Making a money transfer? STOP! Know this online banking tip first
This online banking tip is something that everyone who does money transfers through netbanking should know.
This online banking tip will make your life easy, even if you get into big trouble! Netbanking has overcome the need to stand in queues in banks and visiting the branch for almost everything. Netbanking has in fact, turned the whole money transfer process into just three to four steps on your device. The same applies to opening a new bank account too. Digital wallets such as Paytm, Google Pay, BHIM, UPI have made transferring money in small amounts easier too. You can now send money to other bank accounts without providing additional information such as the IFSC code, name, branch name, and more. Everything is in your hands now! However, netbanking has its drawbacks, especially for those who may get careless!
You can transfer money with a few clicks via online banking anywhere and making a mistake is easy too. Mistakes can be made while typing the bank account number, which leads to the money being sent to the wrong beneficiary. Does that mean you have lost your money forever? Luckily, no! You can still get your money back. .
However, here is when things can get tricky. Without the help of the wrong beneficiary, it is almost impossible to get the money back as once the amount is transferred, it won't be refunded automatically unless you reach out to the person who received the amount and request a refund. Hence, it is advisable to check the phone number or account number twice while making the payment.
How to get money back if you transferred to the wrong account?