Hi, I'm Shilpa from the Banking Team at DhanGuard. The good news is that a mistaken wire transfer can sometimes be recovered, but the outcome depends on the type of error and, most importantly, how quickly you act.

Here's what usually happens:

If the account number or IBAN is invalid

If the beneficiary account doesn't exist or the IBAN is incorrect, the receiving bank normally won't be able to process the payment. In many cases, the funds are automatically returned to your account within 2 to 5 working days.

If the account details belong to someone else

This situation is more complicated. If the payment reaches a valid account that belongs to another person or business, the transfer cannot simply be reversed by your bank. The receiving bank will need to contact the beneficiary and request permission to return the funds.

What should you do immediately?

Don't wait to see what happens. Instead:

• Contact your bank as soon as possible and request a SWIFT recall or transaction cancellation.
• Provide the transaction reference number, transfer amount, date, time, and the incorrect beneficiary details.
• Follow up with the bank's payments or remittance team to track the recall request.

If the funds have already reached the unintended recipient, your bank will coordinate with the beneficiary's bank to request the return of the money. If the recipient refuses to cooperate, you may need to pursue the matter through the appropriate legal channels, as retaining funds that were received by mistake can have legal consequences.

I recently assisted a client who noticed an incorrect beneficiary business bank account number within minutes of initiating an international payment. The bank immediately processed a SWIFT recall request, and because the receiving bank had not yet credited the funds, the transaction was successfully stopped before completion.

The biggest factor in these situations is speed. The sooner you notify your bank, the higher the chances of recovering the funds before they are fully settled.