Sent money to wrong account

What you need to do if you send money to the wrong account

If you've transferred money to the wrong account by mistake, get in touch with your bank as soon as you notice. You should ask the bank to initiate a recall, which means they'll request the recipient's bank to send the funds back. Time matters here. The earlier you contact your bank after the transfer, the greater your chances are to recover your money, so don't wait.

Before you reach out, make sure you've got relevant details at hand: the transfer reference, payment date, amount, and the recipient's information, including IBAN (that’s the International Bank Account Number). Banks aren't allowed to simply debit the money from the other account. What they can do is submit a recall to the receiving bank and wait for a reply from them or the account holder. In many situations, getting your funds back depends on the recipient agreeing to return them.

What happens after the recall request and how long can it take

Once your bank processes the recall, the request goes through the relevant banking channels. The receiving bank will then ask its account holder about the money. If the person receiving the funds agrees, your transfer is usually reversed, it takes a few working days. But if the recipient says no or doesn't answer, the banks generally cannot force a reversal on their own.

How long it all takes, and how likely it is to work, will depend on which banks and payment systems are involved. There's no universal rule here. Check with your bank if there’s any fee for sending the recall, and ask what specifically is being done at each stage. Some banks and payment services now provide extra protection, like verification of payee, which matches the name you entered with the actual account name before the transfer leaves your bank.

If the person who received your money won’t give it back

If the recipient refuses to cooperate, your choices become limited. You can ask your bank whether it will follow up with the other bank again, but in practice there isn’t much more a bank can do. For a large payment, you might look at sending a letter demanding repayment or starting a civil court claim for recovery (that means making a formal legal request for the money). Laws vary from place to place, so check with a lawyer or a local consumer advice service before you spend more to recover less. If you think your bank didn't handle your case properly, you have the option to make a formal complaint about their treatment.

If your payment went to another country via a money transfer service rather than bank-to-bank, contact that provider directly. It's usually harder to get your funds back if several banks in different countries handled the transfer.

How a single incorrect digit can cost you

Imagine you wanted to pay 800 euros to your landlord, but a single digit in the IBAN was wrong, so the money landed in someone else's account. You realize the mistake and notify your bank immediately. The bank issues a recall, but the recipient doesn’t recognize you and declines to return the payment.

At this point, your only options may be to pursue legal action, which can be costly, or to accept the loss. Acting fast by calling your bank right away can be the key factor in getting your funds back.

Frequently asked questions