With UPI (Unified Payment Interface), sending money online is a breeze. Digital payment methods using modern technologies are receiving a lot of attention. Digital commerce has grown substantially since the pandemic’s height. Money transfers are now simpler than ever thanks to digital wallets. These methods are among the simplest for sending and receiving cash. UPI, online banking, and mobile wallet have greatly reduced the difficulties of doing financial transactions. Due to the increased volume of digital transactions in recent years, it is not uncommon for funds to be mistakenly sent to an incorrect UPI address. Even in bank robberies, this occurs sometimes. If this is the case, you may request a refund to recover money. Let’s find out.
Tips for Requesting a Refund
The chances of a remittance being rejected increase if the recipient information provided (such as MMID, cellphone number) is incorrect. The State Bank of India (SBI) website stressed the need of double-checking the recipient’s account number before making a transfer, since funds would be deposited only on the basis of the account number provided.
If you make a mistake and send money to the incorrect account, you must immediately phone your bank’s customer service line to report the error. Note the time and date of the transaction, as well as your account number and the account to which the money were erroneously sent. The branch office may need your presence.
In the event that you made an erroneous transfer, you should go to your bank’s branch and fill out a written application. If a screenshot is required, please provide one to recover money.
The bank will operate as a go-between, giving you information about the receiving financial institution and its branch where your funds have been deposited. Check with the beneficiary and request a reversal if the transaction was processed via the same financial institution.
If the account is held at a different bank, it is recommended that you visit the branch of the intended receiver and explain the matter in person, in addition to providing writing, electronic mail correspondence, and screenshots of any relevant documents. When this occurs, the beneficiary’s branch may contact the wrong recipient to ask that the erroneous credit be reversed and returned to the sender.
Please provide specifics when you address the matter with your bank
Take a screenshot of the notification alerting you to the incorrect UPI address before calling or emailing your bank to report the error. Get in touch with the branch manager as soon as you can. The receiving bank is the only one with authority to resolve this matter. Contact the bank’s branch manager as soon as possible to let them know about the transaction. Immediately contact the bank’s customer service department and explain what happened. Unless a UPI ID already exists, neither the balance transfer nor the transaction may be completed. If the UPI ID is invalid, your money will be returned immediately.
What if the recipient refuses to return the money to you?
- Therefore, you should get in touch with your bank and explain the situation in further detail.
- Don’t give up the money without a fight; if he or she won’t refund it, take it to court.
- If your bank and the beneficiary’s bank are in separate cities, things become more difficult.
- Is there a way to get your money back if the recipient changes their mind?
- It will take 8-10 business days to get your money back if the recipient agrees to cancel the transaction.
- In such case, you’ll need to provide documentation such as a bank statement, an ID, or your address to verify the transaction.
Hope now you know how to recover money. Before releasing funds, make sure the account number and IFSC code provided by the recipient are correct. It may help ensure that money is not accidentally sent to the incorrect account.
