If you always conduct wire transfers, you will benefit from knowing how to rescind a wire transfer to a bank account. Even though you have confirmed all your wire transfers, there are still times you absolutely have no other choices but to cancel the transfer process. Most of the time, once you submit your transfer request, your bank will not let you cancel the transaction unless it is an emergency or a very special circumstance. Nevertheless, the good news is you still can do something about it! Here are two ways on how to make rescinding a wire transfer to a bank account possible.
- Request the cancellation of the wire transfer to your bank account as soon as possible. Once you realize you need to have your transaction canceled, go ahead and call your bank immediately! Sometimes, your bank might offer you to do the cancellation online. Forget the online cancellation option! The ideal time frame to call is within 24 hours after you have submitted your transfer. Just keep in mind that the later you notify your bank for cancellation, the lesser chance the cancellation would happen!
- Call your recipient for assistance. Let's say your bank is unable to stop your wire transfer in time. The other way to take care of this situation is to tell your recipient to decline the wire transfer to your bank account upon receipt. Your bank will let you know the transaction has been declined, and this could take couple of days. The amount that you transferred will be credited back to your bank account. However, the wiring fee is never refundable.