The good news is that the chances of you accidentally entering the wrong account details that actually line up with another person’s bank account are relatively slim – more realistically, the mistake will be picked up automatically by the institution you are using to send your funds and the money will bounce back to you. Your bank or remittance provider will work with the receiving bank to try to get your money back for you. The earlier you are able to notify your bank or transfer provider of a mistake, the more likely you are to have your funds returned to you. As soon as you realise that you have accidentally sent money to the wrong account, notify your bank.

This can lead to severe delays in getting your money refunded back to you before you can re-start your transfer – and will most likely mean you end up paying far more fees for a transfer than necessary.Ĭan a wire transfer be reversed? Fortunately, yes.

Your bank may not register that you have entered your details incorrectly until your funds have already left your account.

What is safe money