What to do when transferring money by mistake: 2 Ways to help you get your money back easily!

1. Can I get my money back if I transfer money by mistake?

When you discover that money was mistakenly transferred to someone else's account, don't worry too much, you can recover the money according to the bank's processing process. In cases where the recipient intentionally does not return the money, this behavior may be considered illegal appropriation of property. At that time, the person who mistakenly receives money may be subject to an administrative fine of 10 million - 50 million VND or be criminally prosecuted with a non-custodial reform penalty of up to 2 years, or even imprisonment from 3 months to 2 years.

2. 2 How to handle the wrong money transfer

Here are 2 ways to help you get your money back if you accidentally transfer it by mistake. Specifically as follows: 

2.1. Transfer money to the same bank account

If you mistakenly transfer money to an account in the same banking system, the handling is as follows: 

• Step 1: You go to the nearest bank branch.
• Step 2: Provide information about the amount, time of wrong money transfer and provide necessary documents such as ID card/CCCD. 
• Step 3: The bank confirms the money transfer order and contacts the recipient to notify the wrong amount. 
• Step 4: If the recipient agrees to return the money, you will receive back the money mistakenly transferred to your account number. In case the recipient does not cooperate and does not return the money, you need to follow legal procedures according to the bank's instructions to recover the mistakenly transferred amount. 

2.2. Transfer to another bank

When you transfer money by mistake and the recipient is in a different banking system, you need to take the following steps:

• Step 1: You save the image of the money transfer order or mistaken payment invoice.
• Step 2: Contact the bank where you opened an account, provide the necessary information and request bank support.
• Step 3: The bank will verify information about the wrong money transfer order and contact the beneficiary bank to resolve.
• Step 4: The beneficiary bank will contact the account holder who received the wrong amount, provide a statement as proof and request a refund.
• Step 5: If the account owner agrees to pay, the money will be transferred to your account, but if the recipient refuses to refund, you need to carry out legal procedures to sue and get the money back.

3. The law regulates account blocking when transferring money by mistake

From July 1, 2024, if you mistakenly transfer money to someone else's account, you cannot request the bank to block the recipient's account. According to the provisions of clause 1 Article 11 Decree 52/2024/ND-CP, payment accounts have their balance partially or completely blocked only in certain cases:

• “According to the agreement between the account holder and the bank, or upon request from the account holder.
• When there is a decision or written request from a competent authority according to the law.
• When the bank detects a mistake or error in the process of recording a transaction to the customer's account, or when the remitting bank requests a refund due to detecting errors compared to the original payment order. In this case, the blocked amount must not exceed the amount of the error or error.
• When there is a request to block the account from one of the joint account holders, unless otherwise agreed in writing”.

Thus, the bank can request to block the account of the recipient of the mistakenly transferred money so that that person cannot make expenditures that cause the loss of the mistakenly received money. This also means that only the bank that transfers money by mistake due to a wrong order has the right to request to block the account to handle the error. Therefore, if you are the one who transferred money by mistake, you do not have the right to ask the bank to block the recipient's account, but the bank can assist you in contacting the recipient to fix the problem.

4. Be careful when transferring money to avoid confusion

By transferring money by mistake, you can get it back, but it takes a lot of time and complicated legal procedures. To avoid transferring money by mistake, you need to pay attention to the following issues: 

• Prioritize switching to QR code: Transferring money via QR code helps minimize the risk of entering incorrect account numbers and bank names. Just open the banking app, scan the recipient's QR code and confirm the transaction is complete.
• Need to check after entering bank and account number: After entering the account number and bank name, check it again to ensure accuracy. Most banking apps automatically display the recipient's name corresponding to the account number. Compare this name with the name of the person you want to transfer money to to make sure the recipient is correct. 
• Before confirming payment, carefully check the information: Before pressing the confirmation button, carefully check all information again such as: account number, bank name, recipient name, transfer amount.
• Save a list of beneficiaries who you often transfer money to: You can create a list of people who regularly receive your money in your banking app. When you want to transfer money, you just need to select the recipient's name from the saved list, saving time and minimizing the risk of incorrect input.
• When transferring large amounts of money, you should go to the bank to do so: When transferring large amounts of money, you should go directly to the bank to make the transaction. This helps you feel more secure about security and can receive support from bank staff if you encounter any problems.

5. Answers to questions about what to do if you transfer money by mistake

To better understand what to do if you transfer money by mistake, let's answer the following common questions. 

How long does it take to get the money?

The time it takes to get money after a wrong transfer depends on many factors such as: 

• Detection time: If you discover the wrong transfer immediately and notify the bank, the processing will be faster.
• Behavior of the recipient: If the recipient agrees to repay, the process of getting the money back will be smooth and fast. In case the recipient does not cooperate and refuses to refund, you will have to carry out legal procedures to reclaim the money. and this will lengthen the processing time.
• Bank support: If the bank assists you quickly, the process of getting your money back will go more smoothly.

What to do when the recipient does not cooperate?

When the recipient mistakenly transfers money and does not want to refund, you can take the following steps:

• Step 1: Continue working with the bank to request support, and at the same time, prepare all evidence such as transfer receipts, confirmation messages, account statements... to prove the wrong transfer.
• Step 2: File a lawsuit according to regulations to protect your rights and force the recipient to refund the mistakenly received amount.

Hope the above article has helped you understand clearly What to do when transferring money by mistake?. You can get your money back if you mistakenly transfer it, however, the recovery time will depend on the time of discovery, the behavior of the recipient, and the support of the bank. To find out more information about error-limiting payment methods, please contact SeABank via transaction offices or Hotline 1900 555 587.