Sending money to IBAN by mistake is unfortunately quite common. In this situation, many people panic and do not know what to do. So, can the money sent via IBAN be refunded? In this article, we will examine the answer to this question and how to perform the rollback.
What to Do After Money is Sent?
Contact your bank immediately. If the transfer has not yet been completed, your bank may stop the transaction and have the money returned.
Contact the buyer. You can contact the buyer and ask for the money to be refunded. If the buyer accepts the refund, you can complete the transaction by contacting the bank again.
Take legal action. If the buyer does not accept the refund, you can take legal action as a last resort.
Documents Required to Get Your Money Back
Money order/EFT receipt
Document containing recipient and sender account information
Document showing that you have contacted the recipient (if available)
Letter showing that you are requesting a refund
Refund Period
The refund process may vary depending on your bank and your communication with the recipient. If the transfer has not yet been completed, money can usually be sent back within a few minutes. If you can contact the buyer to get the money refunded, this process can be completed within a few days. However, if you need to take legal action, the process of getting your money back may take longer.
Things to pay attention
Check your account information carefully when making a money transfer/EFT transaction.
Confirm the IBAN number and the name and surname of the account holder.
Contact your bank before sending money to an account you are unsure of.