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.