Money transfers - Wrong amount transferred
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If you realise that you’ve made a mistake and transferred an incorrect amount, you should contact the transfer company to see if they have yet to process the transaction. If the money hasn’t been sent, you may be in luck! Ask to cancel the transfer immediately.
If, however, the money has been sent, it may be difficult to rectify the situation. The transfer company can’t be held responsible for distinguishing between your intentions and any mistakes you’ve made, so they’re not obliged to reverse the transaction. If you’ve sent an incorrect amount to someone you know (or a company you frequently deal with), you should contact them directly to explain the situation! They may be able to return your funds.
If the wrong amount has been transferred as a result of a processing error on the part of the company, they are obliged to rectify it. You should use Resolver to make them aware of the issue – processing mistakes can most often be resolved through a company’s customer service team. This may, however, take a couple of weeks.
If you’re still unhappy with the way you’ve been treated, you can escalate your complaint to the Financial Ombudsman.You should know
- Money transfers are covered by the Consumer Rights Act
- Complaints about money transfers can be escalated to the Financial Ombudsman
- All money transfer firms are regulated by the Financial Conduct Authority (FCA)
- Always be wary of firms and individuals asking for payment via money transfer – many frauds and scams run using money transfers
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