But what happens if you transfer money to the wrong account? Information is easy to understand and find A code of best practice on ‘misdirected payments’ has been introduced, and it outlines how your bank should act in the unfortunate event that you send money to the wrong account. A netizen has criticised DBS for extending poor service to her after she accidentally transferred money to the wrong account via the bank’s PayLah feature. According to the Reserve Bank of India, it is on the onus of the remitter to check the beneficiary account number and other details before sending the money. TheAfter about 2 weeks after that, I'd received a letter from DBS stating that they, unfortunately, have not received any response from the recipient account holder, despite their repeated attemps to contact the aforementioned person by phone & mail. The chance of recovering the money decreases the more time goes by.The Australian Financial Complaints Authority (AFCA) outlines the deteriorating timeline associated with recovering mistaken transfers:Within 10 business days: the funds will be returned to you. I then called the DBS hotline to assist me during which, I was told to keep the transaction receipt & proceed to the nearest branch to fill up some forms the next day as it was already late in the evening. Get in touch with us and we will assist in returning the funds back to the sender. Robbie Sampson, co-founder Therefore, it becomes extremely important to check the account before transferring the money.

However, if the unintended recipient withdraws the funds, then you may not get the payment back.Between 10 business days and seven months: the recipient's bank will freeze the funds. Furnish all You can deposit cheque in our cheque box to transfer money to another DBS account. "The sooner you inform your bank, the quicker they can work to fix it. Funds Transfer within DBS Accounts (including Transfer to Own DBS accounts and Transfer to Other DBS Accounts): 24 Hours Fund Transfer to Other Banks: Business Hours from 08:00 – 16:00, Mondays to Fridays (with exception of Public holidays). Currency Submission Time of Instruction To be processed by Between Wealth !So you're saying a bank transfer can be reclaimed within 10 business days.My sister had $10k transferred out of her account by a hacker.They knew something was suspicious the same day and raced to the bank to stop it.Action was taken within 6 hours and the bank could not freeze and retrieve the funds.I'm not sure you are correct saying if the transaction is within ten days you can get the money back. Can the bank reverse the transaction? I then called the DBS hotline to assist me during which, I was told to keep the transaction receipt & proceed to the nearest branch to fill up some forms the next day as it was already late in the evening.

Amendment - Amend the details of your Overseas Funds Transfer request. Information is easy to understand and find They are not going to dip into their pocket & reimburse you ?!!!!!!!!!! So I went to the bank and ask them for help. The amount will be refunded to your account if the account you transferred the money to does not exist. On 29/02/16 I'd transfered $100 to a wrong account but only realised it when I've completed the said transaction. If you deposit Cheque before the cut off time of our cheque box, the funds will be received in the next working day. Contact the recipient directly to request for the return of funds. "Customers can also use PayID to send and receive money (using a mobile number or email address) which can help with this process. Sender of a wrong local funds transfer. In fact, the RBI states that the bank does not have to check the details.Before getting into what you should do if you make a transaction to a wrong bank account, here are the common reasons as to why you could make a wrong transaction:Sometimes, a technical issue from the bank’s side can cause the errorNow that you know how all can the transaction go to a wrong bank account, here’s what you should do:Inform the bank immediately after the wrong transaction. If you've ever had a fat-fingered lapse and accidentally transferred money to the wrong bank account, don't panic - here's how to get your money back.The New Payments Platform, which was launched in 2018, means depositing money in the wrong account should be less common.Under the platform, money will only be deposited if it's sent to an account with matching BSB and account numbers. "Contact your bank and provide them with the details around when the transaction was made, the amount of the transaction and bank account details," recommends a CBA spokesperson. If the beneficiary refuses, you must update the bank on the matter. The amount will be refunded to your account if the account you transferred the money to does not exist. Can you do anything to get it back?A bank can reverse the transaction only if it has the approval of the beneficiary. DBS Remit same-day transfers are only applicable on clearing days (“Clearing day” means Mondays to Fridays, except public holidays in Hong Kong) within the respective cut-off times of each destination.