The Central Bank of Nigeria has suddenly changed its policy toward money transfer operators, effectively blocking many services used by Nigerians to send money to and from the country. Double-Check. Send Money to a Nigerian Bank Account in 3 Easy Steps. 2. TransferWise makes transferring money to Nigeria a breeze: Just tap in how much, and where to. NIBOR is the Nigeria Inter Bank Offered Rate and it is determined by the Financial Markets Dealers Association (FMDA) with reference to various selected Banks. All rights reserved. … Double-check the account number before making the transaction. NOTE: It could take longer if it is interbank. The Central Bank of Nigeria (CBN) has directed banks to pay N10,000 for each failed transaction based on customers’ complaints not reversed within 24 hours. If he agrees that it was a mistaken transaction and make a formal reversal (by signing the required documents that will authorize the bank to reverse the transaction and refund your money). This is a more manual way of reversing a mistaken bank transfer. During this time, your bank will have only 20 days to investigate the case, contact the unintended beneficiary or recipient who you credited and notify you of his action. GTBank account and non-account holders can walk into any of our branches to transfer and receive funds in Dollars to and from any of our subsidiaries in Nigeria, Ghana, Gambia and Sierra Leone It is an … Here the fund transferred is not to the intended but a close relative. Even if you still don’t have the … The problem your friend would face is if the owner of the account, does not visit the bank to ok the reverse.. Well, despite that mistakes are bound to happen, these are avoidable mistakes, if u said wrong amount, understandable but do people still transfer to wrong bank these days despite the validation always requested for both account name in correspondence with account number using mobile app or she used ATM instead? Select the type of service you want. If it is an active bank account or the beneficiary is unknown to you, you contact your bank immediately using your bank customer care line or mail (you can also send a mail to the bank, narrating the matter, reporting wrong bank payments in details for better understanding. However, the company does not allow customers in Nigeria to transfer money abroad, so wire transfers can only be sent within the country. 105Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland. Once the recipient's bank has accepted the payment order, the transfer cannot be reversed. Try to inform your bank or your financial institution as soon as you notice what was wrong. When you provide a copy of your court order or indemnity form to the bank, the transaction would be reversed and your account will be refunded. That means, the beneficiary claims that the money in his account is his and not yours, there is no mistake involved, the bank can’t give you your money, no funds will be moved without the consent of the recipient. Then you get back your money. You can also transfer in bits, after the intended recipient confirms the transaction, transfer the rest after he receives the first alert. NigerianWiki. 3. There are a lot of reasons why mistaken bank transfer occurs some of them include: This is the most common reason for a mistaken bank transfer. Better, atleast the funds are safe, now the bank would get the customer to come and reactivate the account and the funds would be sent back to her, if the customer is delaying let her just go to the nearest court and get a court order necessitating the bank to reverse the … Get the bank involved and reply the bank messages as quick as possible. GUIDELINES ON INTERNATIONAL MONEY TRANSFER SERVICES IN NIGERIA 1.0 Preamble In exercise of the powers conferred on the Bank by Section 2 (d) of the Central Bank of Nigeria Act, 2007 and Section 57 (2) of the Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria… Happens when a user transfers money to Nigeria a breeze: Just tap in how much, where! Inputting digital details the person ( immediately ) and narrate how to reverse a bank transfer in nigeria ordeal and request a refund.. Funds overseas to friends and family in Nigeria using an international money transfer service rigorous... Intended or a relative but a close relative beneficiary/recipient refuses to return the money was not delivered to the account. Mistake can leave you in a lifetime of debt if not rectified s been bank reconciled before any... Am AEST the original transfer ) and narrate the ordeal and request a refund immediately know what her are! 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