Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. It only takes a minute to sign up.
Sign up to join this community
A friend of mine sent me a sum of some 300 EUR (from Iceland to Croatia) but mistakenly used the IBAN of my bank and not my bank account. He included my full name and bank's SWIFT code.
What is the procedure now? Will the money be returned to his bank? If so, how long will it take?
If anyone had any similar situations like this, please help me with any info. Cheers.
mistakenly used the IBAN of my bank and not my bank account. He included my full name and bank's SWIFT code.
What is the procedure now? Will the money be returned to his bank? If so, how long will it take?
If it is a valid IBAN; it may get credit to Bank's Account. Generally this account is used for quite a few Inter-Bank transfers and it may get lost.
Best is your friend asks his Bank and mentions the error and you also write to your Bank. This may take a while to be sorted.
The above is based on my knowledge of Banking Industry and I have not had any such situation.
