Wise transfer to an incorrect account number

[bondjames007]

I transferred some money via wise to a Thai Bank Account today.

 

The person (Recipient),  made a mistake and provided me with the incorrect account number.  

 

What will happen to the transfer,  will the bank process the transaction if the bank number exist but the account name does not match ? or will the funds be returned back to wise ?

 

 

[KannikaP]

I have read that they will not send the money and return it to the sender (Cue for an Elvis song!) That's the same with UK banks now.

[KhunBENQ]

And the transfer was immediate?

No more cancel option available at WISE?

 

Hope for the best that the account number does not exist.
In this case the money is stuck at some bank in Thailand and can be refunded.

Expect a significant loss for fess and exchanges rates back etc.

 

Can tell for the other case (number exists).

But WISE website writes about "wrong person" not wrong account number.

So maybe there is a plausibility check?

 

Some 20 years ago I had this with a SWIFT transfer of 2000 Euro, lost 200.

Guess it will not be THAT bad with WISE.

 

https://wise.com/help/articles/2448406/i-got-my-recipients-bank-details-wrong?origin=related-article-2978032

 

https://wise.com/help/articles/2932667/i-spelt-my-recipients-name-wrong?origin=related-article-2978032

 

https://wise.com/help/articles/2978032/i-sent-money-to-the-wrong-person

 

Edited September 29, 2023 by KhunBENQ

[KhunBENQ]

3 minutes ago, KannikaP said:

I have read that they will not send the money and return it to the sender (Cue for an Elvis song!) That's the same with UK banks now.

Yes, there is no automatic return.

You have to actively enquire.

[KannikaP]

Just now, KhunBENQ said:

Yes, there is no automatic return.

You have to actively enquire.

So they WILL send it to an account who's name is not the same as the sender wanted. I think/hope not. Nationwide will not send in the first place.

[CharlieH]

I dont "know" for sure, but I would have thought that if the name and number doesnt match, the receiving bank would not process it and return it. Otherwise whats the point of putting any name at all.

[freeworld]

The best is to ask wise, since I think that is the agency which has effected the transfer and deposit by their local to local transfer.

 

https://wise.com/help/articles/2448406/i-got-my-recipients-bank-details-wrong

Edited September 29, 2023 by freeworld

[circa02]

10 minutes ago, CharlieH said:

I dont "know" for sure, but I would have thought that if the name and number doesnt match, the receiving bank would not process it and return it. Otherwise whats the point of putting any name at all.

Enforcement of name matching has always been behind the capture of name, different banks started rejecting at different times, I recall the UK started about 6 years ago,  I wouldn't be surprised if the name matching wasn't enforced in Thailand but I guess it would also depend on the bank, like many of their practices Thai systems  are often years behind the modern world.

Edited September 29, 2023 by circa02

[scubascuba3]

14 minutes ago, KannikaP said:

So they WILL send it to an account who's name is not the same as the sender wanted. I think/hope not. Nationwide will not send in the first place.

UK to UK now has name checks for most banks, not all, but to Thailand i doubt it's checked, it will just get sent and worry about it later

[Chivas]

15 minutes ago, CharlieH said:

I dont "know" for sure, but I would have thought that if the name and number doesnt match, the receiving bank would not process it and return it. Otherwise whats the point of putting any name at all.

correct

[anchadian]

or you could call them:

 

+44 203 974 1320

+44 203 695 0999

+44-786-493-2720

[KannikaP]

5 minutes ago, scubascuba3 said:

UK to UK now has name checks for most banks, not all, but to Thailand i doubt it's checked, it will just get sent and worry about it later

When you do a transfer in Thailand and put in an account number, the name of that account holder shows and it asks if you are sure to do the transfer.

 

[scubascuba3]

1 minute ago, KannikaP said:

When you do a transfer in Thailand and put in an account number, the name of that account holder shows and it asks if you are sure to do the transfer.

