Transferring money these days is a lot easier than it was years back. Today, there are plenty of options on the table, including a money transfer app. But the problem with money transfers through apps and online is the margin of error. We all make mistakes, don’t we? But some are bigger than others. Transferring money to the wrong account can feel so terrible – especially when it’s a large sum of money, or it was needed elsewhere urgently. But there can be recourse when you make a wrong move when transferring funds. Not all is always lost.
So, what is it that you can do when you transfer money to the wrong recipient? Can you retrieve it? And if so, how can you do it? Well, different platforms have their distinct rules on accidental transfers. But there are some pretty identical tips that can help you, regardless of the money transfer app you’re using. Here they are:
Register Your Complaint with Your Money Transfer App
You can inform your money transfer app of the mistake that has led to the wrong transfer immediately. Reach them through their website customer service desk or social media. They should be able to help you retrace your transaction and offer a solution.
This is a critical step that you need to handle right away. In fact, the earlier you let them know, the easier it is for them to try and come up with a solution. At least before the user who has received the funds starts utilizing them.
It is an easier scenario in the case that you have sent money to a non-existent account. In such a case, the money transfer app system can even pick up the fault in the transaction and automatically refund the money to your account.
This is where the customer service quality of the money transfer app comes into test. Some will be willing to expedite the case and help you all the way through. While on the other hand, some teams may only help you so much.
How Does the Money Transfer App Fix Your Problem?
You might be interested to know what procedure the money transfer app team uses to sort out your mistaken transaction. So, here’s how – through back-end checks. There are a lot of these checks going on during money transfers. And they come quite in handy during a scenario such as this.
The technology involved in money transfers uses end-to-end encryption so that it can secure user information. This way, it becomes a lot harder for hackers to intercept the transactions. This same technology is useful when validating information from the user transferring funds. It confirms information such as the account number or other details of the recipient. Through this system, the money transfer app can note where the rain started beating you. They can also note suspicious transactions that are out of the norm and stop them before they proceed.
As much as you may finally get a recourse and your funds bounce back into your account, this is not always the case. Therefore, it would help to follow these guidelines to avoid sending money to the wrong recipient:
Use Your Contact Address Book When Filling in the Recipient Details
Instead of manually writing or typing the recipient details, it would help a lot if you used the address book. This way, you can be sure that you’re sending the funds to the exact person you intended.
Most people send money to the wrong recipients because of just a small typo that could have been avoided when inputting details.
Double Check Recipient Details
Another thing that you need to do is to double-check the recipient details before sending funds. Once you have used your address book to fill in the recipient details, check again to certify that you’re sending to the person you intend to send to.
Check Balance to Confirm the Transaction
After sending the funds to the recipient you intended, you can check your balance to certify the transaction. Check the name and address to make sure that it indeed went to the appropriate individual. In case there’s an error, this is the time that you should forward the case to the customer service team right away.
Use the Right Money Transfer App
Yes, you may think that this is not so important, until you realize it. The app that you use will determine how easy it is for you to send funds, and whether you can get a recourse easily when you send the funds to the wrong recipient. Ensure that the money transfer app you choose has an easy user interface and features that can help you send funds correctly to the right recipient. Also, ensure that they have an active customer service that can respond to your needs right on time.
In summary, these are the tips that will help you when transferring funds using a money transfer app. Always be careful when you’re making these transactions.