How to Reverse a Wrong SEPA Transfer?

Sending money to a wrong IBAN or to the wrong person is a stressful situation that can happen to anyone. The good news is that there are steps to take; the bad news is that it cannot be guaranteed that the money will definitely be recovered. In this guide we explain what you should do in a wrong SEPA transfer and how the recall process works.

Why is it not guaranteed?

When a SEPA transfer is completed, the money has passed to the recipient's account. Recovering this amount technically requires a request called a "recall"; but once this request is delivered to the recipient bank, it becomes dependent on the recipient's approval or cooperation. If the recipient is in good faith and the money is still in their account, a return is usually possible; but if the recipient is unreachable or has withdrawn the money, recovering it becomes very hard. That is why saying "it will definitely be recovered" would be wrong.

What should you do? (step by step)

1. Call your bank immediately. Time is the most critical factor; the earlier you report it, the better the chances.
2. Ask it to create a recall request. Your sending bank can send a recall request to the recipient bank.
3. Have the transaction reference ready. The transaction reference and, if any, the End-to-End ID speed up the process.
4. Contact the recipient if possible. If it went to someone you know by mistake, ask for the return directly.
5. Keep a written record. Keep the date of your report and the bank's responses.

Prevention for next time

The best way to prevent a misdirected transfer is to check before sending. Check the IBAN with the IBAN validation tool and, if you receive a payee name–IBAN mismatch warning, take that warning seriously. These two simple steps prevent most misdirected transfers from the outset. If the transaction was returned, see the SEPA transfer returned page.

Summary

In a wrong SEPA transfer the money can be recovered but it is not guaranteed; the process rests on a recall request initiated by the sending bank and on the recipient's cooperation. The most important factor is speed: report the situation to your bank immediately. Prevention is validating the IBAN and the recipient name before sending.