What to Do if You Transfer Money to the Wrong Account?
Reviewed by: Fibe Research Team
- Updated on: 14 Apr 2025
- Published on: 2 Jan 2025
Reviewed by: Fibe Research Team
Nowadays, transferring money has become quick and super convenient. Thanks to online banking and UPI payments. But sometimes, mistakes happen — you might enter the wrong account number or send money to the wrong person. If you’re thinking, ‘I sent money to wrong account. What should I do now?’, don’t worry. Here’s a step-by-step guide to help you fix the issue.
Read on to find out the steps to take and the precautions to follow.
A wrong account money transfer can happen when you accidentally enter an incorrect account number, IFSC code, UPI ID or mobile number. This can be stressful, but acting quickly increases your chances of getting your money back. The faster you contact your bank, the better your chances of recovering your funds.
Here are the steps you should follow to handle the wrong transaction effectively:
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 below details:
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 below details with them for the reference:
After that, your bank may reach out to the recipient’s bank to block the money or request a reversal.
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.
The government’s rules and regulations make financial institutions responsible for ensuring secure transactions. However, if the recipient rejects the return of the money, then you may take legal action.
Here’s how:
If your bank cannot resolve the issue, file a written complaint, including all transaction details. Ensure that you send a copy to the recipient’s bank as well.
Most banks have established mechanisms to address the issue of wrong account money transfers.
You may need to consult a lawyer if your complaint doesn’t lead to a resolution. They can guide you on the legal steps to recover your money. While this process may take time, it is an option if nothing works.
Avoiding these mistakes is always the best approach. Here are some ways to prevent wrong transfers:
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 wrong account number.
For frequent transactions, save the beneficiary details in your banking app. This reduces the chances of making an error when transferring money.
Apply the transaction alerts and notifications option to monitor payment in real time. If you see an error, you can immediately fix it.
Transferring the money to another’s account by mistake is rather unpleasant. 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.
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.
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.
By staying cautious and acting quickly, you can minimise the chances of losing your money due to incorrect transfers. If you have transferred money to the wrong account, following these steps can help you recover your funds efficiently.
