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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 beneficiary 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. Once a transfer is returned, it can take up to 15 to 20 business days to land back in your account.