Can I reverse a bank transfer?

is it possible to reverse a bank transfer

Happened, you sent a wrong bank transfer. There are many reasons for this: incorrectly entered transfer amount, incorrectly selected recipient, or making a transaction from the wrong account. Regardless of the reason, one fundamental question arises in your head: can a wrong transfer be undone in some way? If this happened to you, you've come to the right place. We will try to answer all the questions that bother you in this matter and show you how to cancel an incorrect bank transfer.

How to cancel a transfer - check the transaction type

If you made a transfer in the "Elixir" transaction system, then you can breathe a sigh of relief. There is a good chance that you will manage to cancel the payment before the next transfer session. You don't know what Elixir is? It is the most ordinary bank transfer (without express mode), which is carried out at specific times during working days.

See more: PKO incoming transfers - booking hours

The situation is slightly different in the case of the previously mentioned transfer with immediate effect, because in such a case, the bank will not be able to reverse the transaction. This means that you will only need to track the recipient's data and contact him directly. Of course, we ignore extreme situations at this point, such as reporting the recipient's unwillingness to return funds through the court. Anyway: in the case of the so-called express machines, the bank is not able to do much.

Canceling an Elixir transfer - how to do it?

You can cancel an Elixir transfer in several ways. Some of them may only require Internet access and logging into online banking, while others will force you to visit a bank branch in person.

1. Self-cancellation of a bank transfer

At the beginning find out if you can reverse the transfer made to the wrong account using electronic banking - that is your bank's website or mobile application.

This option should work for both traditional and future date transfers. However, this depends on the bank where you have your account. If you do not see such a function, then you should try the following methods.

2. Telephone contact with customer service

The second way to withdraw your bank account is to contact your bank's customer service department - you will be informed whether it is possible to cancel transfers and on what terms

However, before contacting your bank, prepare all the necessary documents, such as ID card and transfer confirmation. An agreement signed with a bank may also be useful.

3. Personal visit to a bank branch

There is a high probability that you will be asked to visit a bank branch in person. Take all the above-mentioned documents with you, and most importantly: do not hesitate! You cannot allow the date of the Elixir transfer to precede your visit to the bank branch.

A large proportion of people wonder whether they should visit their bank or the recipient's bank - the answer should be clear: you do all the formalities only in your bank.

How much does it cost to cancel a bank transfer?

Reversing a bank transfer can cost you quite a bit. However, some banks offer cancellation of the transfer completely free of charge (including ING Bank Śląski, PKO BP or mBank).

However, if you are not so lucky and your bank does not offer free transaction cancellations, then you will have to take into account an additional fee of PLN 25.

Perhaps this amount does not seem to be high, but in the case of several incorrectly made transfers in a row, it can make up quite a significant amount of money.

Contact with the wrong recipient - don't forget about it

Remember that even if the bank becomes helpless, you can still try to contact the recipient of the transfer. Politely clear up any misunderstandings and request a refund to your bank account for the correct transfer.

However, there are different situations, and an outsider does not have to want to return your money. Fortunately, the law should be on your side, so inform the recipient of the transfer about it in order to avoid unpleasant consequences in the future.

PayPal and BLIK transfer - can they be revoked?

PayPal transferjust like a traditional transfer, you can reverse it as long as the payment is not credited to the recipient. All you need to do is click the "cancel“Which is included with each payment order.

Can you withdraw a BLIK transfer in the same way? Unfortunately not. This type of transaction has slightly different rules and you can cancel it only if the bank has not managed to authorize it. In the case of a transfer to the phone, unfortunately, you will be helpless and you will have to fight for your funds by official means.

Erroneous overflow - prevention is better than cure

An incorrectly ordered transfer can have many unpleasant consequences. So try to carefully check all the data each time, because the recipient of the mistaken transfer may not want to return your funds - and who has the time and willingness for unnecessary court hearings?

As you already know: when it comes to withdrawing a transfer, a lot depends on the bank's transaction system. You will be able to cancel many future date transfers, as opposed to instant transactions: in this case, you will only have to rely on yourself and your recipient.

At the end: always check all bank account numbers and recipient details. Only then will the transfer order be completely safe.