Hi all, can anyone answer this please.
A friend was expecting a money transfer from an overseas bank into his French a/c. The sender says he made the transaction, then realised he omitted one digit from the IBAN No. The sender now says that the money is in "cyber space" and may be difficult to retrieve. Is this right? Surely the money will be transferred on to the proper place when the sender corrects the IBAN? I would imagine that a bank cannot make such a transaction without the correct number of digits? It's beginning to feel a little uncomfortable... Many thanks.
Thanks all for your replies, very helpful. We thought it was odd that the money could be transferred without having a valid IBAN to go to. Surely the sender would be notified of an error, and then make the transfer properly - we hope. Thanks again.
I accidentally sent some money by error to my mums bank account instead of mine. As soon as I realised what I had done, I contacted her bank to explain it was an error, their reply - tough! It was entirely up to me to request the money back from her. Fortunately she did the transfer but - what if it had been a stranger or a big organisation?
Thanks. Yes, the money is still owed but, if it is lost somewhere in "cyber space" is it retrievable by the sender (or his bank), to then be forwarded to the correct place, or is it possible that the money is gone forever?
The cheque is in the post? His error, your friend is still owed the money.