If I send money to wrong account, can I get it back? It’s a common worry in today’s world of fast digital payments. One small error, and suddenly the amount transferred to wrong account becomes a stressful situation. But don’t worry, there are ways to fix it. The key is to act quickly. Contact your bank, raise a complaint and track the status. This step-by-step guide shows you exactly how to retrieve money sent to wrong account. 

Read on to find out the steps to take and the precautions to follow.

Understanding a Wrong Account Money Transfer

• Why it happens: Small errors can lead to an amount transferred to wrong account. It usually happens when you enter incorrect details. Could be the wrong account number, IFSC code, UPI ID or even mobile number.
• Why it matters: It can be stressful, especially if a large amount is involved.
• What to do: Act quickly. Contact your bank or payment provider as soon as you notice the mistake.
• Why speed helps: The sooner you report it, the better your chances of recovering the money.

Steps to Take If You Transferred Money to the Wrong Account

Here are the steps you should follow to handle the wrong transaction effectively:

1. Check the Transaction Details

You can go through your transaction details once. Sometimes, if the details are incorrect, the transaction might fail automatically. In such cases, the money could be refunded to your bank account.

Look for the details below:

• Account number
• IFSC code
• Beneficiary name
• Transaction ID and amount

2. Contact Your Bank Immediately

If the transaction is done successfully, inform your bank as soon as possible. Banks have a grievance redressal system to handle such cases. Share the details below with them for reference:

• Transaction ID
• Date and time
• Recipient’s account number
• Amount transferred to the wrong account

After that, your bank may reach out to the recipient’s bank to block the money or request a reversal.

3. Notify the Recipient’s Bank

If the money has already been credited to another account, you can also contact the recipient’s bank directly. Provide the exact transaction details and ask them to assist in recovering your funds.

Legal Framework If Wrong Beneficiary Refuses to Return the Amount

If I transferred money to wrong account and the recipient refuses to return it, things can get tricky. The bank can’t reverse the amount without the other person’s consent.

Here’s what you can do in such cases:

• Explain the issue clearly: Contact your bank and share full details of the transfer. Include transaction ID, time and account information. Email works best as it gives you a written record of your complaint.
• Send details to both banks: Share the same details with the beneficiary’s bank. In some cases, banks may try to reach out on your behalf.
• Seek legal advice: If the person still refuses to return the amount, you can explore legal options. A lawyer can help you send a formal notice. 

If the person agrees to return the money, the reversal usually takes about 8 to 10 working days. But if they don’t, recovery would not be possible. 

Prevention is Better Than Cure

Avoiding these mistakes is always the best approach. Here are some ways to prevent wrong transfers:

• Always double-check details: You should always verify the account number, account holder’s name and IFSC code before sending money. A small typo can lead to a money transfer to the wrong account number.
• Use saved beneficiaries: For frequent transactions, save the beneficiary details in your banking app. This will reduce the chances of making an error when transferring money.
• Enable notifications: Enable the transaction alerts and notifications option to monitor payments in real time. If you see an error, you can immediately fix it.

Transferring money to another account by mistake is unpleasant. But you can get your cash back by taking the correct measures and acting fast. It is advisable to cross-check your details to prevent mistakes and keep a record of your transactions. 

FAQs

1. Can banks recover money sent to the wrong account?

Yes, banks can help reclaim money sent to the wrong account. Usually, they consult with the recipient’s bank to block the money and ensure it is returned. However, recovery depends on some factors, such as whether the recipient agreed to repay the amount or whether the amount has already been expended.

2. How do I complain about a wrong bank transaction?

You can visit your bank, call customer service or use the bank’s online complaint system. Provide transaction details like the transaction ID, amount, date and the wrong account number to file your complaint.

3. Can I get my money back if I send money to wrong account? 

Yes, you can, but only if you act fast. If I send money to wrong account, the first step is to contact the bank and raise a complaint. The bank will try to reverse the transaction with the help of the recipient’s bank. If the recipient agrees, the amount can be recovered.