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I transferred money to a UK bank from outside of the UK, but I specified the IBAN number for an individual by mistake. The bank transferred the money to the individual instead of the bank, even though I mentioned the company name in the same paragraph of my SWIFT.

They refuse to cooperate in correcting the error and won't send the money to the company account. How can I push the bank to cooperate?

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    Where did you transfer the money from ?? Inside UK or outside UK ?? You cannot push them, that is a wrong premise and better discard the idea.. You provided the details, had it been their mistake they would have rectified it instantly. As you committed the error they are on high ground. Check the bank policies regarding this and go through their redressal process. And then contact the financial ombudsman, this has to be your last option or else the ombudsman would not take up your case as you haven't approached the bank first. – DumbCoder May 8 '13 at 14:17
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    And they cannot debit somebody's account just like that without approval. There are legalities involved. – DumbCoder May 8 '13 at 14:18
  • so the money goes to nobody – Sharen Eayrs Sep 24 '15 at 11:36
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If you have quoted an incorrect number, and the transfer has happened, it cannot be reversed. The funds are already with the individual and bank cannot debit the individual without his authorization.

The best course for you is to try get the details of the individual and see if the funds can be moved to the correct account.

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    Really? If the individual admit that it's not his money in anyway, is there no law about this? – user4951 Apr 3 '14 at 11:15
  • @JimThio You agree to sell me something, I transfer 1 Million to you. You send me the items. I call up the Bank and say, I quoted a wrong account, transfer it to someone else, is your approval required or not? Bank is not aware of what has happened outside, they have to go by what you told them to do. – Dheer Apr 3 '14 at 14:55
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    Just ask the recipient and tell them it's not their money. If the recipient dispute then move on. After all the name in the account differ. Even paypal are doing this better. – user4951 Apr 3 '14 at 17:23
  • @JimThio Yes, he needs to ask recipient and not Bank ... if recipient doesn't help he can approach law ... etc – Dheer Apr 4 '14 at 3:25
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    In the US, wire transfers require very specific instructions in order to prevent this sort of thing. You asked the bank to do something, they did it, and then you realized you'd made a mistake. This is not their fault. – michael Sep 24 '15 at 12:35
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Ask your bank to recall the transfer (as if went to wrong account and you have inform the bank about it).

Secondly get a police report in the country where you sent the money from and where it was sent to, and state the person's name and account details.

Ethically this person should return the funding, but if he or she wants to play gangsters paradise, then you want to take police action and push your bank to take the funds back by RECALLING THE FUNDS UNDER INDEMNITY.

Ask your bank to give you a copy of the message they have sent to the beneficiary's bank. Use this wording and you will have success. Contact the beneficiary bank also and give them details.

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If iban and name don't match. This shud have been refunded. Logic says so. Otherwise they just ask for iban without other details if they won't be considered

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    Do you have any documentation that backs up that logic? – MrChrister Apr 18 '14 at 20:25
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    Logic is wrong. The name field in a SEPA money transfer exists only for documentation and historical reasons. – Michael Borgwardt Apr 20 '14 at 0:17

protected by Chris W. Rea Feb 22 '18 at 4:54

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