When making payments, you have to be extra careful with the recipient’s name. Otherwise, you’ll have the funds going to a totally wrong person. And this will leave you struggling with the customer service team to try and receive back your funds. Therefore, make sure that you counter-check everything when using a money transfer app.
There are several ways that you can use to ensure that you don’t miss out on the correct recipient when using a money transfer app. Some of these ways include the following:
Use a Reliable Money Transfer App
When you use a reliable money transfer app, it gives you different confirmation requests to ensure that you’re sending money to the intended party. And even when you make a mistake, you can always cancel or reverse the transaction within a certain timeframe.
Afriex, for instance, is a reliable money transfer app that you can always have confidence in using. Not only is your money safe, but you also have the ability to control how you make payments to others – whether locally or internationally.
Always Double-check
It’s important that you counter-check your transactions before hitting the send button. There’s really no hurry when making payments. The speed of transactions nowadays means that money will get to the recipient in a very short time when using a money transfer app. So, even if it’s an emergency, there’s no need to speed up the process then make a costly omission. You will spend more time trying to reverse or cancel a wrong transaction than simply counter-checking the one you want to make.
Sometimes, you can even check more than twice, especially when you’re sending large sums of funds. Some of the things that you need to recheck include the recipient’s name, address, and number. Or even any details per se that belong to them. Account numbers and international codes are equally important to check when sending money abroad.
Check the Reference
In case you’re making payments to a large business, it would help if you ensured the account details that you use from the drop-down menu are the exact ones they have, probably from their invoice.
Confirm if the Recipient’s Details Have Changed
When was the last time you talked to the person or business you’re planning to send funds to? Is there a possibility that they changed their account details? If they did, you could probably send money to the wrong party without even noticing it. And since you have it at the back of your mind that the details you’re using are the correct ones, you probably won’t even check them before or after sending funds.
A good practice is to contact the recipient right before sending them the funds. Then confirm whether or not they still use those details. Another important thing that you can do regularly is to review your payee list. You can do this after a certain set period without failure. Then you can make updates whenever there are any changes.
Sending a Test
In case you’re using a money transfer app to send a very huge sum of money, it wouldn’t be a bad idea to test with a small amount first. This is especially important if it’s the first time that both of you are conducting such a transaction.
After all, they say that you shouldn’t test the depth of the water with both feet in it – you might just drown. The same applies to the money transaction field. You can send the whole amount only to realize a problem that interferes with the entire transfer. And now you’re inconvenienced.
What Happens When You Send Money to the Wrong User
The good thing about a reliable money transfer app, or even a bank is that not all is lost when you send money to the wrong recipient. Mistakes do happen all the time. And sending money is no exception to the chances of a mistake taking place.
Every bank or money transfer app will follow a certain procedure when you file a complaint on sending money to the wrong user. This is the procedure that they will use when you lodge such concerns to them:
Investigation
They will check the transaction that you claim was wrongly placed. Then they contact the recipient directly or through their money transfer app or bank. They will also seek assistance from them in returning the funds on your behalf. Or they may attempt to prevent the users from spending the money. As long as they don’t dispute the claim, be rest assured that you will receive your money back.
Response within Days
You will receive a response from the money transfer app or bank about the wrong transfer detailing the resolution.
Final Thoughts
While there are avenues to get your money back when you send it to the wrong users using a money transfer app or bank account, be careful at all times when making such payments.
