bank name and account number). The advantages of sending a bank transfer are that you do … These are the easiest ways to avoid and reverse a mistaken bank transfer. Banks are also required by law to have a copy of the written complaints process. NigerianWiki. Send Money to a Nigerian Bank Account in 3 Easy Steps. Bank transfers can be reversed for example you put in the wrong account number or BSB. The name of this bank itself will tell you that it is the first bank in Nigeria. 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. Here, the money was not delivered to the intended or a relative but a stranger. 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? Select the type of service you want. The funds can be used by the beneficiary. 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. Let the prescribed fund repatriation procedures be followed. What if the Beneficiary/Recipient refuses to return the money? If the beneficiary agrees, it would be reversed and you will be credited within 2 – 10 working days. Once your request is received, we will make a recall request to the bank of the beneficiary of … Fast, low-cost, and secure online money transfers from the United Kingdom to Nigeria. This is caused by a technical glitch in the bank servers, network errors or memory overload. The bank call center will require the amount sent, account name, account number, transaction date, transaction time and you will have to prove the bank call center in details that you mistakenly transferred the money to a wrong beneficiary’s account (If you accidentally credited the account of an unintended beneficiary with the similar or the same name as your intended beneficiary, you’ll have to prove that it was a mistaken transfer before the bank can help). You can’t delete a bank transfer if it’s been bank reconciled. It is, therefore, important to be very alert while transferring money to a bank account. Western Union has more than 2,700 agents in Nigeria. Step 1. Visit your OWN bank, write a complaint letter with the customer care unit and a recall/reversal will be initiated. If the originating bank sends a cancellation notice to the recipient bank, and the cancellation … No law requires the bank to verify all ... 2. Be persistent. This is one problem that millions of people face worldwide. Better, atleast the funds are safe, now the bank would get the customer to come and reactivate the account and the funds would be sent back to her, if the customer is delaying let her just go to the nearest court and get a court order necessitating the bank to reverse the … posted 2017-Nov-22, 2:55 am AEST. 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