Making a bank transfer is one of the fastest ways to move money between accounts. However, mistakes can happen, and your first instinct is to cancel it before it’s too late.
But how do you cancel a bank transfer? Is it always possible?
In this quick guide, we’ll explain everything you need to know about how to cancel a bank transfer, when you can do it, and when you can’t.
Yes, you can cancel a bank transfer, depending on how quickly you act and factors such as:
Timing: If the transfer was made outside banking hours or on non-business days, you might have a chance since they are not processed instantly.
Type of transfer: If you sent money to an account within the same bank, it's almost impossible to cancel as these transactions are immediate.
Status: If the transaction status is pending or in progress, you still have an opportunity to reverse it. But if it’s completed, you’ll need to notify the bank of the mistake and request a refund.
Keep in mind, this doesn’t guarantee you’ll get your money back.
You need to act the same day and before the bank closes.
Keep in mind that domestic transfers tend to be processed faster than international ones. However, some platforms operate in real time, such as the SPEI system, making cancellation difficult.
For example, ACH and Wire transfers offer different time frames for requesting cancellation. ACH gives you a larger window than Wire transfers, which require immediate action.
No, if the money has been credited to the other account, it can’t be canceled. At this point, you’ll have to request a refund from the bank.
You have two options to consider:
Contact the recipient: If you know the account holder where you mistakenly deposited the funds, the ideal step is to contact them directly. This is usually the quickest option but depends on the recipient’s cooperation.
Communicate with the issuing bank: If you don’t have the recipient's account details, another option is to contact your bank. You can request an interbank process where your bank contacts the recipient's bank to ask for a refund.
If neither of these works, your only option is to pursue the case through legal channels.
To request a refund for a bank transfer, you have the following options:
If you can visit your bank’s branch, do so. Make sure to bring all the relevant details about the transfer, such as:
Reference number
Amount
Date
Recipient's account, etc.
Explain to the bank representative that you wish to request a refund for the transfer, and they will begin the process.
If you can’t visit a branch or it’s outside banking hours, contact your bank's customer service.
Provide them with the transfer details and request a refund (not cancellation). The bank representative will guide you and begin the process to recover your funds.
In both cases, you must act as quickly as possible and have all the transfer details at hand.
It’s worth noting that banks generally require specific circumstances to proceed.
While this may vary by bank, the usual reasons include:
Incorrect interbank CLABE (bank account number).
Duplicate transaction.
Incorrect amount.
Wrong account number.
Errors in IBAN or SWIFT/BIC codes.
For instance, if you can't cancel a BBVA transfer, they offer support to help resolve the issue.
The details they request are:
Your 10-digit account number
Transaction date and amount
Reason for the claim (wrong account, incorrect amount, or duplicate)
Beneficiary account number
You can handle this via bbva.mx, by phone, or in person.
The types of transfers that can be canceled include:
These are set to take place on a specific date.
How do you cancel a scheduled transfer? Since the money hasn’t been sent yet, you can cancel it by logging into the bank’s portal, finding the operation, and canceling it before the scheduled execution date.
These include transfers configured to be processed on a regular basis—weekly, monthly, or quarterly.
Therefore, these can be modified or canceled without any issues before the next payment date.
It’s clear that every detail surrounding bank transfers is crucial to avoid complications. This reminds us of the importance of carefully reviewing all information before making a transaction.
A small mistake in the bank routing number, for example, could cause problems and even result in the loss of money—unless the recipient cooperates to reverse the payment.
In short, prevention is better than cure. So, stay alert and use DolarApp to optimize your transfers without any hassle.
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