 

Yes, Thai to Thai, but Wise to Thai I doubt it. I reckon a lot of transfers would fail because of differences in spelling etc so they don't do it

[FritsSikkink]

1 hour ago, circa02 said:

I wouldn't be surprised if the name matching wasn't enforced in Thailand but I guess it would also depend on the bank, like many of their practices Thai systems  are often years behind the modern world.

If you do a bank transfer online with Bangkok bank, you get a message in red: check the recipient name.

Thai systems aren't years behind. In Thailand you could use an ATM to send money to another person's account decades ago. 

[circa02]

8 minutes ago, FritsSikkink said:

If you do a bank transfer online with Bangkok bank, you get a message in red: check the recipient name.

Thai systems aren't years behind. In Thailand you could use an ATM to send money to another person's account decades ago. 

This isn't not what the OP is referring to. Re-read. The recipient name on the external transfer won't match due to specifying the account number incorrectly, he is querying weather this will automatically be rejected and returned as it would in modern banking practices. Thai systems, and processes and attitudes, are very much years behind. For example see that little blue/green/purple/yellow book you have, if you visit the the National Taiwan Museum Taiwan of Land Bank Exhibition you will see an exhibition that demos early banking days back when you had a passbook and a machine to update it - the sign refers to the olden days - the same machine is still present on nearly every teller's desk in Thailand and of course you need that silly book every time you interact with the branch ????

Edited September 29, 2023 by circa02

[bondjames007]

Thanks for the all the replies but I got funds returned all ready,  same day.

 

The reason given is that the name did not match the Account Number.

 

I was given options to either cancel and get a refund or updated the recipient bank account details.

 

Good to know in future in case this happens do anyone else transferring funds to Thailand using Wise and the account details are incorrect.

 

 

[Nick Carter icp]

1 minute ago, bondjames007 said:

Thanks for the all the replies but I got funds returned all ready,  same day.

 

The reason given is that the name did not match the Account Number.

 

I was given options to either cancel and get a refund or updated the recipient bank account details.

 

Good to know in future in case this happens do anyone else transferring funds to Thailand using Wise and the account details are incorrect.

 

 

Tell the recipient to jolly well check that the account number is correct next time , explain to her how much commotion she has caused by being apathetic 

[KhunBENQ]

2 hours ago, circa02 said:

like many of their practices Thai systems  are often years behind the modern world.

Seems you don't have too much experience with online banking here?

For domestic transfers I will see name and account number before confirming. And then it's credited in an instant.

 

Invalid account number will result in an error message.

 

In SEPA (Europe) one wrong digit and the money is gone. No name matching at all.

The endless IBAN starts with a two character country code.

Good luck if you sent money to "BG....................".

Bulgaria.

Won't be seen again.

Popular destination for scammers.

Edited September 29, 2023 by KhunBENQ

[KhunBENQ]

15 minutes ago, bondjames007 said:

The reason given is that the name did not match the Account Number.

Very helpful feedback.

Good for you.

[KhunBENQ]

16 minutes ago, Nick Carter icp said:

Tell the recipient to jolly well check that the account number is correct next time , explain to her how much commotion she has caused by being apathetic 

Picture of bankbook main page.

Don't rely on text messages or number given via audio/phone.

Edited September 29, 2023 by KhunBENQ

[FritsSikkink]

1 hour ago, circa02 said:

This isn't not what the OP is referring to. Re-read. The recipient name on the external transfer won't match due to specifying the account number incorrectly, he is querying weather this will automatically be rejected and returned as it would in modern banking practices. Thai systems, and processes and attitudes, are very much years behind. For example see that little blue/green/purple/yellow book you have, if you visit the the National Taiwan Museum Taiwan of Land Bank Exhibition you will see an exhibition that demos early banking days back when you had a passbook and a machine to update it - the sign refers to the olden days - the same machine is still present on nearly every teller's desk in Thailand and of course you need that silly book every time you interact with the branch ????

I am not commenting on the OP but on your invalid comment that the Thai banks are way behind.

You are right about the bankbook part but their ATM's have been a lot smarter (more functionality) than the Western ATM's decades ago. 

[CharlieH]

Thanks for the valued update and positive outcome.

 

This can now be closed.