Why was my outbound bank transfer reverted?
When a transfer is reverted, it means that while successfully sent, it was 'stopped' along the way by an intermediary bank, or ultimately rejected by a beneficiary bank. There are multiple reasons why this might happen, including:
- Incorrect details: The recipient bank may have rejected the transfer if the recipient’s account details didn’t match
- Closed account: The account you’re transferring to may have been closed by the beneficiary bank
- Wrong currency: Some recipients may only receive a transfer in a specific currency
- Wrong transfer type: The account selected might be unable to accept certain types of transfer (i.e. SWIFT or SEPA)
- Compliance reasons: Your transfer might not meet compliance requirements imposed by one of the banks involved
When will I receive the reverted funds?
In case of domestic transfers, the funds should be received in up to 5 business days. In the case of international transfers, transfers can take up to 15–20 days.