Can a bank transfer be canceled?

What to do if you make a mistake with a transfer

We all make mistakes. This makes it important to know what can be done in order to resolve the error. For example, what happens if I duplicate a transfer, or enter the wrong amount or recipient? First and foremost, you should stay calm and figure out which steps you need to take.

Can I cancel a transfer that I have already made? Transfers already executed cannot be cancelled or modified. But if you have made a mistake, you can use the following procedure:

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  • If you have information about the recipient account holder, contact this person directly to notify them of the error and to reach an agreement about how and when the funds will be returned. This option will always be the simplest one, and it is based on the good faith of the parties involved.
  • If you don't have enough information to contact the recipient account holder, or if you are unable to use the solution described above, you must notify your adviser or branch so that an interbank process can be initiated, in which the recipient's bank will be asked to refund the entire amount of the transfer. The results of this process will also depend upon the good faith of the parties involved, since the recipient of the transfer must agree to return the funds. The exception is in the case of a duplication, where the recipient's institution will return the full amount as long as there are sufficient funds in the recipient's account.
  • If we are unable to recover the funds using the procedures described above, the only remaining option is legal action.
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In any case, when it comes to canceling a transfer it is important to be diligent by acting quickly as soon as the error is discovered. This is a definitely a situation where time is money.
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  • They help identify the bank receiving a transfer, thus ensuring the security of the process.
  • We've made available several online features to make your banking easier, no matter where you are.
  • Transfer times vary. We'll explain all the aspects involved in this banking transaction.
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