Can a bank transfer be reversed?
In most cases, a bank transfer can’t be stopped or reversed once it’s been processed. But there are certain situations when you can ask for the money to be returned to you – for example, if:
You’ve sent money to the wrong account – if you entered the account details incorrectly, your bank may be able to help recover the funds
You’ve been scammed or defrauded – some transfers may be recoverable
The bank made a mistake – banks can reverse a payment if they made an error while processing it.
It’s worth remembering that each misdirected payment case is handled individually. Your success can depend on how quickly you report the error (the faster the better) and how cooperative the banks involved are.
How can I claim back money sent to the wrong account?
If you’ve sent money to the wrong person or bank account, don’t panic – but do act quickly. Here are the steps to follow:
Contact your bank immediately. Tell staff what happened and provide details of the transaction (including the amount, date and sort code/account number the money was transferred to).
Your bank will contact the recipient’s bank within two working days and ask for the money to be returned.
The person who received your money is contacted by their bank about the transaction.
You get an answer. If there’s no dispute, the funds should be returned to you within 20 working days. If the recipient disputes your claim, your bank will investigate and let you know the outcome within the same timeframe.
It’s always a good idea to double-check the account details before confirming a transfer. Most banks now use Confirmation of Payee to help avoid mistakes, but it’s still your responsibility to get the details right.
What can I do if the bank can’t reclaim my money?
If your bank can’t retrieve the funds – for example, if the recipient refuses to return them – you do have routes to explore:
Ask your bank for a formal response
This can help clarify why the bank wasn't able to recover the money and what steps it has taken.
Raise a complaint
If you feel your bank didn’t do enough, you can file a complaint. It has eight weeks to respond.
Contact the Financial Ombudsman Service (FOS)
This independent body can review your case if you’re not satisfied with the outcome. You must complain to the FOS within six months of getting your bank’s final response to your complaint. If your bank didn’t respond, you need to file a complaint within six months from the end of the eight-week period.
Take legal action
You can pursue the matter through the small claims court if the amount you're trying to claim back is less than £10,000 (in England and Wales) or £3,000 (Scotland and Northern Ireland).
How can I claim back money if I’ve been scammed?
Get in touch with your bank ASAP and explain what happened. Since 2024, rules have been in place saying that you’re entitled to a refund if you’ve been tricked into sending money via a UK bank transfer (via Faster Payments or CHAPS).
Banks are required to refund you up to £85,000 and they must issue the refund within five working days. Banks and payment providers are allowed to charge a £100 excess that can be deducted from your claim.
But you might not get your money back if:
Your bank can show that you didn’t take reasonable care when making the payment
Your bank suspects you took part in the scam to make money.
FAQs
What happens if you send money to a closed account?
If you send a bank transfer to a closed account, the money should bounce back automatically and be returned to your account. This could take a few days, depending on the banks involved.
What can I do if a bank transfer is sent but not received?
Check that the details were entered correctly and ask your bank to trace the payment.
If it was sent using Faster Payments, it should arrive almost immediately. If it hasn’t, it may be delayed or could have failed.
Your bank can confirm and advise what to do next.
If someone mistakenly transfers money to my account, can they take it back?
Yes, if unexpected money appears in your account, it can be taken back.
Don’t spend the money as it’s not legally yours. Contact your bank and they’ll arrange for the money to be returned.
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With over 10 years’ experience writing, editing and managing content, Emma has written and edited for some of Australia’s leading financial comparison brands, including Savings.com.au, Your Investment Property Magazine, and Your Mortgage.
Ele Clark is an award-winning editor who has held leadership roles at Which? and news-stand publications in London and Dubai. She’s appeared across the press and media, including BBC’s Panorama. With almost 20 years’ experience in personal finance, insurance and consumer journalism, she leads a talented team at Compare the Market, creating insightful, accessible content to help people make informed financial decisions.
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