Sent Money to the Wrong Account? What to Do Immediately to Recover It

A single wrong digit in an IBAN can change the destination of a bank transfer. If the mistake becomes clear only after the payment has been confirmed, the first step is to contact the bank immediately.

Customers should tell the bank that they authorized a transfer to an incorrectly entered IBAN and ask whether it can stop the payment or begin a recovery procedure, Finzoom specialists advise. They should have the amount, transaction date and time, entered IBAN, beneficiary's name if available, and the payment receipt and transaction reference ready.

If the payment is still being processed, the bank may be able to intervene before the money reaches the beneficiary's bank. If the transfer has already been completed and the incorrect IBAN is valid, the money may have been credited to another person or company. The bank can start the necessary recovery steps, but the funds are not automatically withdrawn simply because the transfer was made by mistake.

Customers should keep the transfer receipt and all communications with the bank until the case is resolved. Before confirming future payments, they can also check whether their banking app displays part of the beneficiary's name through Romania's Beneficiary Name Display Service, implemented by TRANSFOND and the Romanian Banking Association. The service operates around the clock.

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Tell the bank representative that you authorized a transfer to an incorrectly entered IBAN and ask about the possibility of stopping the payment or initiating the money recovery procedure.